Mumbai: Experian Plc, a UK-based global information services company, has created a joint venture (JV) with seven of India’s leading financial services institutions to form a credit information company named Experian Credit Information Company of India Private Limited, a top company official said on Monday.

“We have formed a joint venture with seven financial institutions - Axis Bank, Federal Bank, Indian Bank, Punjab National Bank, Union Bank of India, Sundaram Finance and Magma Fincorp - to form a credit information company,” Experian Credit Information Company’s chairman and former Bank of India chairman and managing director T.S. Narayanasami, told PTI.

Experian will own 49% of the joint venture, while the seven financial institutions will jointly hold 51%. Axis Bank will hold 10%, Union Bank of India 10%, PNB 7%, and Indian Bank and Federal Bank 5% each, while Sundaram Finance and Magma Fincorp will hold 7%each, Narayanasami said.

The Reserve Bank of India (RBI) in April granted Experian a provisional licence to operate a credit information company. The company will now apply for a final licence.