Under Section 22 of the Banking Regulation Act, 1949, a company aggrieved by the decision of the Reserve Bank cancelling its banking licence may appeal to the Central Government. The appeal must be preferred within:

Section 22(5) provides that any banking company aggrieved by the decision of the Reserve Bank cancelling a licence under that section may, within thirty days from the date on which such decision is communicated to it, appeal to the Central Government. Under sub-section (6), the decision of the Central Government on such an appeal, or that of the Reserve Bank where no appeal is preferred, shall be final. The RBI may cancel a licence if the company ceases to carry on banking business in India or fails to comply with conditions, subject to the proviso giving an opportunity to remedy where the delay is not prejudicial to depositors or the public.