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Experian's Indian JV with seven other institutions has received the clearance from the RBI to operate a credit bureau in the country
On Thursday, global information services firm Experian said that its Indian joint venture has received the clearance from the Reserve Bank of India to operate a credit bureau in the country, reports PTI.
This approval will enable the company to offer services to enhance credit granting processes and portfolio management to its customers, the company said in a press release.
Experian had formed the Indian credit information company last year with seven other institutions including Punjab National Bank, Union Bank of India, Sundaram Finance and Magma Fincorp, amongst others.
"This creates a platform for us to introduce a wide range of new products and services to help India's growing financial services and telecommunication sectors to acquire and retain profitable customers," said Experian chairman, TS Narayanasami.
Experian has appointed Phil Nolan as the managing director of the Indian credit bureau, which will operate from Mumbai.
A credit information bureau provides comprehensive credit information—details pertaining to credit facilities as well as the payment track record of borrowers.
With this approval, Experian will become the second credit bureau in the country after Credit Information Bureau (India) Ltd (CIBIL), which was incorporated in 2000.
Globally, Experian has operations in 65 countries. It provides services to customers to manage their credit risk, prevent fraud, target marketing offers and automate decision making.
The company also offers services to individuals to check their credit report & credit score and provides protection against identity theft.