Citizens Charter - RBI - Reserve Bank of India
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Citizens' Charter
| Sr No. | Description of Service | 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. |
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| Sr. No. | Description of Service | Time taken for providing service |
|---|---|---|
| 1. | Delivery of receipted challans tendered with cash | Within 20 minutes (depending upon volume and cash tendered) |
| 2. | Delivery of receipted challans tendered with cheques issued by Government departments maintaining accounts with Reserve Bank of India | Within 30 minutes |
| 3. | Delivery of receipted challans tendered with local cheques drawn on other banks | After 3 clear working days |
| 4. | Delivery of receipted challans tendered with outstation cheques | 7 days (for the four Metros) 15 days for other centers |
| 5. | Submission of scrolls to Government departments | On next working day |
| 6. | Submission of monthly statements to Government departments | On second working day of the following month |
| 7. | Cash withdrawal by Government through cheques | 20 minutes (Depending upon volume of withdrawal) |
| 8. | Receipt of debit/credit scrolls from agency banks and reimbursement of claims/settlement | Day to day basis |
| Sr. No. | Description of Service | Time taken for providing service |
|---|---|---|
| 1. | Transfer (of funds from one bank’s current account to another bank’s current account in RBI) based on cheque (drawn on the bank’s account with RBI) presented at Banking department | Immediately once the instrument is received. |
| 2. | Deposit of Cash by bank maintaining current account with RBI | 15 minutes (depending on the volume of tender) |
| 3. | Withdrawal of Cash by bank maintaining current account with RBI | 20 minutes (depending on the volume of tender) |
| 4. | Issue of Demand Draft | 1 hour |
| 5. | Issue of cheque books | 20 minutes |
| 6. | Furnishing of daily statement of current accounts maintained by banks | Account statements are sent daily to all customers by mail and the statements are available instantly for download in e-KUBER portal. |
| 7. | Refinance facility and disbursement of loans | Same day or as requested. |
| Sr. No. | Description of Service | Time taken for providing service |
|---|---|---|
| 1. | Issue of Duplicate Securities (a) G.P.Notes |
3 months from the date of publication in the Government Gazette |
| (b) Duplicate Receipt | Within 2 days of admission of claim | |
| 2. | Payment of Interest Warrant | |
| (a) Stock Certificate | On due date | |
| (b) S.G.L. | On due date | |
| (c) Saving Bonds | On due date | |
| 3. | (a) Transfer / Invocation of Pledge, Lien, etc. | 4 days |
| (b) Change of enfacement | 2 days from the date of receipt of special cancellation advice from the parent PDO | |
| (c) Conversion | 4 days | |
| 4. | Credit to SGL account | 3 days |
| 5. | Issue of scrip by debit to SGL | 2 days |
| 6. | Receipt of Securities for repayment | 5 days |
| 7. | SGL Transfer | 1 day |
| 8. | Registration of Power of Attorney and Certification | 1 day |
| 9. | Other Services | |
| (a) Examination | 1 day | |
| (b) Certificate of Registry of sale power | 1 day | |
| (c) Renewal | 6 days | |
| (d) Withdrawal from safe custody | 1 day | |
| 10. | Revalidation of Interest Warrant | 1 day |
| 11. | Registration of Nomination | 1 day |
| 12. | Registration and Revocation of Pledge, Lien, etc. | |
| (a) Stock Certificate | 3 days | |
| (b) S.G.L. | 1 day | |
| Sr. No. | Description of Service | Time taken for providing service |
|---|---|---|
| 1. | EXTERNAL COMMERCIAL BORROWING (ECB) / FOREIGN CURRENCY CONVERTIBLE BONDS (FCCB) | |
| Trade Credit under approval route | 7 working days | |
| Approval for deviation from the extant framework for ECBs already availed under automatic route | 15 working days | |
| ECB - under approval route (excluding those under the powers of the Empowered Committee) | 30 working days | |
| 2. | FOREIGN INVESTMENT | |
| Foreign Direct Investment: References/clarifications/approvals sought under extant FDI Rules/ regulations (should be invariably routed through AD banks) | 30 working days | |
| References relating to reporting received from AD branches / individuals/ companies - | 15 working days | |
| 3. | INDIAN INVESTMENT ABROAD | |
| Investment in Overseas Joint Ventures and Wholly Owned Subsidiaries (not covered by automatic route) | 40 working days | |
| Disinvestment of shares in Overseas Joint Ventures/ Subsidiaries - under approval route | 40 working days | |
| Other Overseas Investment under approval route | 40 working days | |
| Allotment of Unique Identification Number (UIN) | Instantly auto generated by the online reporting system | |
| 4. | EXPORTS | |
| Permission for waiving GR Form formalities for exports@ | 07 working days | |
| Set Off / Write Off@ | 07 working days | |
| Export receivables / payables outside ACU mechanism@ | 07 working days | |
| Refund / retention of advance@ | 07 working days | |
| Resolution of I/EDPMS issues@ | 07 working days | |
| 5. | IMPORTS | |
| Direct imports@ | 07 working days | |
| Third country / Merchanting trade / Warehousing@ | 07 working days | |
| Import receivables / payables outside ACU mechanism@ | 07 working days | |
| 6. | OTHERS | |
| Compounding of contraventions of FEMA | 180 days | |
| @ The timelines stipulated pertain to disposal of cases at the Regional Offices (ROs). In respect of cases not falling within the delegated powers of AD bank/ RO and referred to Central Office (CO), the time taken for providing the service will be 20 working days from the date of receipt of application along with complete information/documents at CO. Cases involving policy issues will not be covered within these timelines. | ||
Disclaimer
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The stipulated timelines are subject to receipt of the complete set of requisite documents for the necessary approval.
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The stipulated timelines are not applicable for cases wherever an approval/no-objection/inputs/comments due diligence reports are required/sought from the Government and/or other external agencies, under FEMA, 1999 or Rules/Regulations thereunder or for other specific reason(s) and those referred to Empowered Committee for approval.
| Sr. No. | Description of Service | Time taken for providing service |
|---|---|---|
| 1. | Issue of Coins | Within 15 mins (depending on volume of the tender) |
| 2. | Receipt of Coins | Within 15 mins (depending on volume of the tender) |
| 3. | Exchange of Soiled notes | Within 15 mins (depending on volume of the tender) |
| 4. | Exchange of Defective/ Mutilated notes | Within 30 mins (depending on volume of the tender) |
| *Provision of service provided may vary across Offices. | ||
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. | Approval to banks for holding non-banking assets beyond 7 and up to 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). | 45 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. |
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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
| 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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