The national consumer court has ruled that banks are not required to inform each borrower individually about any automatic change in interest rates under the floating rate plan, as borrowers have already agreed to any such increase or decrease while executing loan agreements with lenders.
Such intimation on a bank’s website will be considered as a deemed notice, the National Consumer Disputes Redressal Commission (NCDRC) said, in a landmark ruling that will have a bearing on bank-customer relations.
Source:
Economic Times
