Requirement of licence to set up a Banking Unit

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....ior approval of the Authority, subject to such conditions as may be specified by the Authority.] ^5[(2) An application for setting up a Banking Unit shall be made by the Parent Bank in the form and manner as specified by the Authority.] ^6[(2A) The application filed under regulation 3(2) can be withdrawn by the Parent Bank at any time before the grant of the license or permission by the Authority.] ^7[(3) The applicant shall satisfy the following requirements for grant of licence or permission by the Authority to set up an IFSC Banking Unit: (a) The Parent Bank shall provide necessary capital for the IBU, subject to a minimum of USD 20 million or such other level of capital that may be specified by the Authority. Such capi....

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....h conditions as provided under these regulations or such other conditions as it may deem fit.] ^11[(6) Where the Authority is of the opinion that licence or permission cannot be granted, it may give thirty days' time to the applicant, setting out the grounds based on which it cannot grant licence or permission, to enable the applicant to make written submissions, if any.] (7) After considering the submissions under sub-regulation (6) made by the applicant to the Authority, if the Authority is not satisfied, it may reject the application and shall communicate the same to the applicant in writing with reasons, not later than thirty days. (8) ^12[****] ^2[(9) A Parent Bank may set up its Representative Office or Global Administrati....

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....made by the Parent Bank in the form and manner as specified by the Authority." 6.  Inserted vide Notification No. IFSCA/2023-24/GN/REG041 dated 06-07-2023 w.e.f. 07-07-2023  7.  Substituted vide Notification No. IFSCA/2023-24/GN/REG041 dated 06-07-2023 w.e.f. 07-07-2023 before it was read as, "(3) The applicant shall satisfy the following requirements for grant of licence by the Authority: ^1[(a) The Parent bank shall provide necessary capital for the BU, subject to a minimum of USD 20 million or such other level of capital that may be specified by the Authority. Such capital shall be maintained at the Parent Bank in the manner as specified by the Authority.] (b) Parent Ba....