What are the circumstances under which RBI may cancel the license granted to a banking company regulated under the Banking Regulation Act, 1949.

The Reserve Bank of India may cancel a license granted to a banking company under section 22(4) of the Banking Regulation Act, 1949- (i) if the company ceases to carry on banking business in India; or (ii) if the company at any time fails to comply with any of the conditions imposed upon it under sub-section (1) of section 22; or (iii) if at any time, any of the conditions referred to in sub-section 3(15) and sub-section (3A) is not fulfilled. Provided that before cancelling a license under clause (ii) or clause (iii) of this sub-section on the ground that the banking company has failed to comply with or has failed to fulfill any of the conditions referred to therein, the Reserve Bank of India, unless it is of opinion that the delay will be prejudicial to the interests of the company's depositors or the public, shall grant to the company on such terms as it may specify, an opportunity of taking the necessary steps for complying with or fulfilling such condition.