....“Notwithstanding this recognition of RBI’s primacy as the regulator of NBFC-MFIs by the court, the court has allowed the dual regulation situation to exist in the state,” he said. NBFCs are non-banking finance companies. “One can only hope that the state govt will take constructive note of the signal given by the high court and either repeal the state law or make it applicable only to MFIs which are not under the regulatory umbrella of the RBI,” Prasad said. “We are actively considering moving to the Supreme Court to get redressal.”.........
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