Section 41, Fiscal Responsibility and Budget Management Act, 2003 [S21-F14]
As at 5 August 2003. In force from 5 August 2003.
41. Grant of licence.—(1) An application for a licence to undertake the business of banking shall be made to the Reserve Bank in Form A, accompanied by a fee of ten 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)
banking: Section 2, Fiscal Responsibility and Budget Management Act, 2003 [S21DTZ] (In this Act, unless the context otherwise requires,—): "banking" means the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise, and withdrawable by cheque, draft, order or otherwise
banking: 27 more definitions.
Reserve Bank: Section 2, Fiscal Responsibility and Budget Management Act, 2003 [S21DTZ] (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)
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Cited by (2)
Section 40, Fiscal Responsibility and Budget Management Act, 2003 [S21-F06], 5 August 2003, Band A. "section 41".
Section 2, Fiscal Responsibility and Budget Management Act (Amendment) Act, 2013 [S26-EE3], 24 July 2013, Band A. "section 41 of the Fiscal Responsibility and Budget Management Act, 2003 (39 of 2003)".
Not held (0)
none
Duties published under this section (0)
none