Business and credit information major Experian has formed a joint venture with seven Indian banks and financial institutions to establish a credit bureau in India that will advise financial institutions and retail businesses about lending to consumers.

Nottingham-based Experian will hold a 49 per cent stake in the joint venture, Experian Credit Information Company of India, while the other 51 per cent will be shared between Axis Bank, Federal Bank, Indian Bank, Magma Fincorp, Punjab National Bank, Sundaram Finance and Union Bank of India.

Experian is one of only a few companies to have been granted a provisional licence to operate a credit bureau in India. It will now apply to the Reserve Bank of India for a final licence.

Richard Fiddis, Managing Director of the strategic markets division at Experian, said: "Along with our joint venture partners, we are excited about the creation of the new Experian Credit Information Company in India.

"With more than 40 years of experience, we operate 15 consumer and 13 business credit bureaux globally and have played an active role in helping shape industry best practice."