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The Reserve Bank of India (RBI) released timelines for regulatory approvals on Monday. It said it will revert to the applicant if the deadline is likely to be exceeded.
Among other deadlines, few included an in-principle approval to private bank licensing must be given within 90 days, ‘in principle’ approval to banks for IPO, preferential issues of capital and qualified institutional placements within 30 days, permission to banks for expanding the scope of para-banking activities of the bank/it’s subsidiary within 45 days and authorisation for import of gold/silver by banks within 60 days.
As part of the recommendations of the government-appointed Financial Sector Legislative Reforms Commission (FSLRC), all regulators are required to move to a time-defined approval process, subject to applicable laws, for all permissions including licence to do business, as well as launch of products and services.
In case an applicant does not get a response within the indicated timeline, the entity can approach the head of the concerned department, the RBI said.
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