NEDUMPILLI FINANCE COMPANY LIMITED vs STATE OF KERALA .

The Supreme Court addressed the regulatory overlap between Non-Banking Financial Companies (NBFCs) under the Reserve Bank of India Act and state laws such as the Kerala Money Lenders Act and Gujarat Money Lenders Act. The court found that while NBFCs are primarily regulated by the RBI, state laws can also impose additional regulations, provided they do not conflict with central legislation. The judgment clarified the jurisdictional boundaries and upheld the validity of state regulations in certain contexts.