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Mumbai, July 6 Crisil has got a nod from its board of directors to incorporate a company to undertake credit information business subject to due diligence and regulatory approvals.

In a BSE announcement, it said that its board meeting on Friday has approved the proposal.

“This is just to create an enabling environment before planning to set up a credit information bureau to assess the credit risks of borrowers at individual levels,” said a senior official from Crisil.

The company has not yet sought RBI approval but will require it when it plans about the credit information bureau, he said.

The official further added that Crisil has not yet spoken to banks about sharing information on their borrowers. Incorporation of such an entity is at a very preliminary stage, he pointed out.

India’s first credit information bureau is Credit Information Bureau (India) Ltd (CIBIL). It has a store of information, containing the credit history of commercial and consumer borrowers.

According to the Web site of CIBIL, its equity was earlier held by State Bank of India, Housing Development Finance Corporation Ltd, Dun & Bradstreet Information Services India Pvt Ltd and Trans Union International Inc. However, currently, the shareholding has been diversified to include several banks and financial institutions.

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