Nottingham, UK, 4 February 2008 - Experian®, the global information services company, has welcomed the announcement on 30 January by the Union Cabinet that it will allow foreign investment up to 49 per cent in Credit Information Companies, subject to specific approval by the Government and regulatory clearance from the RBI.
Experian, which already has a strong local management and skill base in India, operates 15 consumer Credit Information Companies around the world, including in some of the most highly developed and regulated credit markets, such as the United Kingdom, USA and South Africa. It has previously announced that it has made an application for a licence to establish a Credit Information Company in India in partnership with four leading Indian banks.
Richard Fiddis, Managing Director, Strategic Markets at Experian, said: “Experian is widely recognised as the leading consumer credit information company in the world and has built up a global reputation as a very responsible custodian of sensitive information, employing the very best practices in information security and data protection.
“As well as working with governments around the world, advising them on developing the frameworks for the regulation of information sharing, data protection and controlled development of consumer credit markets, we are working with several international organisations to support microfinance in developing markets. We are also recognised by the World Bank as creating vital financial market infrastructure initiatives as they recognise that economies with private and competing credit information companies are the most efficient and effective model. This model provides a critical mechanism for the managed growth of credit to consumers and businesses alike.
“So we believe that we are well qualified to operate a Credit Information Company in India, in partnership with highly successful and reputable local companies, and look forward to a successful outcome of our application for a licence to operate a Credit Information Company here.”
Experian now has a well-established operation in India, providing decision analytics, collections and retail consultancy services to Indian businesses in the financial services, telecoms and retailing markets. Establishing a Credit Information Company will enable Experian to introduce many of the innovative value-added services that it is well known for in many other markets around the world. Using its comprehensive understanding of individuals, markets and economies, these services help organisations to find, develop and manage customer relationships to make their businesses more profitable, and include systems designed to enable Indian organisations to prevent fraud, to revenue and minimise risk by accurate management of their customer information.
Vikram Narayan, Managing Director of Experian India, added: “Our aim in India is to use our worldwide experience to benefit the local financial community and to be the place where lenders in India look for information, decision analytics and anti-fraud solutions when they have to make a financial decision. We have already made significant investments in the country, most recently with the establishment of a development centre employing more than 200 people in Bangalore, which are evidence of our commitment and belief in the future growth and development of the country’s economy and financial services sector.
“Ultimately, our objective is to build a broadly-based business in India that reflects the depth and scale of our well-established operations in countries such as the USA.”
Public Affairs Director, Experian International
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