State laws will not apply to Non­-Banking Financial Companies regulated by RBI: Supreme Court

The Supreme Court held that the Kerala Money Lenders Act, 1958 and Gujarat Money Lenders Act, 2011 will have no application to NBFCs registered under the RBI Act and regulated by the RBI.
Justice Hemant Gupta, Justice V Ramasubramanian and RBI
Justice Hemant Gupta, Justice V Ramasubramanian and RBI

The Supreme Court on Tuesday held that Non ­Banking Financial Companies (NBFC) regulated by the Reserve Bank of India (RBI), will not come under the purview of State statutes [Nedumpilli FInance Company Limited v State of Kerala & Ors.].

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