Experian to open credit bureau in India

23rd Nov 2009 07:14

Credit checking firm Experian has created a joint venture with seven of India’s leading financial institutions to operate a credit information company in India.The Reserve Bank of India (RBI) granted Experian a provisional licence to operate a credit information company back in April, and the company now intends to apply for a final licence with the backing of Axis Bank, Federal Bank, Indian Bank, Magma Fincorp, Punjab National Bank, Sundaram Finance and Union Bank of India.Experian will own 49% of the joint venture, which will be called Experian Credit Information Company of India..“The credit bureau will provide the platform to launch new data and analytics products in the Indian market, further extending Experian's reach into emerging credit economies,” the company said.