 "NBFCs")
The Supreme Court Tuesday held that Non-Banking Financial Companies (NBFCs) regulated by the Reserve Bank of India cannot be regulated by state enactments.
A bench of Justices Hemant Gupta and V Ramasubramanian said NBFCs play a very vital role in contributing to the financial health of the country whose operations are controlled by RBI.
Therefore, to say that RBI has no say in such a matter of vital interest, will strike at the very root of the statutory control vested in RBI, it said.
Therefore, to say that RBI has no say in such a matter of vital interest, will strike at the very root of the statutory control vested in RBI, it said.
“It may be true that many times RBI may not be controlling the rate of
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