law: Credit Information Companies (Regulation) Act, 2005 
  11. Power of Reserve
  
  Bank to give directions.- 
  1.     
  
    Where
  
  the Reserve Bank is satisfied that,-
  a.     
  
    in
  
  the public interest; or
  b.    
  
    in
  
  the interest of credit institutions; or
  c.     
  
    in
  
  the interest of specified users; or
  d.    
  
    in
  
  the interest of banking policy; or
  e.     
  
    to
  
  prevent the affairs of any credit information company being conducted in a
  
  manner detrimental to the interests of its specified users or in a manner
  
  prejudicial to the interests of credit institutions or borrowers or clients; or
  f.     
  
    to
  
  secure the proper management of credit information companies generally, it is
  
  necessary to issue directions to credit information companies or credit
  
  institutions or specified users generally or to any credit information company
  
  or credit institution or specified user in particular, it may, from time to
  
  time, issue such directions as it deems fit, and such credit information
  
  companies, credit institutions and specified users or credit information
  
  company, credit institution, and specified user, as the case may be, shall be
  
  bound to comply with such directions.
  1.     
  
  
  2.     
  
    The
  
  Reserve Bank may, on representation made to it or on its own motion, modify or
  
  cancel any direction issued under sub-section (1), and the Reserve Bank, in so
  
  modifying or cancelling any direction, may impose such conditions as it thinks
  
  fit, subject to which the modification or cancellation shall have effect.
  3.     
  
    The
  
  Reserve Bank may, at any time, if it is satisfied that in the public interest
  
  or in the interest of a credit information company or its members, it is
  
  necessary so to do, by order in writing and on such terms and conditions as may
  
  be specified therein,- 
  a.     
  
    require
  
  such credit information company to call a meeting of its directors for the
  
  purpose of considering any matter relating to or arising out of the affairs of
  
  the credit information company;
  b.    
  
    depute
  
  one or more of its officers to watch the proceedings at any meeting of the
  
  board of the credit information company or of any committee or of any other
  
  body constituted by it and require the credit information company to give an opportunity
  
  to the officers so deputed to be heard at such meetings and also require such
  
  officers to send a report of such proceedings to the Reserve Bank;
  c.     
  
    require
  
  the board of the credit information company or of any committee or any other
  
  body constituted by it to give in writing to any officer deputed by the Reserve
  
  Bank in this behalf at his usual address all notices of, and other
  
  communications relating to, any meeting of the board, committee or other body
  
  constituted by it;
  d.    
  
    appoint
  
  one or more of its officers to observe the manner in which the affairs of the
  
  credit information company or of its offices or branches are being conducted
  
  and make a report thereon;
  e.     
  
    require
  
  the credit information company to make, within such time as may be specified in
  
  the order, such changes in the management as the Reserve Bank may consider
  
  necessary.
  1.     
  
  
  2.     
  
  
  3.     
  
  
  4.     
  
    The
  
  Reserve Bank may, at any time, direct any credit information company to furnish
  
  it within such time as may be specified by the Reserve Bank, such statements
  
  and information relating to the business or affairs of the credit information
  
  company as the Reserve Bank may consider necessary or expedient to obtain for
  
  the purpose of this Act.