![Non-bank PSOs need approval for takeover or sale of business Non-bank PSOs need approval for takeover or sale of business](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgqxfk-4nRHCHLaQXDDfMtClJPL3EyQj00cfXWfVFQd1PR9hi3y4cTsFOLO2IlPxx8WYc71m-F8zeWE-Luqz3an5lXDSZobUxgvTJ7OopTQoOAtk_m8CQQF2MT4XBpsQ8My6vY4OxJdUyxGOdqdccAJytpxbzwxY8-lZ9AR_EvfKp40ypaK0RE60TFqXA/w320-h240-rw/new_rbi_reuters.jpg)
- Non-bank PSOs have to submit an application to the Department of Payment and Settlement Systems (DPSS), Central Office (CO), and RBI, along with the required documents for any takeovers.
- On other hand, the buyer will need to apply for authorization from the RBI.
- But if the acquiring entity is a bank, it will have to apply to three departments i.e, DPSS, CO, and RBI for approval.
- A time of 45 calendar days will be taken to respond after receipt of complete details from both entities.
- Apart from that, non-bank PSOs would also need to inform the central bank of any change in management or directors within 15 days.
Question:
Q.1 As per the RBI circular, is the time given to Non-Bank PSO to inform RBI about a change of management?a. 20 days
b. 15 days
c. 22 days
d. 45 days