Section 34, State Associated Banks (Miscellaneous Provisions) Act, 1962 [S1H-EQ8]
As at 7 September 2026. In force from 25 October 1962.
34. Grant of licence.—(1) An application for a licence to undertake the business of a financial institution shall be made to the Reserve Bank in Form C, accompanied by a fee of two thousand rupees. (2) The Reserve Bank may, after making such inquiry as it thinks fit, grant the licence subject to such conditions as may be prescribed, or, for reasons to be recorded in writing, refuse to grant the licence. (3) A licence granted under this section shall be valid for a period of three years from the date of its grant and may be renewed in such manner as may be prescribed. (4) The Reserve Bank may, after giving the licensee an opportunity of being heard, suspend or cancel a licence for contravention of any condition thereof.
Defined terms in this text (2)
financial institution: Section 2, State Associated Banks (Miscellaneous Provisions) Act, 1962 [S1HDQ4] (In this Act, unless the context otherwise requires,—): "financial institution" means a financial institution as defined in clause (c) of section 45-I of the Reserve Bank of India Act, 1934 (2 of 1934)
financial institution: 25 more definitions.
Reserve Bank: Section 2, State Associated Banks (Miscellaneous Provisions) Act, 1962 [S1HDQ4] (In this Act, unless the context otherwise requires,—): "Reserve Bank" means the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934)
Reserve Bank: 24 more definitions.
Made under this section, or naming it (0)
none
Cited by (1)
Section 33, State Associated Banks (Miscellaneous Provisions) Act, 1962 [S1H-EPA], 25 October 1962, Band A. "section 34".
Not held (0)
none
Duties published under this section (0)
none