Section 11 in The Banking Regulation (Companies) Rules, 1949
11. Licensing of banking companies .-A company desiring to have a licence under section 22 of the Act shall apply to the principal office of the Reserve Bank in a form specified below, namely:
(a)in the case of a company incorporated in India and desiring to commence banking business, in [Form III];(b)in the case of company incorporated in India and in existence at the commencement of the Act, in [Form IV] [Substituted by S.O. 5244, dated 15.11.1975. ]; and(c)in the case of company incorporated outside India and desiring to commence/carry on banking business in India, in [Form V] [Substituted by S.O. 5244, dated 15.11.1975. ].
