RBI gives nod to set up four Credit Information Companies
The country's financial regulator has allowed setting up of four Credit Information Companies (CICs). This will pave the way for setting up of a new set of regulated entities which will update the financial institutions on various aspects of borrowers and loan seekers.
RBI gave in-principle approval to Equifax Credit Information Services, Experian Credit Information Company of India Highmark Credit Information Services and Credit Information Bureau India Ltd.
In a statement, the RBI said that the credit information companies assume importance after credit default created havoc in the Western world, leading to global financial crisis. The apex bank had invited applications from companies interested in the business of credit information and had received almost a dozen application.
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