Crisil has announced a tie-up with Equifax Inc (USA) and Tata Capital Limited to set up a new Credit Information Company in India.
Crisil applied for the license in July last year and is yet awaiting the Reserve Bank of India?s regulatory approval to commence the new venture.
Roopa Kudva, managing director and chief executive officer, Crisil, said, ?The only credit information company currently operational in India is CIBIL, and so there exists room for other credible players in the market, since retail as well as the corporate credit growth in the country is expected to grow at over 20% per annum. The growth is mainly buoyed by favorable demographics, substantial increase in the disposable income, and changing lifestyles of people. Lenders in India would thus require reliable and accurate information to expand their credit portfolio.?
?Since the RBI has not yet informed us on the norms pertaining to the foreign direct investments in the Indian credit information business sector, we are yet to decide on the proposed stakes of each of our partners in the new venture that could take off within the first half of the next fiscal year to serve both, retail as well as corporate clientele,? said Kudva.
