I had an HDFC credit card and used it for about ₹1 lakh. For four years, I only paid the minimum amount due. I tried repeatedly to get a loan from them but was always rejected. Now, I’ve paid off the entire balance and want to file a complaint against the bank. Is this possible? Also, how are banks allowed to charge such high interest rates (48% per year) on credit cards when individuals can’t charge more than 24%?

While you can file a complaint against HDFC Bank regarding the loan rejection, it’s unlikely to be successful as banks have the right to assess your creditworthiness before approving loans. Regarding credit card interest rates, the Reserve Bank of India (RBI) allows banks to set their own rates, and 48% is not uncommon. However, the interest rate charged on credit cards is subject to RBI regulations and cannot exceed the maximum limit set by the RBI.