Section 12B(2) in The Banking Regulation Act, 1949
(2)An approval under sub-section (1) may be granted by the Reserve Bank if it is satisfied that-(a)in the public interest; or(b)in the interest of banking policy; or(c)to prevent the affairs of any banking company being conducted in a manner detrimental or prejudicial to the interests of the banking company; or(d)in view of the emerging trends in banking and international best practices; or(e)in the interest of the banking and financial system in India, the applicant is a fit and proper person to acquire shares or voting rights :-Provided that the Reserve Bank may call for such information from the applicant as it may deem necessary for considering the application referred to in sub-section (1):Provided further that the Reserve Bank may specifY different criteria for acquisition of shares or voting rights in different percentages.
