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].