State laws don't apply to RBI-registered NBFCs: Supreme Court

State moneylending laws would have no application on non-banking finance companies (NBFCs) registered with and regulated by the Reserve Bank of India (RBI), the Supreme Court (SC) said on Tuesday. The court observed that the Chapter III­B of the RBI Act is a complete code in itself. Earlier, the Kerala High Court had said the state moneylending laws were applicable.