License to be issued

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(1) If an application is made pursuant to Section 4, the Bank shall make necessary examination of the application, and if in so examining, it considers necessary to seek additional information or details, it may seek additional information or details form the institution making such an application.
(2) If, in making examination pursuant to Sub-section (1), the Bank considers appropriate to issue the license, it shall issue the license to the applicant, in the prescribed format, carry out the act of financial intermediation, by collecting the prescribed fees.
(3) In issuing the license pursuant to Sub-section (2) or in giving information of rejection, 9 such license or information has to be issued or given within a maximum period of Seventy Five days10 after the date of receipt of application or the date of receipt of additional information or details where such additional information or details have been sought pursuant to Sub-section (1).
(4)11 ……………….

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