Credit Information Bureau International Limited (CIBIL), an Indian credit bureau operator, recently announced that it plans to roll out a dedicated credit bureau for microfinance customers and microfinance institutions (MFIs) [1]. The announcement by CIBIL follows the launch of the “Microfinance Credit Bureau” by the Indian arm of US-based Equifax Incorporated, as was reported by MicroCapital in June 2011 [2].
Arun Thukral, managing director of CIBIL, reportedly has said that the details of 40 million microfinance accounts have already been collected [1]. CIBIL was established in 2000 by four corporations: State Bank of India (SBI), a publicly-listed commercial bank; Housing Development Finance Corporation Limited (HDFC), an Indian financial services group; Dun & Bradstreet Information Services India Private Limited, a subsidiary of US-based credit information provider Dun & Bradstreet; and TransUnion International Incorporated, a US-based credit bureau.
According to Samir Bhatia, managing director and CEO of Equifax Consumer Information Systems (ECIS), “[A] dedicated credit bureau will bring more transparency and will check over-leveraging in the microfinance sector” [2]. ECIS is the Indian arm of US-based credit reporting agency Equifax.
By Rohan Trivedi, Research Associate
About Credit Information Bureau India Limited (CIBIL):
Credit Information Bureau India Limited (CIBIL) was founded in 2000 and has its headquarters in Mumbai, India. CIBIL was founded by four corporations: State Bank of India (SBI), a commercial bank; Housing Development Finance Corporation Limited (HDFC), an Indian financial services group; Dun & Bradstreet Information Services India Private Limited, a subsidiary of US-based credit information provider Dun & Bradstreet; and TransUnion International Incorporated, a US-based credit reporting agency.
Sources and Additional Resources:
[1] Hindustan Times: “Microfinance credit bureaux get going”, http://www.hindustantimes.com/Microfinance-credit-bureaux-get-going/Article1-720349.aspx
[2] MicroCapital.org story, June 6, 2011: “MICROCAPITAL BRIEF: Equifax India to Launch Microfinance Credit Bureau In Partnership with Bank of Baroda, Bank of India, Kotak Mahindra Prime, ReligareFinvest, Sundaram Finance, Union Bank of India”, https://www.microcapital.org/microcapital-brief-equifax-india-to-launch-microfinance-credit-bureau-in-partnership-with-bank-of-baroda-bank-of-india-kotak-mahindra-prime-religarefinvest-sundaram-finance-union-bank-of-india/
MicroCapital.org story, March 15, 2011: “MICROCAPITAL BRIEF: Microfinance Institutions Network (MFIN), High Mark to Launch Credit Bureau in India”, https://www.microcapital.org/microcapital-brief-microfinance-institutions-network-mfin-high-mark-to-launch-credit-bureau-in-india/
MicroCapital Universe Profile: Credit Information Bureau India Limited (CIBIL), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Credit+Information+Bureau+India+Limited+%28CIBIL%29
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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