SBI to invest in Equifax Credit
28 Oct 2013
Edition: Page 08
India-based credit information bureau Equifax Credit Information
Services (ECIS) today said country's largest lender State Bank of
India will make an investment in the company.
This endeavour gives SBI interest in the bureau as well as a
membership in its board,ECIS said in a statement. The company,
however, did not share the details of the investment.
Credit information companies share data and credit score of users of
credit cards and borrowers with banks to help them understand risk and pricing.
Commenting on the investment,SBI managing director and group
executive (national banking) A Krishna Kumar said: “By providing
resources and support to their bureau, we will be able to help lenders
better manage risk and therefore give more consumers access to loans
and good credit.” “The investment we are making in ECIS will be
mutually beneficial for both parties as well as for all lenders and
ultimately consumers in India,” he added.
ECIS chairman Shahid Charania said SBI's investment in the company
“will bolster the already strong reputation and credibility of ECIS in
the India marketplace.” “Together, we can tactically decide how to
design products as well as better serve our customers with an inside
knowledge and understanding of how to cater to their needs and
operations," Mr Charania added. Equifax Credit Information has
over 400 registered members from various banks, NBFCs and MFIs.