Section 6, Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 2000 [S2K-MK2]
As at 7 September 2026. In force from 24 September 2000.
6. Grant of licence.—(1) An application for a licence to undertake the business of banking shall be made to the Debts Recovery Tribunal in Form B, accompanied by a fee of five hundred rupees. (2) The Debts Recovery Tribunal 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 Debts Recovery Tribunal 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, Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 2000 [S2KMFZ] (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.
prescribed: Section 2, Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 2000 [S2KMFZ] (In this Act, unless the context otherwise requires,—): "prescribed" means prescribed by rules made under this Act
prescribed: 996 more definitions.
Made under this section, or naming it (0)
none
Cited by (2)
Section 17, Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 2000 [S2K-MYR], 24 September 2000, Band A. "section 6".
Section 5, Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 2000 [S2K-MJ0], 24 September 2000, Band A. "section 6".
Not held (0)
none
Duties published under this section (1)
D12-QN5. Every banking company: Obtain a licence before undertaking the business of banking; apply in Form B, fee five hundred rupees; Before the activity begins; licence valid three years; Form B. Published by Finance Department, Government of Maharashtra (synthetic record).