[IMGCAP(1)]

India's Parliamentary Steering Committee on Finance Wednesday told the Reserve Bank of India, the country's central bank, to take credit card complaints from consumers more seriously. In a parliamentary filing, the committee said credit card-related complaints made to the central bank accounted for at least 25% of the total number of complaints the financial institution received between 1 April 2008 and 31 March 2009. The exact number of complaints was not immediately available. The committee also wants the central bank to work toward lowering credit card interest rates. "Banks have been given complete freedom to charge any rate of interest regardless of their benchmark prime-lending rate, thereby enabling them to charge exorbitant interest," the committee says in its filing. The committee's filing could lead to an effort early next year to further regulate the Indian credit card market.

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