Experian to expand services in India; gets RBI nod

British business information and credit data company Experian has set in motion plans to expand in India after it reportedly received a licence from the country's central bank to do so.

With the Reserve Bank of India (RBI) granting a licence, Experian can now start operating a full-fledged credit bureau in the country, expanding the limited range of services it has been offering for the past two years.

Experian Emerging Markets Division Managing Director Richard Fiddis told newspersons in Nottingham that the move would allow the firm to start deploying its consumer information products in India.

Fiddis 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 acquire and retain profitable customers."

The Experian Credit Information Company of India Private Ltd was formed last November in a joint venture with seven of India's leading public and private sector banks and non-banking financial institutions namely, Axis Bank, Federal Bank, Indian Bank, Magma Fincorp, Punjab National Bank, Sundaram Finance and the Union Bank of India.

Based in Mumbai, it will be led by Phil Nolan, who has been appointed as the managing director.

"Nolan's 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," Fiddis said.