Trump's 10% Credit Card Cap: Can India Follow Suit?

• Donald Trump proposes a 10% credit card interest rate cap in the US, effective January 20.
• US banks oppose the cap, warning it could restrict credit access for millions of households and small businesses.
• In India, Section 21A of the Banking Regulation Act, 1949, prevents courts from challenging bank interest rates.
• Experts state that only parliamentary legislation or an RBI directive can impose such a cap in India, not courts.
• The Supreme Court in Awaz vs Union of India affirmed banks' right to set rates based on market dynamics but urged RBI to prevent 'usurious' pricing.

Why It Matters: While Trump proposes a 10% credit card cap in the US, India faces legal hurdles and RBI's market-linked policy.