New Delhi: The Competition Commission has rejected allegations of unfair business practices made against Standard Chartered Bank with respect to credit cards and loan facilities offered by it.
Finding no prima facie evidence of violation of competition norms, the Commission decided to reject the complaint.
For the case, the Competition Commission of India (CCI) considered the market for "provision of credit card/loan facilities by banks in India" as the relevant one.
The complaint was filed by one Vikas Kumar Goel against Standard Chartered Bank and Credit Information Bureau (India) Ltd.
According to the regulator, the informant appears to be aggrieved by the bank's alleged abusive conduct of charging interest and penalty on credit cards issued to him and to his wife.
Besides, the information regarding non-payment of dues appears to have been passed to the Credit Information Bureau, it added.
"Since, prima facie, opposite party 1 (Standard Chartered Bank) does not appear to be in a dominant position in the relevant market, the question of abuse of dominant position by it... Does not arise," the order, dated June 23 and released today, said.
It was alleged that the bank misused its dominant position and was acting in a manner which was contrary to competition and interest of consumers.
