A division bench headed by Chief Justice Vikramajit Sen directed a senior official of the Reserve Bank of India connected to non-banking financial companies (NBFCs) to appear in court and explain the policy in court on September 13. Earlier, during the hearing of a PIL over the exorbitant rate of interest charged by Manappuram Finance and Muthoot Finance companies, the counsel for RBI informed the court that except housing and agriculture loans which are considered a priority sector, other things are left to the market to decide and the RBI does not exercise any control.........
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