Section 11 – BANKING REGULATION (COMPANIES) RULES

11. Licensing of banking companies

A company desiring to have a license under section 22 of the Act shall apply to the principal office of the Reserve Bank in a form specified below, namely:

(a) in the case of a company incorporated in India and desiring to commence banking business, in 12[Form III];

(b) in the case of company incorporated in India and in existence at the commencement of the Act, in 12[Form IV;] and

(c) in the case of company incorporated outside India and desiring to commence / carry on banking business in India, in 12[Form V].

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