Experian Plc (EXPN.L) said it has created a joint venture with seven of India's leading financial services institutions, namely Axis Bank, Federal Bank, Indian Bank, Magma Fincorp, Punjab National Bank, Sundaram Finance and Union Bank of India. Experian will own 49% of the joint venture.
This follows the decision by the Reserve Bank of India on 17 April 2009 to grant Experian a provisional licence to operate a Credit Information Company in India. The joint venture company will now apply to the RBI to secure a final licence.
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