Section 5(2) in The Credit Information Companies (Regulation) Act, 2005
(2)The Reserve Bank may, after being satisfied that the conditions as referred to in sub-section (1) are fulfilled, grant a certificate of registration to the applicant company to commence or carry on the business of credit information, subject to such conditions which it may consider fit to impose and if the company fails to fulfil any of such conditions or any of the provisions of this Act, the application of the company shall be rejected:Provided that no application shall be rejected unless the applicant has been given an opportunity of being heard.
