RBI on Monday fixed schedules for various regulatory approvals
Posted on: 24/Jun/2014 11:13:44 AM
Within 90 days, private entities aspiring to set up banks can expect to hear about the status of their applications from the Reserve Bank of India (RBI).To improve the response time, RBI on Monday fixed schedules for various regulatory approvals, including grant of private bank licenses. It also released a citizens` charter for services such as clearing of transactions.
In case an applicant didn`t get a response within the indicated timeline, it could approach the head of the department, who would convey the status of the application, the reason for delay, request for additional information and state the likely period for disposal of the application.
According to the citizens` charter for RBI departments that interact with the public, the deposit accounts department should issue cheque books within 20 minutes, while demand drafts should be issued within an hour. Refinance facility and disbursement of loans should be carried out on the day an application in this regard is received, while clearing should be completed in three days.
