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India: CCI rejects complaint against Standard Chartered

 |  June 25, 2015

The Competition Commission of India has rejected allegations of unfair business practices made against Standard Chartered Bank with respect to credit cards and loan facilities offered by it.

Finding no prima facie evidence of violation of competition norms, the fair trade regulator decided to reject the complaint.

For the case, CCI considered the market for “provision of credit card/loan facilities by banks in India” as the relevant one.

The complaint was filed by one Vikas Kumar Goel against Standard Chartered Bank and Credit Information Bureau (India) Ltd.

According to the regulator, the informant appears to be aggrieved by the bank’s alleged abusive conduct of charging interest and penalty on credit cards issued to him and to his wife.

Besides, the information regarding non-payment of dues appears to have been passed to the Credit Information Bureau, it added.

Full content: The Economic Times

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