Like the Micro-Credit Market, Credit Cards with credit limits of 20,000 to 50,000 qualify as micro loans, yet they have an interest rate of 45 to 65% per year.
Why can't RBI put a cap of 24% on these products too?
Also personal loans are sold anywhere between 21 to 36% per year. RBI should look into the loot of the common man by MNC and foreign banks
