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Credit information companies have hailed the Government’s move to hike foreign direct investment limit in such companies to 74 per cent from the existing 49 per cent.
The Centre has also now put investments in these companies under the automatic route.
Prior to the latest decision, all investments were allowed only under the approval route.
Reacting to the decision, Arun Thukral, Managing Director, Cibil, told Business Line that the increase in FDI in credit information space is a progressive move that will catalyse growth of the credit information industry in the country.
Increased FDI will refuel technological advancements and global expertise for the existing players, he said.
"Advancement in credit information technology and proven global expertise will create a win-win situation for all the stakeholders in the credit sector- credit information companies, banks and eventually the consumers as well as the economy,” Thukral said.
Mohan Jayaraman, Managing Director, Experian Credit Information Company of India, welcomed the decision.
"Given the long term nature of this industry, it makes sense to encourage strategic investors,” Jayaraman said.
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