Where the Reserve Bank of India refuses to grant a licence to a banking company under Section 22 of the Banking Regulation Act, 1949, or cancels a licence already granted, an appeal against such refusal or cancellation may be made to the Central Government within -

Section 22(4) of the Banking Regulation Act, 1949 provides that any company aggrieved by the refusal of a licence or by the cancellation of a licence may appeal to the Central Government within thirty days of the communication to it of the decision of the Reserve Bank, and the Central Government is required to dispose of the appeal after giving the company an opportunity of being heard. Licences are issued by the Reserve Bank under Section 22(1), and refusal or cancellation ordinarily follows the failure of the company to comply with conditions or its contravention of the provisions of the Act. The fifteen-day, forty-five-day, sixty-day and ninety-day periods have no basis in the provision. An appeal within thirty days is therefore correct.