law: Credit Information Companies (Regulation) Act, 2005 
  15. Credit
  
  Institution to be member of a credit information company.- 
  1.     
  
    Every
  
  credit institution in existence on the commencement of this Act, before the
  
  expiry of three months from such commencement or within such extended period,
  
  as the Reserve Bank may allow on its application and subject to being satisfied
  
  about the reason for extension, shall become member of at least one credit
  
  information company.
  2.     
  
    Every
  
  credit institution which comes into existence after the commencement of this
  
  Act, before the expiry of three months from its coming into existence, or
  
  within such extended period, as the Reserve Bank may allow on its application
  
  and subject to being satisfied about the reason for extension, shall become
  
  member of at least one credit information company.
  3.     
  
    A
  
  credit information company may, at its option, become member of another credit
  
  information company.
  4.     
  
    No
  
  credit information company shall refuse to register a credit institution or
  
  another credit information company as its member without providing reasonable
  
  opportunity of being heard to such credit institution or credit information
  
  company, whose application it proposes to reject and recording reasons for such
  
  rejection and a copy of such order of rejection shall be forwarded to the
  
  Reserve Bank.
  5.     
  
    A
  
  credit institution or credit information company aggrieved by the order of
  
  rejection of its application for its registration as a member of a credit
  
  information company under sub-section (4) may prefer an appeal to the Reserve
  
  Bank, within a period of thirty days from the date on which such order of
  
  rejection was communicated to it: Provided that the Reserve Bank may, if it is
  
  satisfied that the appellant was prevented by sufficient cause from filing the
  
  appeal within the said period, allow it to be filed within a further period not
  
  exceeding thirty days.
  6.     
  
    On
  
  receipt of an appeal under sub-section (5), the Reserve Bank, after giving the
  
  appellant and other concerned parties, an opportunity of being heard, pass such
  
  order as it deems fit.
  7.     
  
    The
  
  decision of the Reserve Bank where an appeal has been preferred to it under
  
  sub-section (5) shall be final and the order of the credit information company
  
  under sub-section (4) shall be final after the expiry of the said period of
  
  thirty days where no appeal has been preferred under that sub-section to the
  
  Reserve Bank.
  8.     
  
    Every
  
  specified user shall be entitled to obtain credit information for its use from
  
  the credit information company of which such specified user is a member.