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
	Foreign Direct Investment: References/clarifications/approvals sought under extant FDI Rules/ regulations (should be invariably routed through AD banks)	30 working days
	References relating to reporting received from AD branches / individuals/ companies -	15 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@	07 working days
	Set Off / Write Off@	07 working days
	Export receivables / payables outside ACU mechanism@	07 working days
	Refund / retention of advance@	07 working days
	Resolution of I/EDPMS issues@	07 working days
5.	IMPORTS
	Direct imports@	07 working days
	Third country / Merchanting trade / Warehousing@	07 working days
	Import receivables / payables outside ACU mechanism@	07 working days
6	OTHERS
	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 due diligence reports are required/sought from the Government and/or other external 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.	Approvals to banks for holding non-banking assets beyond 7 and upto 12 years, in terms of Section 9 of Banking Regulation Act, 1949	60 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 or investments in financial and non-financial services companies requiring prior approval of RBI.	90 days
6.	Approval to banks for undertaking various financial services departmentally or expansion of the scope of activities of the group entities of banks (subsidiaries/JVs).	90 days
7.	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
8.	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
9.	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
10.	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
11.	Clearances for appointment of whole time directors, non-executive chairmen and non-official directors of public sector banks	60 days
12.	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
13.	Authorization to banks for importing gold/silver under Foreign Trade Policy	60 days
14.	Authorization for opening of banking outlets under approved ABOEP	30 days
15.	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. £ The timeline is subject to receipt of complete information / document by RBI from the bank

Regional Rural Banks

16.	Inclusion in/Exclusion from Second Schedule of RBI Act	45 days
17.	Permission for opening of Banking Outlets/ issue of licence for Banking outlets/ service branches/ Regional Offices	45 days
18.	Permission for shifting of Banking Outlets outside the Revenue Centre	45 days
19.	Appropriation from the Reserve Fund under Section 17(2) of the BR Act, 1949	45 days
20.	Permission to extend internet banking facility to customers	30 Days
21.	Permission to extend mobile banking to customers	30 Days
22.	Approval to banks for undertaking various financial services departmentally.	90 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	45 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.	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
7.	Approval to NBFCs for establishing a subsidiary/joint venture/associate or investments in financial and non-financial services companies requiring prior approval of RBI.	90 Days
8.	Approval to NBFCs for undertaking various financial services departmentally or expansion of the scope of activities of the group entities (subsidiaries/JVs) wherever approval is required.	90 Days
Non-Banking Finance Companies (NBFCs)- Housing Finance Companies
9.	Approval for acquisition/ transfer of ten per cent or more of the paid-up equity capital of the HFC (accepting/ holding public deposits) by/ to a foreign investor	90 days
10.	Approval for acquisition/ transfer of twenty-six per cent or more of the paid-up equity capital of the HFC.	90 days
11.	Approval to HFCs for establishing a subsidiary/joint venture/associate or investments in financial and non-financial services companies requiring prior approval of RBI.	90 Days
12.	Approval to HFCs for undertaking various financial services departmentally or expansion of the scope of activities of the group entities (subsidiaries/JVs) wherever approval is required.	90 Days
13.	Prior approval of the Reserve Bank for any change in the management of the HFC which would result in change in more than 30 per cent of the directors, excluding independent directors.	90 days

ARCs

Sr. No	Description of Regulatory Approval	Time required
Asset Reconstruction Companies(ARCs)
1.	Approval for change of sponsor in ARC	90 days
2.	Prior approval of the Reserve Bank for any substantial change in the management of the ARC including appointment of any director on the board of directors of the ARC or managing director or chief executive officer thereof.	90 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 MD/WTD/CEO of Scheduled UCBs (irrespective of Deposit Size) & Non-scheduled UCBs with deposit size of Rs. 1000 crore and above, as per preceding year’s audited balance sheet.	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 MD/WTD/CEO of Non-scheduled UCBs with deposit size Rs. 100 crore or above but less than 1000 crore, as per preceding year’s audited balance sheet.	90 days
19.	Approvals to banks for holding non-banking assets beyond 7 and upto 12 years, in terms of Section 9 of Banking Regulation Act, 1949	60 days£
3. Other applications received by the Department for recommendations but approvals/permissions granted by other Departments /Organisations for UCBs
20.	Approvals related to Centralised Payment System	45 days
21.	MTSS	45 days
22.	AD-I and AD-II category licences	45 days
23.	Opening of current account/SGL account	45 days
24.	Clearing House memberships	45 days
25.	NDS-OM Membership	45 days
26.	Permission to extend mobile banking to customers	45 days
27.	Banker to Issue	45 days
28.	Merchant Banking	45 days
£ The timeline is subject to receipt of complete information / document by RBI from the bank

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	Approvals to banks for holding non-banking assets beyond 7 and upto 12 years, in terms of Section 9 of Banking Regulation Act, 1949	60 Days£
3	Investment in shares of other Co-operative Societies situated outside the area of the co-operative bank	30 Days
£ The timeline is subject to receipt of complete information / document by RBI from the bank

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	Approval to banks for undertaking various financial services departmentally.	90 Days
State Co-op. Banks
5	Permission to State Co-op. Banks for grant of branch licence	30 Days
6	Permission to open extension counters	30 Days
7	Permission for opening specialized branches for conducting forex business, etc., and for up-gradation of existing extension counters into full-fledged branches	30 Days
8	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
9	Inclusion in the 2nd Schedule to RBI Act, 1934. Approval given by Central Office.	30 Days

VII. Department of Payment and Settlement Systems
Sr. No.	Description of Regulatory Action	Time required#
1.	a) In principle Authorisation b) Grant of Certificate of Authorisation (CoA) to commence a payments system under provisions of PSS Act, 2007 c) Approval for commencement of eligible activity under guidelines on regulation of Payment Aggregator- Cross Border (PA- Cross Border)	90 days! 30 days@ 60 days
2.	Voluntary surrender of CoA by entities that have not commenced business	30 days
3.	Approval for change in shareholding of non-banks PSPs in cases involving takeover / acquisition or sale to entities not authorised to undertake similar activity	45 days $
4.	Renewal of CoA	Before expiry of current CoA^
# Timelines for intimating Bank’s decision, favourable or otherwise, in cases covered below shall commence after receipt of complete information. ! The timelines for issue of in-principle authorisation shall commence after receipt of application and receipt of additional inputs, if any, sought by the Bank. @ The timelines shall commence after review of system audit report tendered by the applicant on Bank’s advice and receipt of additional inputs, if any, as sought by the Bank. $ Not applicable in case of overseas Principal in MTSS ^ Subject to the entity sharing complete information with the Bank at least three calendar months prior to expiry of current CoA.

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.

The timelines given in column 3 are subject to receipt of complete information/ documents from the banks/ institutions concerned as well as receipt of regulatory/ supervisory inputs/ due diligence reports/ approvals from other regulators and the concerned Government Agencies/ Departments.