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Section 11
<br> who may refuse to issue a permit
Notwithstanding anything contained elsewhere in this Act, a bank may refuse to grant a license to an applicant to operate as a payment system operator or payment service provider in the following cases:...
(a) If the physical and technical infrastructure of the institution is found to be inadequate,
(b) If all the detailed documents mentioned in sub-section (1) of section 8 are not submitted,
(c) If the bond amount for the permit is not paid to the bank within the period specified by the bank.
(2) In case of refusal to grant permission according to sub-section (1), the bank shall give written information to the applicant along with the reason thereof.
(3) If the applicant suffers any loss due to the refusal to grant the permit in accordance with this clause, the bank shall not bear any liability for such loss or damage.
(a) If the physical and technical infrastructure of the institution is found to be inadequate,
(b) If all the detailed documents mentioned in sub-section (1) of section 8 are not submitted,
(c) If the bond amount for the permit is not paid to the bank within the period specified by the bank.
(2) In case of refusal to grant permission according to sub-section (1), the bank shall give written information to the applicant along with the reason thereof.
(3) If the applicant suffers any loss due to the refusal to grant the permit in accordance with this clause, the bank shall not bear any liability for such loss or damage.