By IANS
Mumbai : Leading credit rating agency Crisil, information solutions multinational Equifax Inc and non-banking financial company Tata Capital Ltd (TCL) together plan to float a credit information firm in India.
Commenting on the association, TCL Managing Director Praveen Kadle said: “A large population, strong banking system and growing consumerism are the factors triggering the growth of credit information system in India.”
The relevant know-how of TCL and Crisil, put together with Equifax’s international experience makes this a winning combination for the Indian market, Kadle said.
“Crisil has a 20-year tradition of helping India’s credit markets function better and now we look forward in providing the market with cutting edge credit information serviced and analytics,” said managing director and CEO of Crisil Roopa Kudva.
Equifax Chairman and CEO Richard Smith said that developing a world-class credit information system is timely as India is experiencing a credit boom.
Equifax, a leader in global information solutions leveraging, is one of the largest sources of consumer and commercial data, analytics and technology. Operating in 14 countries around the world, it has submitted an application to the Reserve Bank of India (RBI) for operating a credit information company.
Tata Capital Ltd is a subsidiary of Tata Sons Ltd, the holding company of the Tata group, one of India’s largest conglomerates with a revenue of over $29 million.
Crisil, a Standard & Poors company, is one of India’s leading ratings, research, risk and policy advisory firm. Standard & Poors is a global provider of independent credit ratings, indices, risk evaluation, investment research, data and valuations.