Experian Gets Licence For Credit Information Company, India

Experian, the information services company, has been granted a provisional licence by the Reserve Bank of India to operate a Credit Information Company in India. The decision follows Experians successful application through a proposed partnership with a number of the

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Experian, the information services company, has been granted a provisional licence by the Reserve Bank of India to operate a Credit Information Company in India. The decision follows Experians successful application through a proposed partnership with a number of the countrys public and private sector banks and non-banking financial institutions.

Experian has already received the approval of the Foreign Investment Promotion Board to invest 49% as Foreign Direct Investment in the proposed Experian Credit Information Company. Experian expects to be one of only a select few companies approved to operate a credit bureau in India.

The new Indian bureau builds on Experians strategy of expanding its credit services footprint in emerging economies. Its Indian Credit Information Company joins the companys many other consumer bureaux around the world to create an unrivalled bureau network.

Powered by Experians portfolio of decision analytic tools, the credit bureau will enable Indian financial institutions to streamline customer acquisition and to maximise the potential of existing customers whilst, reducing their exposure to fraud and financial risk.

The Reserve Bank of Indias decision to grant Experian a credit bureau licence comes at a time when the Indian Government is moving towards opening up the financial services sector to international competition. Against a backdrop of increasing consumer demand for access to credit, the Government is also encouraging greater data sharing amongst financial companies to promote responsible lending and to expand financial inclusion.

We welcome the Reserve Bank of Indias decision as one of only a select few companies to be granted a licence to operate a credit information company in India and todays announcement signals a major milestone for our Indian business, says Richard Fiddis, managing director, emerging markets at Experian. Our credit bureau will provide the platform to launch a whole host of new data and analytics products for the Indian market, helping to accelerate the financial services sectors development and to protect consumers. With extensive experience of operating bureaux in mature and emerging economies, such as the UK and Brazil, our services will enable businesses in India to better manage credit processes in a market experiencing long term growth.

As Experians history shows, we have always played an active role in helping shape industry best practice, such as encouraging the greater sharing of data amongst lenders and the use of advanced analytical products to tackle issues such as fraud and over-indebtedness. We look forward to contributing our experience and technology through this new business venture to benefit both Indian industry and consumers.

The range of capabilities at our clients disposal means that they are in the best possible position to better acquire, retain and manage customers more profitably – powered by Experians insight, says Vikram Narayan, country manager of Experian India. There is a huge appetite in India for access to consumer credit and we are confident that our strategy and global resources will quickly establish Experian as the countrys premier credit bureau for domestic and international businesses operating in India.

D.C.

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