Chandigarh District Commission Holds HDFC Bank, Phoenix ARC Liable For Illegally Demanding Outstanding Balance For Unauthorized Credit

In a recent ruling, the Chandigarh District Commission found HDFC Bank and Phoenix ARC guilty of demanding outstanding balances on unauthorized credit cards. The complainant, who had not applied for these cards, was wrongfully charged. The Commission criticized the banks for their lack of due diligence and illegal collection practices. It emphasized the need for accurate record-keeping and compliance with consumer protection laws. HDFC Bank and Phoenix ARC were ordered to pay compensation for the mental harassment and financial loss caused by these illegal demands.