Legal Question in Credit and Debt Law in India

Standard Chartered Bank (I mean in India) has said, it has sold, transferred and assigned all its right, title and interest in all the amounts due and payable by credit card holders in favour of Shah finlease Pvt ltd,in the year 2010, it states "We would like to draw your attention to clause 23c of the Card Member Rules and Regulations, which states that ?The Bank reserves the right to assign or securities the receivables and / or the credit card business as a whole or a
part there of in any manner whatsoever without obtaining any consent, either
express or oral from the card member?.'. How can a bank sell its customers credentials to any other NBFC? Is this legally correct? Pl refer to the following link
http://www.indianexpress.com/oldStory/71714/
But according to RBI circular under serial no 1, issue in brief serial no 6
RBI/2008-2009/100
DBOD.FSD.BC.23/24.01.011/2008-09, this is not so.
Respected law experts, pl clarify, this one please

Asked on 10/14/11, 9:00 pm

KarVai Legal Solutions Rajiv Gupta 9811284735 Ch.No: 359, Western Wing, Tis Hazari, Delhi www.karvai.in

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they can do so with the laws permitted under take overs and mergers ...

Answered on 10/16/11, 12:21 am

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