The Economic Times

Woman took a home loan at 12% interest, but Citi Bank charged up to 16.5% and recovered Rs 12.9 lakh extra; consumer commission orders refund and Rs 1 lakh compensation

Citi Bank has been ordered to refund Rs 12,91,248 to a home loan borrower after the Delhi State Consumer Disputes Redressal Commission found it charged interest at rates up to 16.5 per cent against an agreed rate of 12 per cent, and withheld information about an RBI circular that gave the borrower the option to switch to a lower rate system. The bank has also been directed to pay Rs 1 lakh in compensation and Rs 50,000 in litigation costs.