https://www.taxtmi.com/caselaws?id=422442 Chapter IIIB of the Reserve Bank of India Act, 1934 creates a comprehensive central regime for NBFC registration, prudential control, inspection, directions, reserves, and winding up, with overriding effect over inconsistent laws. On that basis, NBFCs regulated by the RBI are not subject to parallel regulation under State money-lending enactments such as the Kerala Money Lenders Act, 1958 and the Gujarat Money Lenders Act, 2011. The legal position reflected is that Parliament has occupied the field of NBFC regulation, so State laws cannot impose a conflicting regulatory control over the same lending activity. en-us Tue, 10 May 2022 00:00:00 +0530 Mon, 11 May 2026 17:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422442 Chapter IIIB of the Reserve Bank of India Act, 1934 creates a comprehensive central regime for NBFC registration, prudential control, inspection, directions, reserves, and winding up, with overriding effect over inconsistent laws. On that basis, NBFCs regulated by the RBI are not subject to parallel regulation under State money-lending enactments such as the Kerala Money Lenders Act, 1958 and the Gujarat Money Lenders Act, 2011. The legal position reflected is that Parliament has occupied the field of NBFC regulation, so State laws cannot impose a conflicting regulatory control over the same lending activity. Case-Laws Indian Laws Tue, 10 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422442