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Equifax launches new microfinance bureau in India

Equifax launches new microfinance bureau in India

31 May 2011
The Hindu Business Line

Edition: Mumbai Pg: 06

 

Equifax Credit Information Services Private Ltd (ECIS) announced it is launching a microfinance credit bureau. ECIS is a joint venture between Equifax and six Indian financial institutions — Bank of Baroda, Bank of India, Kotak Mahindra Prime Ltd, Religare Finvest, Sundaram Finance Ltd and Union Bank of India. This is the second credit bureau following the one set up by Microfinance Institutions Network (MFIN), a self-regulatory body for the NBFC-Microfinance sector. Mr Samir Bhatia, MD and CEO, ECIS, said, “With the Equifax Microfinance credit bureau in place, consumers who may have otherwise been unable to obtain assistance can now establish their credit history

and obtain funding.” Mr Alok Prasad, CEO, MFIN, said, “Dedicated credit bureaus
for the sector (MFI) will bring much-needed transparency at the client level and
will help curb multiple lending.”