Equifax Inc, a global leader in information solutions, has formed Equifax Credit Information Services Pvt Ltd (ECIS) to provide a broad range of credit data and information solutions throughout India.
ECIS is a joint venture between Equifax and six leading Indian financial institutions, said a company statement. The institutions include Bank of Baroda, Bank of India, Kotak Mahindra Prime Ltd, Religare Finvest Ltd, Sundaram Finance Ltd and Union Bank of India.
Equifax has received in-principle approval from to the Reserve Bank of India (RBI) in April 2009 to establish the company. Initially, the new company will offer credit information reports and ID products and services for the Indian market.
ECIS is the fourth firm to get permission to launch credit information services in India. The three other firms which already have RBI’s in-principle approval are Credit Information Bureau India Ltd (CIBIL), Experian Credit Information Co. of India Pvt Ltd and Highmark Credit Information Services Pvt Ltd.
Equifax will hold a 49% stake in the Indian firm, which will have an authorized capital of Rs75 crore, according to a report in Mint. ECIS is expected to start operation in the next six months.
Equifax is headquartered in Atlanta in the US and is operational in 15 countries throughout North America, Latin America and Europe. It is listed in the New York Stock Exchange.