Citizens’ Charter


I. Government Banking Department
Sr No. Description of Service Time taken for providing service
1 Delivery of receipted challans tendered with cash Within 20 minutes (depending upon volume and cash tendered)
2 Delivery of receipted challans tendered with cheques issued by Government departments maintaining accounts with Reserve Bank of India Within 30 minutes
3 Delivery of receipted challans tendered with local cheques drawn on other banks After 3 clear working days
4 Delivery of receipted challans tendered with outstation cheques 7 days (for the four Metros)
15 days for other centers
5 Submission of scrolls to Government departments On next working day
6 Submission of monthly statements to Government departments On second working day of the following month
7 Cash withdrawal by Government through cheques 20 minutes (Depending upon volume of withdrawal)
8 Receipt of debit/credit scrolls from agency banks and reimbursement of claims/settlement Day to day basis

II. Banking Department- Account Management Section/ Division of Bank Accounts
Sr No. Description of Service Time taken for providing service
1 Transfer (of funds from one bank’s current account to another bank’s current account in RBI) based on cheque (drawn on the bank’s account with RBI) presented at Banking department Immediately once the instrument is received.
2 Deposit of Cash by bank maintaining current account with RBI 15 minutes (depending on the volume of tender)
3 Withdrawal of Cash by bank maintaining current account with RBI 20 minutes (depending on the volume of tender)
4 Issue of Demand Draft 1 hour
5 Issue of cheque books 20 minutes
6 Furnishing of daily statement of current accounts maintained by banks The statements are available instantly for the account holders at their end online in CBS-E-kuber portal.
7 Refinance facility and disbursement of loans Same day or as requested.
Note: The time frame indicates clear working days.

III. Public Debt Office
Sr No. Description of Service Time taken for providing service
1 Issue of Duplicate Securities
(a) G.P.Notes
3 months from the date of publication in the Government Gazette
  (b) Duplicate Receipt Within 2 days of admission of claim
2 Payment of Interest Warrant
  (a) Stock Certificate On due date
  (b) S.G.L. On due date
  (c) Saving Bonds On due date
3 (a) Transfer / Invocation of Pledge, Lien, etc. 4 days
  (b) Change of enfacement 2 days from the date of receipt of special cancellation advice from the parent PDO
  (c) Conversion 4 days
4 Credit to SGL account 3 days
5 Issue of scrip by debit to SGL 2 days
6 Receipt of Securities for repayment 5 days
7 SGL Transfer 1 day
8 Registration of Power of Attorney and Certification 1 day
9 Other Services
  (a) Examination 1 day
  (b) Certificate of Registry of sale power 1 day
  (c) Renewal 6 days
  (d) Withdrawal from safe custody 1 day
10 Revalidation of Interest Warrant 1 day
11 Registration of Nomination 1 day
12 Registration and Revocation of Pledge, Lien, etc.
  (a) Stock Certificate 3 days
  (b) S.G.L. 1 day

IV. Foreign Exchange Department
Sr. No. Description of Service Time taken for providing service
1 EXTERNAL COMMERCIAL BORROWING (ECB) / FOREIGN CURRENCY CONVERTIBLE BONDS (FCCB)  
  Trade Credit under approval route 7 working days
  Approval for deviation from the extant framework for ECBs already availed under automatic route 15 working days
  ECB - under approval route (excluding those under the powers of the Empowered Committee) 30 working days
2 FOREIGN INVESTMENT  
  Pledge of Shares 40 working days
  Issue of licence for Branch/ Liaison Office 40 working days
  Refund of advance remittance 7 working days
  Foreign Collaboration – General Permission Route (FC-GPR) to be taken on record 30 working days
3 INDIAN INVESTMENT ABROAD  
  Investment in Overseas Joint Ventures and Wholly Owned Subsidiaries (not covered by automatic route) 40 working days
  Disinvestment of shares in Overseas Joint Ventures/ Subsidiaries - under approval route 40 working days
  Other Overseas Investment under approval route 40 working days
  Allotment of Unique Identification Number (UIN) Instantly auto generated by the online reporting system
4 EXPORTS  
  Permission for waiving GR Form formalities for exports@ 7 working days
  Set Off / Write Off@ 7 working days
  Export receivables / payables outside ACU mechanism@ 7 working days
  Refund / retention of advance@ 7 working days
  Resolution of I/EDPMS issues@ 7 working days
  IMPORTS  
  Direct imports@ 7 working days
  Third country / Merchanting trade / Warehousing@ 7 working days
  Import receivables / payables outside ACU mechanism@ 7 working days
5 OTHERS  
  Issue / Renewal of Money Changer’s licence 40 working days
  Compounding of contraventions of FEMA 180 days
@ The timelines stipulated pertain to disposal of cases at the Regional Offices (ROs). In respect of cases not falling within the delegated powers of AD bank/ RO and referred to Central Office (CO), the time taken for providing the service will be 20 working days from the date of receipt of application along with complete information/documents at CO. Cases involving policy issues will not be covered within these timelines.

Disclaimer

  • The stipulated timelines are subject to receipt of the complete set of requisite documents for the necessary approval.

  • The stipulated timelines are not applicable for cases wherever an approval/no-objection/inputs/comments are required/sought from the Government and/or other agencies, under FEMA, 1999 or Rules/Regulations thereunder or for other specific reason(s) and those referred to Empowered Committee for approval.

V. Issue Department
Sr. No. Description of Service* Time taken for providing the Service
1 Issue of Coins Within 15 mins (depending on volume of the tender)
2 Receipt of Coins Within 15 mins (depending on volume of the tender)
3 Exchange of Soiled notes Within 15 mins (depending on volume of the tender)
4 Exchange of Defective/ Mutilated notes Within 30 mins (depending on volume of the tender)
*Provision of service provided may vary across Offices.

VI. Department of Regulation

Commercial Banks

Sr. No. Description of Regulatory Approval Time required
1. Private Bank Licence- In principle approval 90 days@
2. Approval to banks for acquisition/transfer of shares of five per cent or more of paid up equity share capital of the bank 90 days
3. Approval to banks for holding non-banking assets beyond 7 and up to 12 years, in terms of Section 9 of Banking Regulation Act, 1949 30 days
4. Approval to banks for redemption / exercise of call option / coupon payment on capital instruments 15 days
5. Approval to banks for establishing a subsidiary/joint venture/associate/making strategic investments in financial services companies 90 days
6. Approval to banks for offering activities such as investment advisory services, portfolio management services or venturing into stock broking, mutual funds, venture capital funds, insurance or pension management departmentally 45 days
7. Permission to banks for expanding the scope of para-banking activities of the bank/its subsidiary 45 days
8. Permission to banks to retain investments in non-financial services companies beyond the prescribed prudential limits 45 days
9. Appointment / re-appointment of whole time directors (MD & CEO / EDs/ Jt. MDs) and Part-time Chairmen (non-whole time directors) in Private Sector Banks, including SFBs, PBs and LABs 90 days
10. Appointment/re-appointment of CEOs of Foreign Banks and whole time directors (MD & CEO / EDs) and Part-time Chairmen (non-whole time directors) of Wholly Owned Subsidiaries (WOS) of Foreign Banks operating in India 90 days
11. Remuneration, Bonus and Employee Stock Option (ESOP) of whole time directors (MD & CEO / EDs/ Jt. MDs ) and Part-time Chairmen (non-whole time directors) of Private Sector Banks, including SFBs, PBs and LABs 90 days
12. Remuneration, Bonus and Employee Stock Option of CEOs of Foreign Banks and whole time directors (MD & CEO / EDs) and Part-time Chairmen (non-whole time directors) of Wholly Owned Subsidiaries (WOS) Wholly Owned Subsidiaries (WOS) operating in India 90 days
13. Clearances for appointment of whole time directors, non-executive chairmen and non-official directors of public sector banks 60 days
14. Approval of Annual Banking Outlet Expansion Plan (ABOEP) in respect of Domestic Scheduled Commercial Banks (excluding RRBs) for which the general permission has been withdrawn and for Payment Banks and Local Area Banks 45 days
15. Authorisation for import of gold/silver by banks 60 days
16. Authorization for opening of banking outlets under approved ABOEP 30 days
17. Processing of applications of banks to set up an IBU at GIFT City* 90 days
@The timeline for issue of in-principle approval for private sector bank licences commences from receipt of report from the Independent External Advisory Committee.

Regional Rural Banks

18. Inclusion in/Exclusion from Second Schedule of RBI Act 45 days
19. Permission for opening of Banking Outlets/ issue of licence for Banking outlets/ service branches/ Regional Offices 45 days
20. Permission for shifting of Banking Outlets outside the Revenue Centre 45 days
21. Appropriation from the Reserve Fund under Section 17(2) of the BR Act, 1949 45 days

NBFCs

Sr. No Description of Regulatory Approval Time required
SRO
1. Recognition to Self-Regulatory Organisation (SRO) 45 days
Non-Banking Finance Companies(NBFCs)
2. Issue of Certificate of Registration (other than Securitization and Reconstruction Companies) 45 days
3. NOC to sponsor Infrastructure Debt Fund by NBFC 30 days
4. Change of control/ownership/management of an NBFC 30 days
5. Conversion of existing NBFCs to other categories such as Core Investment Companies-Non Deposit taking-Systemically Important (CIC-ND-SI) , NBFC-Micro Finance Institutions (NBFC-MFIs), NBFC-Infrastructure Finance Companies (IFCs) and NBFC-Factors 30 days
6. Change in shareholding pattern 45 days
7. Declaration of dividend– (In case there are special reasons or difficulties for any PD in strictly adhering to the guidelines relating to Dividend, it may approach RBI in advance for an appropriate ad hoc dispensation in this regard) 45 days

Cooperative Banks

A. Approvals/Permissions given by Central Office for Primary Urban Cooperative Banks

Sr. No. Description of Regulatory Approval Time required
1. Approvals/Permissions given by Central Office for UCBs
1. Extension of Area of Operation
i) beyond adjoining districts and to the entire State of registration
ii) beyond the State of registration
iii) for multi-state UCBs
90 days
2. Shifting of branches – Request from UCBs not conforming to the FSWM (Financially Sound and Well Managed) criteria for shifting of their offices/branches outside the centre/State 90 days
3. Shifting of branches of UCBs outside the State of registration 90 days
4. Permission to undertake intra-day short selling of G-Secs 90 days
5. Permission to extend unsecured advances up to 25% of total assets subject to conditions prescribed in our circular dated April 3, 2010 90 days
6. Remission of Debt of Director related loans 90 days
7. Grant of permission for raising Long Term (Subordinated) Deposits (LTD)/ Perpetual Non-Cumulative Preference Shares (PNCPS)/ Conversion of deposits to equity 90 days
8. Approval for appointment/renewal of appointment of CEO of scheduled UCBs with deposit size of Rs. 100 crore and above 90 days
2. Approvals/Permissions given by Regional Offices for UCBs
9. Shifting of offices to different wards/municipal areas 45 days
10. Extension of time for submission of Form – V (Furnishing of details of Branches opened) 90 days
11. Change of address to same municipal ward, post issue of authorization but before opening of branch 90 days
12. Authorisation for opening of branches under Annual Business Plan and new off-site ATMs 90 days
13. Approval for opening of specialized branches by UCBs 90 days
14. Permission to extend internet banking facility to customers 90 days
15. Permission for payment of dividend 90 days
16. Change in name of bank 90 days
17. Authorization to maintain/renew NRE accounts 90 days
18. Approval for appointment/renewal of appointment of CEO of non-scheduled UCBs with deposit size of less than Rs.100 crore 90 days
3. Other applications received by the Department for recommendations but approvals/permissions granted by other Departments /Organisations for UCBs
19. Approvals related to Centralised Payment System 45 days
20. MTSS 45 days
21. AD-I and AD-II category licences 45 days
22. Opening of current account/SGL account 45 days
23. Clearing House memberships 45 days
24. NDS-OM Membership 45 days
25. Permission to extend mobile banking to customers 45 days
26. Banker to Issue 45 days
27. Merchant Banking 45 days

B. Regulatory Approvals for State and Central Cooperative Banks

1. Regulatory approvals granted without involving other departments/agencies

Sr. No. Description of Regulatory Approval Time required
State and Central Co-op. Banks
1 Grant of loan/advance against the security of NRE deposits to a resident individual/ firm/ company in India 30 Days
2 Disposal of non-banking assets - Approval given by Regional Offices 30 Days
3 Investment in shares of other Co-operative Societies situated outside the area of the co-operative bank 30 Days

2. Regulatory approvals involving inter-office/inter-agency coordination

Sr. No. Description of Regulatory Approval Time required
State and Central Co-op. Banks
1 Grant of banking licence- Approval given by Central Office. 30 Days
2 Permission to make investments in non-PSU bonds where prescribed criteria are not met 30 Days
3 Permission to issue Innovative Perpetual Debt Instruments 30 Days
4 Permission to undertake insurance business as corporate agent without risk participation and renewal thereof. 30 Days
5 Permission for commencing co-branded credit card business and renewal of permission 30 Days
State Co-op. Banks
6 Permission to State Co-op. Banks for grant of branch licence 30 Days
7 Permission to open extension counters 30 Days
8 Permission for opening specialized branches for conducting forex business, etc., and for up-gradation of existing extension counters into full-fledged branches 30 Days
9 Permission for shifting of a bank branch to a different locality/municipal ward other than the one mentioned in the licence. Approval given by Regional Offices 30 Days
10 Inclusion in the 2nd Schedule to RBI Act, 1934. Approval given by Central Office. 30 Days

Notes:

These timelines are indicative and exclude the date of submission of the application and are subject to the application being complete in all respects.

If departments are likely to exceed the timeline, they will revert to the applicant.

In case an applicant doesnot get a response within the indicated timeline, they can approach the head of the concerned department. The department head will respond with the status of the application, the reason for delay, request for additional information, if any, as well as the likely time for disposal of the application.


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