(1) The period of the permit granted in accordance with section 9 shall be five years, except for renewal in accordance with this Act.
(2) According to sub-section (1), before ninety days before the expiry of the license period, the concerned organization shall apply to the bank for renewal along with the prescribed fee.
(3) Upon receipt of the application according to sub-section (2), the bank shall conduct an on-site inspection of such institution and if it deems it appropriate to renew the license, it shall renew the license within sixty days from the date of receipt of the application.
(4) If it is not found appropriate to renew the license from the on-site inspection and investigation as per sub-section (3), the written information shall be given to the applicant within seven days.
(5) If for any reason an application for the renewal of the license cannot be made within the period specified in subsection (2), the license can be renewed by paying twice the renewal fee charged under this Act up to ninety days after the expiry of the license.
(6) The license of an organization that does not submit an application for renewal within the period specified in subsection (5) shall automatically be canceled after the expiration of the period of such license.
(7) Other provisions regarding license renewal shall be as prescribed.