The Competition Commission of India (CCI) has rejected charges raised by Muthoot Mercantile against 12 banks of cartelisation in the agri-gold loan business. The company had alleged that the banks had followed anti-competitive practices by giving the same interest rate in the agri-gold loan business. The banks include State Bank of India, Canara Bank, Indian Overseas Bank and IDBI Bank. Muthoot said its business was affected after the banks formed a cartel and launched a new gold loan product, the agri-gold loan, at 4% interest rate. The CCI said in its order that no case had been proven on contravention of Section 3 of the Competition Act, regarding anti-competitive behaviour, against these 12 banks. It said the grievances pertained to alleged abuse of Interest Subvention Scheme and contravention of RBI guidelines. The remedies whereof lie elsewhere, it said.