(1) A bank or financial institution desirous of carrying on financial transactions pursuant to this Act shall make an application to the Rastra Bank for a license, in the format prescribed by the Rastra Bank.
(2) The bank or financial institution shall also attach the following particulars and documents and the license fee prescribed by the Rastra Bank with the application to be made pursuant to Sub- section (1):
(a) A copy of the memorandum of association, articles of association of the bank or financial institution and the certificate of registration of the bank or financial
institution;
(b) Particulars of an office building equipped with all infrastructures required by the bank or financial institution to carry on financial transactions, or, if such building is to rented, a copy of the lease agreement and the particulars of the building to be rented;
(c) Personal details of the chief executive and other executive level officers of the bank or financial institution, and the organizational structure of the bank or financial institution;
(d) Bye-laws relating to conditions of service and facilities of the employees of the bank or financial institution;
(e) Credit policy of the bank or financial institution;
(f) Financial administration bye-laws of the bank or financial institution;
(g) By-laws relating to write-off of loans;
(h) Document proving that the amount of shares which the promoter of the bank or financial institution has undertaken to subscribe has been paid and deposited with the Rastra Bank;
(i) Such other particulars and documents as may be prescribed by the Rastra Bank from time to time.
(3) A bank or financial institution which makes an application to the Rastra Bank for a license to carry on financial transactions shall also mention the following matters in the application:
(a) Matter that the minimum capital as prescribed by the Rastra Bank from time to time shall be maintained until the financial transactions is carried on;
(b) Matter that there have been prepared infrastructures required for the operation of the bank or financial institution and there exist adequate grounds for providing services and facilities in a manner satisfactory to the Rastra Bank;
(c) Matter that the rights and interests of depositors shall be protected as a result of the carry on of financial transactions on a regular basis pursuant to the bye-laws
and provisions relating to the carry on of transactions proposed by the bank or financial institution for carrying on the financial transactions;
(d) Consent given to comply with the terms and conditions prescribed by the Rastra Bank for carrying on the financial transactions.