Section 21A of The Banking Regulation Act, 1949: Rates of interest charged by banking companies not to be subject to scrutiny by Courts.
Rates of interest charged by banking companies not to be subject to scrutiny by Courts. – Notwithstanding anything contained in the Usurious Loans Act, 1918 (10 of 1918), or any other law relating to indebtedness in force in any State, a transaction between a banking company and its debtor shall not be re-opened by any Court on the ground that the rate of interest charged by the banking company in respect of such transaction is excessive.]
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