CIRCA licensed Experian credit bureau starts operations
12 Aug 2010
Experian, the global information services company, today announced that it had initiated operations as the first CICRA-licensed credit bureau in India.
Experian Credit Information Company of India Private Ltd will provide credit reports to lenders and consumers in compliance with the Reserve Bank of India's (RBI) guidelines.
Earlier in the year, it had become the first organisation to be awarded a license by the RBI to operate a credit bureau in India under new Credit Information Companies (Regulation) Act (CICRA) 2005.
Richard Fiddis, managing director, emerging markets, Experian, said, ''As India's first new credit bureau in six years, we are ready to introduce a wide range of new products and services to help India's growing financial services and telecommunications sectors better acquire and retain profitable customers.''
T SNarayanasami, chairman, Experian Credit Information Company of India Private Ltd and former CMD, Bank of India and ex-Chairman of IBA, said, ''The emergence of a competitive environment among credit information companies is good news for the Indian economy and credit industry.
In order to provide responsible access to credit for Indian consumers it is important for banks and other credit grantors to have access to globally proven alternatives to determine the credit worthiness of potential borrowers.''
Experian Credit Information Company of India Private Limited was formed in November 2009.
The company represents a joint venture with seven of India's leading public and private sector banks and non-banking financial institutions including Axis Bank, Federal Bank, Indian Bank, Magma Fincorp, Punjab National Bank, Sundaram Finance and Union Bank of India.