Global information services company Experian has created Experian Credit Information Company of India, following the formation of a joint venture with seven of India’s financial institutions that include Axis Bank, Federal Bank, Indian Bank, Magma Fincorp, Punjab National Bank, Sundaram Finance and Union Bank of India.
The new firm will provide companies with access to critical data and a range of services to help clients make better informed credit lending decisions and manage existing customer relationships, Experian said.
In April 2009, the Reserve Bank of India (RBI) has granted Experian a provisional licence to create a Credit Information Company in India. Experian has secured approval from the Foreign Investment Promotion Board to invest 49% as foreign direct investment in the Experian Credit Information Company, with its Indian joint venture partners holding the remaining equity. The company will now apply to the RBI to secure the final license.
Experian said that its new establishment will augment its services to enable Indian lending institutions to streamline customer acquisition and maximise the potential of existing customers. It also helps financial institutions reduce their exposure to fraud and financial risk.
T S Narayanasami has been appointed as the chairman of Experian Credit Information Company, who was a former chairman of the Indian Bank’s Association, Bank of India, Indian Overseas Bank and Andhra Bank.
Richard Fiddis, managing director of strategic markets at Experian, said: “Our Indian credit bureau will provide the platform to launch a range of new value added capabilities for the Indian market, helping to accelerate the financial services sector’s development and to protect consumers.”
