New Delhi, Feb 5 (UNI) Tata Capital Ltd (TCL) today said it plans to set up a credit information company in the country in partnership with Equifax Inc and Crisil.
''For operating a credit information company, Equifax has already submitted an application to the Reserve Bank of India (RBI) in response to its request for applications in 2007. The establishment and associated timing of the credit information company are contingent on regulatory approval from the RBI and other regulatory authorities in India,'' a company statement said.
TCL, a wholly-owned subsidiary of Tata Sons Ltd, is registered with the RBI as a Non-Banking Financial Company undertaking fund and fee-based activities in the financial sector.
With this strategic move, TCL is confident to leverage Equifax's global expertise in technology, data assets and analytics and offer a comprehensive credit and information management operations in the country.
''A large population, strong banking system and growing consumerism are factors triggering the growth of credit information system in the country,'' said Tata Capital Ltd Managing Director Praveen P Kadle.
US-based Equifax, with revenue of 1.84 billion dollars in 2007, is a leader in global information solutions leveraging one of the largest sources of consumer and commercial data, analytics and technology in 14 countries around the world.
''Developing a world-class credit information system is timely as India is experiencing a credit boom,'' said Equifax Chairman and CEO Richard F Smith.
''The entry into the credit information business will expand our footprint into the retail credit segment,'' said Crisil's Managing Director and CEO Roopa Kudva.
The Indian credit information market has the potential to grow at 22-28 per cent annually. The compounding of growth in both the Indian economy and consumer credit creates a highly favorable environment for the evolution of a credit information industry in India.
UNI SR BJR HT1854