SBI to invest in Equifax Credit Information Services

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SBI to invest in Equifax Credit Information Services
Public sector lender, State Bank of India is to invest India-based credit information bureau, Equifax Credit Information Services (ECIS), said the media report.

Commenting on the investment, SBI Managing Director and Group Executive (National Banking) A Krishna Kumar said, "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."

ECIS, Chairman, Shahid Charania said SBI's investment in the company "will bolster the already strong reputation and credibility of ECIS in the India marketplace."

Moreover, the investment will be mutually beneficial for both parties as well as for all lenders and ultimately consumers in India, added the media report.

Besides SBI, existing partners are Bank of Baroda, Union Bank of India, Bank of India, Kotak Mahindra Prime, Religare Finvest, and Sundaram Finance.

Read more about: state bank of india
Story first published: Monday, October 28, 2013, 9:13 [IST]
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