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Reserve Bank of India awards Experian first full licence to operate Indian credit bureau

Reserve Bank of India awards Experian first full licence to operate Indian credit bureau
Phil Nolan appointed as Managing Director to lead Indian bureau

18 February 2010 — Experian®, the global information services company, today announced that its Indian Joint Venture is the first company to be awarded a full licence by the Reserve Bank of India (RBI) to operate a credit bureau in India under new regulations. Experian has appointed global bureau specialist Phil Nolan as Managing Director of the Indian credit bureau - based in Mumbai.

Experian is the first Credit Information Company to be granted a Certificate of Registration by the RBI under the CICRA Act of 2005.  The move provides the Indian market with a credible alternative supplier of Credit Information and paves the way for the introduction of Experian’s globally proven value added products and services to enhance credit granting processes and portfolio management in India.

Richard Fiddis, Managing Director for Emerging Markets, Experian, said:  “The RBI’s decision to grant us the first full licence to operate a credit bureau in India signals the next phase of our development.  This creates a platform for us to introduce a wide range of new products and services to help India’s growing financial services and telecommunications sectors better acquire and retain profitable customers.

“In addition, we are delighted to have someone of Phil Nolan’s expertise to lead the development of our new Indian Credit Bureau. His extensive experience of working in established and emerging markets, coupled with his firm understanding of the Indian financial sector, will further fuel our innovation in the marketplace.”

Phil Nolan commented: “Domestic and international businesses in India will benefit from even greater access to our global data and analytics products.  With an exceptionally strong local management team in India, we have the skills and global resources to enhance how our clients manage customers across the entire credit lifecycle.”

Prior to his appointment, Phil led the development of Experian credit bureaux in established and emerging markets.  Having played an instrumental role in the creation of the Indian joint venture, Phil will spearhead the roll out of Experian’s global products and services into the Indian market.

In November 2009, the Experian Credit Information Company of India Private Limited was formed. The company represents a joint venture with seven of India’s leading public and private sector banks and non-banking financial institutions; Axis Bank, Federal Bank, Indian Bank, Magma Fincorp, Punjab National Bank, Sundaram Finance and Union Bank of India.

ENDS

Contact:
James Russell
Experian Public Relations
Tel: +44 (0)115 992 2652
james.russell@uk.experian.com

About Experian
Experian is the leading global information services company, providing data and analytical tools to clients in more than 65 countries. The company helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score, and protect against identity theft.

Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended 31 March 2009 was $3.9 billion. Experian employs approximately 15,000 people in 40 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; Costa Mesa, California; and São Paulo, Brazil. 

For more information, visit http://www.experianplc.com.