21A. [ Rates of interest charged by banking companies not to be subject to scrutiny by Courts. [Inserted by Act 1 of 1984, Section 24 (w.e.f. 15.2.1984).]
Notwithstanding anything contained in the Usurious Loans Act, 1918 (10 of 1918), or any other law relating to indebtedness in force in any State, a transaction between a banking company and its debtor shall not be re-opened by any Court on the ground that the rate of interest charged by the banking company in respect of such transaction is excessive.] [Substituted by Act 55 of 1963, Section 13, for certain words (w.e.f. 1.2.1964).]
