Upon examination of the application received in accordance with Section 33 and the attached documents or details, if it is found that all grounds for banking and financial transactions are met in accordance with this Act, the National Bank shall, within one hundred and twenty days of receipt of the application, notify such bank or financial institution of the bank or financial institution in accordance with Section 37. On the basis of classification, it may grant any one category of license to conduct banking and financial transactions. (2) Before granting the license as per sub-section (1), the National Bank shall ensure the following things:- (a) While granting the license to conduct banking and financial transactions, healthy competition and financial intermediation. The transaction is effective and beneficial to the depositor, (b) able to conduct banking and financial transactions subject to this Act or the rules, regulations or orders or instructions issued under this Act and the memorandum and articles of association, (c) Application for a license in accordance with Section 33 The attached details and documents are complete and have sufficient physical infrastructure, (d) Any official appointed or attached to a bank or financial institution or to be appointed or attached is capable of conducting banking and financial transactions. When granting a license to operate a business, if the effective date of the license is specified, and if no such date is specified, such license shall be deemed to have commenced from the date of issuance of the license.