(1) If an application is received pursuant to Section 29, the Rastra Bank may, if it is satisfied after making necessary enquiries and investigations into the following matters, in addition to the physical infrastructures required for the operation of the bank or financial institution, issue to the bank or financial institution a license of any one of the classes to carry on financial transactions, on the basis of the classification of banks or financial institutions as referred to in Section 31:
(a) If it considers that the issuance of the license to carry on financial transactions shall ensure a healthy competition and make effective the transactions relating to financial intermediation and thus serve the interests of depositors;
(b) If it considers that the bank or financial institution is competent to carry on financial transactions, subject to this Act or the rules or bye-laws framed under this Act or the orders or directives issued thereunder, and the memorandum of association and articles of association;
(c) If, based on the application and the attached particulars and documents attached with the application made for the license pursuant to Sub-section (2) of Section 29, there are adequate grounds to believe that the bank or financial institution is competent to carry on the financial transactions.