State Bank of India (SBI), the country's largest commercial bank, has signed a membership agreement to contribute data to Experian Credit Information Company of India Pvt Ltd, a leading credit bureau agency.
Experian, a leading global information services company, headquartered in Dublin, Ireland, provides data and analytical tools to clients in more than 80 countries.
The company launched its India operations in August 2010 and became the first organisation to be awarded a licence by the Reserve Bank of India to operate a credit bureau in the country under the Credit Information Company (Regulation) Act (Cicra) 2005.
In just over a year, the bureau's membership count has grown rapidly with members spanning private, public sector, foreign, and cooperative banks as well as non-banking finance companies (NBFCs).
''We are pleased to be a member of Experian Credit Information Company of India,'' remarked Pardeep K Khosla, chief general manager, SBI. ''We believe that this membership will allow us to better leverage the multi-bureau environment in India. At SBI we are looking forward to using Experian's unique globally proven services which will enable us to better use data and analytics.''
The partnership with Experian is an integral part of the bank's growth strategy that will allow it to better manage credit risk and leverage opportunities, he added.