Cap credit card interest rates

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https://www.news18.com/news/india/unable-to-pay-credit-card-bill-of-rs-8-lakh-delhi-man-jumps-off-building-to-his-death-with-daughter-in-hand-2246095.html

Banks are allowed by RBI and govt to charge monthly interest rate of 3.5%+ on credit card. This comes out to be be 40% annualised interest rate. On top of this, govt levies 18% GST on the interest(only case in which GST is levied on interest component of loan).

Due to lack of financial literacy, people fall in credit card debt trap and in some cases(like above) are forced to take their lives and put their family at risk of financial and emotional ruin.

This is completely avoidable as the same people who have credit cards are eligible for unsecured personal loans at 12% annualised rate. This is a regulatory failure on part of the govt and RBI - interest rate on unsecured personal loan is 12%-15% and even rates on microfinance is capped at cost of borrowing + 10%.

Request RBI and Finance Ministry to look into this lacuna asap and 1) Cap interest rates on credit cards at 24% annual rates 2) Remove GST on credit card interest(should be applicable only on late charges etc)