The Reserve Bank of India (RBI) today released on its website the ‘Timelines for Regulatory Approvals’ and ‘Citizens’ Charter’ for delivery of services as part of implementation of the non-legislative recommendations of the Financial Sector Legislative Reforms Commission (FSLRC).
These timelines are indicative. If departments are likely to exceed the timeline, they will revert to the applicant.
In case an applicant does not 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.
As per one recommendation of the FSLRC, all regulators are required to move to a time-defined approval process, subject to applicable laws, for all permissions including licence to do business, as well as launch of products and services.
Accordingly, the Reserve Bank has prepared timelines for regulatory approvals by its various departments and a Citizens’ Charter for delivery of services by its departments which have public interface.
Principal Chief General Manager
Press Release: 2013-2014/2481