Section 5 in The Credit Information Companies Regulations, 2006
5. Grant of certificate of registration - (1) If, on consideration of the particulars furnished by an applicant company, the Reserve Bank is satisfied that the conditions as specified in sub-section (1) of section 5 of the Act are generally fulfilled and the company is in a position to fulfill the remaining conditions, it may-
(a)grant "in-principle approval" to such applicant company and provide time to the company, not exceeding three months, for fulfilling the conditions included therein; and(b)in any particular case the Reserve Bank may grant further extension of such time not exceeding three months for the purpose of fulfillment of the conditions stipulated in the "in-principle approval", where it is satisfied with respect to the cause for failure of the company to fulfill such conditions within the time so provided.(2)The Reserve Bank may, after being satisfied that the conditions as per sub-section (2) of section 5 of the Act and sub-regulation (1) are fulfilled, grant a certificate of registration in Form B to the applicant company to commence or carry on the business of credit information, as the case may be, and may also impose such other conditions as it may consider fit.
