Timelines for Regulatory Approvals - ఆర్బిఐ - Reserve Bank of India
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Timelines for Regulatory Approvals
| Sr. No. | Description of Regulatory Approval | Time required |
|---|---|---|
| 1. | Approval given to banks and Financial Institutions for Statutory Central Auditors and Statutory Branch Auditors | |
| i) Public Sector Banks: | ||
| a) Statutory Central Auditors | 15 days | |
| b) Statutory Branch Auditors | 30 days | |
| ii) Private Sector Banks/Foreign Banks: | ||
| a) Statutory Central Auditors | 30 days | |
| b) Statutory Branch Auditors | 30 days | |
| iii) Overseas branches of Indian Banks: | ||
| Statutory Auditors | 30 days | |
| iv) Select Financial Institutions: | ||
| Statutory Auditors | 21 days | |
| v) Cooperative Banks: | ||
| Statutory Auditors | 30 days |
| Sr. No. | Description of Regulatory Approval | Time required |
|---|---|---|
| 1. | Opening of currency chests (CCs) by banks | The Approvals will normally be accorded within 30 days provided the construction conforms to the specifications |
| Sr. No. | Description of Regulatory Approval | Time Required |
|---|---|---|
| 1. | One time Permission to Authorised Dealer category–I bank for running FCY-INR options book | 30 days |
| 2. | Authorisation to Currency Futures Exchanges/ Clearing Corporations u/s 10(1) of FEMA 1999 | 30 days |
| 3. | NDS-OM (grant of new membership, termination of membership and change of name of existing members) | 7 days* |
| 4. | NDS-CALL (grant of new membership, termination of membership and change of name of existing members) | 7 days* |
| *Timeline indicates clear working days, excluding date of receipt of application complete in all respects. | ||
| Sr. No. | Description of Regulatory Approval | Time required |
|---|---|---|
| 1 |
a) Permission for establishment of new Liaison Office(LO)/ Branch Office(BO) in India under Approval Route |
10 days on receipt of Government approval |
| b) Approval for establishing additional LO/BO in India. |
10 days on receipt of Government approval |
|
| c) Permission for opening LO/BO/ Project Office(PO) by entities from China, Hong Kong, Macau, Pakistan, Bangladesh, Afghanistan, Sri Lanka and Iran |
10 days on receipt of Government approval |
|
| d) Permission for establishing PO in India which require GOI approval |
10 days on receipt of Government approval |
|
| 2. |
Permission to open foreign currency account in India |
60 days |
| 3. |
To open foreign currency account outside India |
60 days |
| 4. |
To open Non Resident Ordinary(NRO) account in consultation with the MoF, GoI |
10 days on receipt of Government approval |
| 5. |
To receive salary outside India in foreign currency account |
90 days |
| 6. |
For transfer/acquisition of immovable property not covered under general permission in terms of Foreign Exchange Management Act, 1999 or the rules/ regulations made thereunder |
10 days on receipt of Government approval |
| 7. |
Permission for acquisition/transfer of immovable property not covered under general permission in terms of Foreign Exchange Management Act, 1999 or the rules /regulations made there under. |
60 days from the date of receipt of complete documents/information in case no Government approval is required for such acquisition/transfer of immovable property |
| 8. |
Approvals given for proposals regarding miscellaneous external payments of permissible Current and Capital Account transactions |
30 working days |
| 9. |
Issue and Renewal of fresh AD Category Cat-I licence |
30 days |
| 10. |
Issue of fresh AD Cat-II licence |
90 days |
| 11. |
Issue and Renewal of fresh AD Cat-III licence |
30 days |
| 12. |
Issue of fresh licence to conduct Money Transfer Service Scheme (MTSS) business |
45 days |
| 13. |
Issue of first permission to undertake Rupee Drawing Arrangement (RDA) scheme |
30 days |
| 14. |
Approvals to take Insurance policies from insurance companies in foreign countries. |
7 days |
| 15. |
Issue/ Renewal of Money Changer’s licence |
40 working days |
|
Foot Note:
1. All the above estimated timelines for regulatory approvals of various departments (I to IX) are anticipated to be met by in most cases, but a few may exceed these timelines. 2. If departments are likely to exceed the timeline, they will revert to the applicant. 3. In case an applicant does not get a response within the indicated timeline, they can approach the head of the concerned department. The department head will respond with the status of the application, the reason for delay, request for additional information, if any, as well as likely time for disposal of the application. 4. In some situations, a change in procedure or in the environment will change the estimated time for action. In such cases, the timeline for approval will be modified appropriately. 5. The timelines given in column 3 for all above Departments (I to IX) are subject to receipt of complete information/ documents from the banks/ institutions concerned as well as receipt of regulatory/ supervisory inputs/ due diligence reports/ approvals from other regulators and the concerned Government Agencies/ Departments. 6. The timeline mentioned against the VI. Foreign Exchange Department are not applicable for cases referred to Empowered Committee for approval. |
||
| Sr. No. | Description of Regulatory Approval | Time required |
|---|---|---|
| Bank Primary Dealers (carrying PD business departmentally) | ||
| 1. | 1. License for Primary Dealer Business | 90 days |
| 2. Termination of PD license | 90 days | |
| Standalone Primary Dealers | ||
| 2. | 1. License for Primary Dealer Business | 90 days |
| 2. Termination of PD license | 90 days | |
| 3. For undertaking Portfolio Management Services | 60 days | |
| 4. To act as market makers in the Credit Default Swaps (CDS) | 45 days | |
| 5. Diversification of activities by PD | 45 days | |
| Sr. No. | Description of Regulatory Approval | Time required |
|---|---|---|
| 1. | Intra-day Limit (IDL) setting for RTGS members | 7 days* |
| *The timeline indicates clear working days, excluding date of receipt of application. | ||
| Sr. No | Description of Regulatory Approval | Time required |
|---|---|---|
| Non-Banking Finance Companies(NBFCs) | ||
| 1. | Change of name | 30 days |
| 2. | Shifting of company’s Registered Office and request for issue of fresh Certificate of Registration | 30 days |
| 3 | Issue of NOC for setting up of subsidiary/ Wholly Owned Subsidiary overseas | 30 days |
| 4 | Approval for exemption from the exposure norms in cases where public funds are not accepted | 30 days |
| 5 | Permission to invest in insurance companies | 30 days |
| 6 | Permission to convert NBFC from Category A (Accepting Deposits) to Category B (Non-Deposit Accepting) | 30 days |
| 7 | Opening of branches (> 1000 in number) by NBFCs primarily into lending against gold jewellery | 30 days |
| 8. | Opening of branches by NBFCs-Deposit taking | 30 days |
| 9. | Issue of co-branded credit cards and pre-paid payment instruments | 30 days |
| 10. | Distribution of mutual fund products | 30 days |
| Sr. No. | Description of Regulatory Approval | Time required |
|---|---|---|
| 1. | a) In principle Authorisation b) Grant of Certificate of Authorisation (CoA) to commence a payments system under provisions of PSS Act, 2007 c) Approval for commencement of eligible activity under guidelines on regulation of Payment Aggregator- Cross Border (PA- Cross Border) |
90 days! 30 days@ 60 days |
| 2. | Voluntary surrender of CoA by entities that have not commenced business | 30 days |
| 3. | Approval for change in shareholding of non-banks PSPs in cases involving takeover / acquisition or sale to entities not authorised to undertake similar activity | 45 days $ |
| 4. | Renewal of CoA | Before expiry of current CoA^ |
| # Timelines for intimating Bank’s decision, favourable or otherwise, in cases covered below shall commence after receipt of complete information. ! The timelines for issue of in-principle authorisation shall commence after receipt of application and receipt of additional inputs, if any, sought by the Bank. @ The timelines shall commence after review of system audit report tendered by the applicant on Bank’s advice and receipt of additional inputs, if any, as sought by the Bank. $ Not applicable in case of overseas Principal in MTSS ^ Subject to the entity sharing complete information with the Bank at least three calendar months prior to expiry of current CoA. |
||
Commercial Banks
| Sr. No. | Description of Regulatory Approval | Time required |
|---|---|---|
| 1. | Private Bank Licence- In principle approval | 90 days@ |
| 2. | Approval for acquisition of five per cent or more of the paid-up share capital or voting rights in a banking company | 90 days |
| 3. | Approvals to banks for holding non-banking assets beyond 7 and upto 12 years, in terms of Section 9 of Banking Regulation Act, 1949 | 60 days£ |
| 4. | Approval to banks for redemption / exercise of call option / coupon payment on capital instruments | 15 days |
| 5. | Approval to banks for establishing a subsidiary/joint venture/associate or investments in financial and non-financial services companies requiring prior approval of RBI. | 90 days |
| 6. | Approval to banks for undertaking various financial services departmentally or expansion of the scope of activities of the group entities of banks (subsidiaries/JVs). | 90 days |
| 7. | Appointment / re-appointment of whole time directors (MD & CEO / EDs/ Jt. MDs) and Part-time Chairmen (non-whole time directors) in Private Sector Banks, including SFBs, PBs and LABs | 90 days |
| 8. | Appointment/re-appointment of CEOs of Foreign Banks and whole time directors (MD & CEO / EDs) and Part-time Chairmen (non-whole time directors) of Wholly Owned Subsidiaries (WOS) of Foreign Banks operating in India | 90 days |
| 9. | Remuneration, Bonus and Employee Stock Option (ESOP) of whole time directors (MD & CEO / EDs/ Jt. MDs ) and Part-time Chairmen (non-whole time directors) of Private Sector Banks, including SFBs, PBs and LABs | 90 days |
| 10. | Remuneration, Bonus and Employee Stock Option of CEOs of Foreign Banks and whole time directors (MD & CEO / EDs) and Part-time Chairmen (non-whole time directors) of Wholly Owned Subsidiaries (WOS) Wholly Owned Subsidiaries (WOS) operating in India | 90 days |
| 11. | Clearances for appointment of whole time directors, non-executive chairmen and non-official directors of public sector banks | 60 days |
| 12. | Approval of Annual Banking Outlet Expansion Plan (ABOEP) in respect of Domestic Scheduled Commercial Banks (excluding RRBs) for which the general permission has been withdrawn and for Payment Banks and Local Area Banks | 45 days |
| 13. | Authorization to banks for importing gold/silver under Foreign Trade Policy | 60 days |
| 14. | Authorization for opening of banking outlets under approved ABOEP | 30 days |
| 15. | Processing of applications of banks to set up an IBU at GIFT City* | 90 days |
| 16. | Approval for amalgamation of a banking company with another banking company | 90 days$ |
| 17. | NOC for amalgamation of a holding company (an NBFC) with a banking company | 90 days$ |
| @ The timeline for issue of in-principle approval for private sector bank licences commences from receipt of report from the Independent External Advisory Committee. £ The timeline is subject to receipt of complete information / document by RBI from the bank $ RTL is subject to receipt of complete information/ documents from the banks/ institutions concerned as well as receipt of regulatory/ supervisory inputs, due diligence reports/ approvals from other regulators and the concerned Government Agencies/ Departments including RBI’s other concerned departments. |
||
Regional Rural Bank |
||
| 18. | Inclusion in/Exclusion from Second Schedule of RBI Act | 45 days |
| 19. | Permission for opening of Banking Outlets/ issue of licence for Banking outlets/ service branches/ Regional Offices | 45 days |
| 20. | Permission for shifting of Banking Outlets outside the Revenue Centre | 45 days |
| 21. | Appropriation from the Reserve Fund under Section 17(2) of the BR Act, 1949 | 45 days |
| 22. | Permission to extend internet banking facility to customers | 30 days |
| 23. | Permission to extend mobile banking to customers | 30 days |
| 24. | Approval to banks for undertaking various financial services departmentally. | 90 days |
NBFCs
| Sr. No | Description of Regulatory Approval | Time required |
|---|---|---|
| SRO | ||
| 1. | Recognition to Self-Regulatory Organisation (SRO) | 45 days |
| Non-Banking Finance Companies(NBFCs) | ||
| 2. | Issue of Certificate of Registration (other than Securitization and Reconstruction Companies) | 45 days |
| 3. | NOC to sponsor Infrastructure Debt Fund by NBFC | 30 days |
| 4. | Change of control/ownership/management of an NBFC | 30 days |
| 5. | Conversion of existing NBFCs to other categories such as Core Investment Companies-Non Deposit taking-Systemically Important (CIC-ND-SI) , NBFC-Micro Finance Institutions (NBFC-MFIs), NBFC-Infrastructure Finance Companies (IFCs) and NBFC-Factors | 30 days |
| 6. | Declaration of dividend– (In case there are special reasons or difficulties for any PD in strictly adhering to the guidelines relating to Dividend, it may approach RBI in advance for an appropriate ad hoc dispensation in this regard) | 45 days |
| 7. | Approval to NBFCs for establishing a subsidiary/joint venture/associate or investments in financial and non-financial services companies requiring prior approval of RBI. | 90 days |
| 8. | Approval to NBFCs for undertaking various financial services departmentally or expansion of the scope of activities of the group entities (subsidiaries/JVs) wherever approval is required. | 90 days |
| Non-Banking Finance Companies (NBFCs)- Housing Finance Companies | ||
| 9. | Approval for acquisition/ transfer of ten per cent or more of the paid-up equity capital of the HFC (accepting/ holding public deposits) by/ to a foreign investor | 90 days |
| 10. | Approval for acquisition/ transfer of twenty-six per cent or more of the paid-up equity capital of the HFC. | 90 days |
| 11. | Approval to HFCs for establishing a subsidiary/joint venture/associate or investments in financial and non-financial services companies requiring prior approval of RBI. | 90 days |
| 12. | Approval to HFCs for undertaking various financial services departmentally or expansion of the scope of activities of the group entities (subsidiaries/JVs) wherever approval is required. | 90 days |
| 13. | Prior approval of the Reserve Bank for any change in the management of the HFC which would result in change in more than 30 per cent of the directors, excluding independent directors. | 90 days |
ARCs
| Sr. No. | Description of Regulatory Approval | Time required |
|---|---|---|
| Asset Reconstruction Companies(ARCs) | ||
| 1. | Approval for inclusion of new sponsor / cessation of sponsor / aggregate transfer of 10% or more of the total paid-up share capital of the ARC by a sponsor during the period of five years commencing from the date of the CoR | 90 days |
| 2. | Prior approval of the Reserve Bank for any substantial change in the management of the ARC including appointment of any director on the board of directors of the ARC or managing director or chief executive officer thereof. | 90 days |
Cooperative Banks
A. Approvals/Permissions given by Central Office for Primary Urban Cooperative Banks
| Sr. No. | Description of Regulatory Approval | Time required |
|---|---|---|
| 1. Approvals/Permissions given by Central Office for UCBs | ||
| 1. | Extension of Area of Operation i) beyond adjoining districts and to the entire State of registration ii) beyond the State of registration iii) for multi-state UCBs |
90 days |
| 2. | Shifting of branches – Request from UCBs not conforming to the FSWM (Financially Sound and Well Managed) criteria for shifting of their offices/branches outside the centre/State | 90 days |
| 3. | Shifting of branches of UCBs outside the State of registration | 90 days |
| 4. | Permission to undertake intra-day short selling of G-Secs | 90 days |
| 5. | Permission to extend unsecured advances up to 25% of total assets subject to conditions prescribed in our circular dated April 3, 2010 | 90 days |
| 6. | Remission of Debt of Director related loans | 90 days |
| 7. | Grant of permission for raising Long Term (Subordinated) Deposits (LTD)/ Perpetual Non-Cumulative Preference Shares (PNCPS)/ Conversion of deposits to equity | 90 days |
| 8. | Approval for appointment/renewal of appointment of CEO of scheduled UCBs with deposit size of Rs. 100 crore and above | 90 days |
| 2. Approvals/Permissions given by Regional Offices for UCBs | ||
| 9. | Shifting of offices to different wards/municipal areas | 45 days |
| 10. | Extension of time for submission of Form – V (Furnishing of details of Branches opened) | 90 days |
| 11. | Change of address to same municipal ward, post issue of authorization but before opening of branch | 90 days |
| 12. | Authorisation for opening of branches under Annual Business Plan and new off-site ATMs | 90 days |
| 13. | Approval for opening of specialized branches by UCBs | 90 days |
| 14. | Permission to extend internet banking facility to customers | 90 days |
| 15. | Permission for payment of dividend | 90 days |
| 16. | Change in name of bank | 90 days |
| 17. | Authorization to maintain/renew NRE accounts | 90 days |
| 18. | Approval for appointment/renewal of appointment of MD/WTD/CEO of Non-scheduled UCBs with deposit size Rs. 100 crore or above but less than 1000 crore, as per preceding year’s audited balance sheet. | 90 days |
| 19. | Approvals to banks for holding non-banking assets beyond 7 and upto 12 years, in terms of Section 9 of Banking Regulation Act, 1949 | 60 days£ |
| 3. Other applications received by the Department for recommendations but approvals/permissions granted by other Departments /Organisations for UCBs | ||
| 20. | Approvals related to Centralised Payment System | 45 days |
| 21. | MTSS | 45 days |
| 22. | AD-I and AD-II category licences | 45 days |
| 23. | Opening of current account/SGL account | 45 days |
| 24. | Clearing House memberships | 45 days |
| 25. | NDS-OM Membership | 45 days |
| 26. | Permission to extend mobile banking to customers | 45 days |
| 27. | Banker to Issue | 45 days |
| 28. | Merchant Banking | 45 days |
| £The timeline is subject to receipt of complete information / document by RBI from the bank | ||
B. Regulatory Approvals for State and Central Cooperative Banks
1. Regulatory approvals granted without involving other departments/agencies
| Sr. No. | Description of Regulatory Approval | Time required |
|---|---|---|
| State and Central Co-op. Banks | ||
| 1 | Grant of loan/advance against the security of NRE deposits to a resident individual/ firm/ company in India | 30 Days |
| 2 | Approvals to banks for holding non-banking assets beyond 7 and upto 12 years, in terms of Section 9 of Banking Regulation Act, 1949 | 60 Days£ |
| 3 | Investment in shares of other Co-operative Societies situated outside the area of the co-operative bank | 30 Days |
| £The timeline is subject to receipt of complete information / document by RBI from the bank | ||
2. Regulatory approvals involving inter-office/inter-agency coordination
| Sr. No. | Description of Regulatory Approval | Time required |
|---|---|---|
| State and Central Co-op. Banks | ||
| 1 | Grant of banking licence- Approval given by Central Office. | 30 Days |
| 2 | Permission to make investments in non-PSU bonds where prescribed criteria are not met | 30 Days |
| 3 | Permission to issue Innovative Perpetual Debt Instruments | 30 Days |
| 4 | Approval to banks for undertaking various financial services departmentally. | 90 Days |
| State Co-op. Banks | ||
| 5 | Permission to State Co-op. Banks for grant of branch licence | 30 Days |
| 6 | Permission to open extension counters | 30 Days |
| 7 | Permission for opening specialized branches for conducting forex business, etc., and for up-gradation of existing extension counters into full-fledged branches | 30 Days |
| 8 | Permission for shifting of a bank branch to a different locality/municipal ward other than the one mentioned in the licence. Approval given by Regional Offices | 30 Days |
| 9 | Inclusion in the 2nd Schedule to RBI Act, 1934. Approval given by Central Office. | 30 Days |
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