....."NBFCs being regulated simultaneously by RBI and State Government will result in dual regulation thereby adversely affecting the functioning of the NBFC-MFIs and the interest of the public," RBI said in an affidavit filed in the court. This was in response to a writ petition filed by some MFIs questioning the legal validity of AP MFI Act. "In case of NBFCs the RBI has exclusive power to regulate and supervise them. The provisions of the impugned Act are ultra virus the constitution of India so far as it deals with NBFCs," it added.......
Read - BS
.......In its first formal submission on the controversial issue last week, the RBI has told the Andhra Pradesh High Court that "any overlap or conflict is not in the interest of effective regulation, both from the point of view of the regulators and the regulated entities".........
Read - ET
.......In its first formal submission on the controversial issue last week, the RBI has told the Andhra Pradesh High Court that "any overlap or conflict is not in the interest of effective regulation, both from the point of view of the regulators and the regulated entities".........
Read - ET
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