Equifax Credit Information Services, the India-based credit information bureau, announced that State Bank of India would be making an investment in the company. This investment would give SBI ownership shares in the bureau as well as membership in its board. This was confirmed by Equifax in a statement.
There were no financial information provided in the statement.
According to SBI Managing Director and Group Executive for National Banking A Krishna Kumar, "By providing resources and support to their bureau, we will be able to help lenders better manage risk and therefore give more consumers access to loans and good credit."
Credit information companies share data and credit score of users of credit cards, while borrowers with banks would help in understanding risks and pricing.
He added, "The investment we are making in ECIS will be mutually beneficial for both parties as well as for all lenders and ultimately consumers in India."
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