Mumbai, January 12, 2010 — Equifax Inc. (NYSE:EFX), announced it has formed Equifax Credit Information Services Private Limited (ECIS), a joint venture between Equifax and six leading Indian financial institutions, to provide a broad range of credit data and information solutions throughout India. The financial institutions include Bank of Baroda, Bank of India, Kotak Mahindra Prime Limited, Religare Finvest Limited, Sundaram Finance Limited and Union Bank of India. Equifax applied to the Reserve Bank of India (RBI) for a Certificate of Registration to establish the new credit information company under The Credit Information Companies (Regulation) Act, 2005. Equifax was granted in-principle approval in April 2009.
“We are very excited to be working with several of the largest financial institutions in India to establish this new joint venture,” said Samir Bhatia, Managing Director & CEO of ECIS. “Equifax’s 110 year history in providing leading credit information solutions globally, along with our partners India financial services marketplace experience, is a winning combination.”
Shahid Charania, Managing Director – Emerging Markets, Equifax Inc, said “We will make a significant difference to the Credit Information Services business in India by bringing a variety of products from our extensive product suite and leveraging our global expertise and presence.”
Equifax is one of only a select few companies (CRIBIL, Experian, High Mark Credit) who will be operating a credit information company in India. Initially the new company will offer Credit Information Reports and ID products and services for the India market. Source: Equifax Press Release
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