In case the application for setting up a Banking Unit is rejected by IFSCA, it shall be communicated to the applicant within a period of ….

Solution

IFSCA (Banking) Regulations 2020   ·         If the Authority is of the opinion that licence cannot be granted , it may give thirty days’ time to the applicant , setting out the grounds based on which it cannot grant licence, to enable the applicant to make written submissions, if any. ·         After considering the submissions made by the applicant to the Authority, if the Authority is not satisfied, it may reject the application and shall communicate the same to the applicant in writing with reasons, not later than thirty days