If a lower category financial institution wants to be converted into a higher category bank or financial institution, it must submit an application to the National Bank along with the details prescribed by the National Bank. ) after examining the application and the details attached to it, if the National Bank deems it appropriate to convert such a financial institution into a higher class bank or financial institution, it may give prior approval subject to the following:- (a) For upper class banks or financial institutions, the National Bank shall specify The paid-up capital has been completed, (b) capital adequacy has been maintained in accordance with the instructions of the National Bank for the past five years, it has been profitable for five consecutive years and the average non-performing loans of the last five years are within the limits set by the National Bank, (c) the initial expenses have been written off, (d) ) the shares to be publicly issued have been issued and distributed, (e) the general meeting has passed a special resolution to convert into a high-class bank or financial institution, (f) all other conditions specified by the National Bank have been fulfilled. (3) According to sub-section (2) In accordance with this Act, the National Bank will grant the license of the upper class bank or financial institution by imposing amendments in the charter or regulations of the bank or financial institution that has received prior approval in accordance with the prevailing law.