SBI buys stake in Equifax Credit Information Services
28 Oct 2013
Edition: Page 14
The State Bank of India (SBI) on Sunday said that it made an
investment in Equifax Credit Information Services (ECIS), an India-
based credit bureau and an arm of the U.S.-based Equifax Inc. However,
it did not disclose the percentage or size of the deal.
As per the norms laid by the Credit Information Companies
(Regulation) Act, 2005, no institution can buy more than 10 per cent
stake in a credit bureau. “Equifax Inc, however, retains its stake in
ECIS,” a spokesperson of the credit bureau told The Hindu.
The ECIS has over 400 registered members from various banks,
Non-Banking Financial Institutions and Micro Finance Institutions. It
is a joint venture between Equifax Inc of the U.S.and seven domestic
Besides the SBI, the existing partners are the Bank of Baroda, the
Union Bank of India, the Bank of India, Kotak Mahindra Prime, Religare
Finvest, and Sundaram Finance.
“This endeavour gives SBI interest in the Bureau as well as a
membership in its Board,” a joint press release issued by the SBI and
the ECIS said.
“The investment we are making will be beneficial for all lenders and
ultimately consumers in India,” said A. Krishna Kumar, Managing
Director and Group Executive (National Banking), SBI.