Licence renewal timing: submit renewal application before expiry; licence remains effective while the renewal is pending or decided. An application for licence renewal must be submitted two months before licence expiry or within any alternate period prescribed by the Reserve Bank. A timely renewal application causes the existing licence to continue in force until the licence is either renewed or the application is rejected. Renewal applications are not permitted after licence expiry. This creates a pre-expiry filing requirement and an interim continuation of licence validity while the renewal application is under consideration.