India’s bankingregulator is taking actions to build and develop banking industry infrastructureto grow its banking and payments industries. An important part of the plan isto provide better personal credit history records for loans and credit cardbusinesses. India’s first credit bureau, theCredit Information Bureau (India) Limited (CIBIL
), has been operatingsince 2004 and now covers over 3.47 million accountscontributed by 95 Members. And new players are entering the market.
Experian recently became the first newcredit bureau to start operation in the market after CIBIL. It is thefirst organization to be awarded a license by the RBI to operate a creditbureau in India under new Credit Information Companies (Regulation) Act (CICRA)2005, according to a press release. “As India’s first newcredit bureau in six years, we are ready to introduce a wide range of newproducts and services to help India’s growing financial services andtelecommunications sectors better acquire and retain profitable customers.”Said Richard Fiddis, Managing Director for Emerging Markets, Experian.
There are othercredit bureaus including Equifax and High Mark that are expected to follow suitsoon.