(1) The National Bank may refuse to grant prior approval for the establishment of a bank or financial institution or the opening of a branch office of a foreign bank or financial institution in the following cases:-(a) The name of the proposed bank or financial institution or the banking and financial transactions carried out by such institution are in the public interest. , if it is not desirable from the point of view of religion, caste or sect etc., (b) if the purpose of the proposed bank or financial institution is contrary to the existing law, (c) if it does not seem appropriate to establish the proposed bank or financial institution from a technical point of view, (d) if the proposed bank or financial institution submits If there is no reason to believe that the financial transactions will be conducted in a healthy and competitive manner after studying the feasibility study report, details and documents and other infrastructure, (e) all the founders of the bank or financial institution proposed in the articles of association and regulations should disclose their names, addresses and the number of shares they will take. If the name and address of the witness are not properly printed on the witness's handbook, (f) if the share investment limit per person and the share ownership ratio are not found to be as prescribed by the National Bank from time to time, (g) contrary to the policy on establishment and licensing of banks or financial institutions issued by the National Bank. If it is found, (h) If other conditions specified by the National Bank are not fulfilled. (2) If the National Bank refuses to give prior approval to the proposed bank or financial institution due to any of the conditions mentioned in sub-section (1), the reasons for this shall be communicated to the open applicant.