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Supreme Court confirms that the NBFCs are not required to follow state legislations
Background Supreme Court, in the case of Nedumpilli Finance Company Limited V. State Of Kerala & Ors., has delivered an important judgment on May 10, 2022. The issue in question was whether the NBFCs could also be regulated by State enactments such as Kerala Money Lenders Act, 1958 and Gujarat Money Lenders Act, 2011. The...
Regulatory framework for microfinance loans
As the microfinance sector has gained more and more importance, RBI has introduced comprehensive microfinance regulations which are effective from 1st April, 2022. This article takes an overview of the said Directions are identifies the most urgent action points. Applicability These regulations are comprehensive both because of the facets covered and also because the same...
Powers of the Reserve Bank of India over NBFCs
We have covered the different types of the NBFCs in our earlier articles which deal with its meaning and types. To regulate these NBFCs, RBI gets a number of powers under the Reserve Bank of India Act, 1934. RBI lays down different norms regarding functioning and governing of NBFCs through these powers. This Article takes...
Scale Based Regulations (SBR)- The future of NBFC regulations (Part II)
We have discussed the provisions about the different layers of NBFCs, changes in net owned funds, requirements of experience of the Board and certain other requirements in Part I. Now, this Article shall focus upon the forthcoming capital guidelines, prudential regulations, as well as governance norms. As discussed earlier, these changes are effective from October...
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