Mumbai 9th July, 2015 India’s pioneer credit information company poised for accelerated growth across sectors
Credit Information Bureau (India) Ltd (CIBIL), India’s leader in credit information, has appointed Mr. Satish Pillai as its new Managing Director and Chief Executive Officer today. Mr. Pillai takes the reins from Mr. Arun Thukral who retires this year after a decade of illustrious leadership of CIBIL.
Mr. Satish Pillai has been serving CIBIL in the capacity of Chief Operating Officer for more than four years where he was responsible for product development and bureau operations. Mr. Pillai has also led TransUnion’s operations in India where he oversaw the creation of the solutions team that launched and supported TransUnion's generic and custom analytics and decisioning technologies, including the launch of the CIBIL Score- India’s first generic scoring model.
Speaking on the appointment Mr. M V Nair, Chairman, CIBIL said “Mr. Pillai has led CIBIL’s bureau operations with remarkable agility and was the most natural choice for leading CIBIL in the new era of growth. His global experience and expertise on credit bureau operations is set to accelerate CIBIL’s growth across sectors”
“CIBIL today is one the fastest growing credit bureaus globally as it has established its leadership in India’s high potential credit sector within a decade of operations”, said Mr. Satish Pillai- CIBIL’s new Managing Director and CEO. “Over the years, CIBIL has achieved several milestones of growth and is the partner of choice on credit risk management for banks and credit institutions in India.
“A growing and thriving middle class is the key to a strong and vibrant economy for India. CIBIL’s commitment is to be the underlying credit infrastructure to this growth, enabling faster and cheaper access to credit by accelerating our investment in solutions across retail and commercial lending and partner in the national momentum of helping drive higher financial literacy, inclusion and protection. We are also working closely with the Reserve Bank of India and other Regulators to make the credit information infrastructure even more comprehensive and enhance our content to better serve the needs of our customers,” continued Mr. Pillai.
CIBIL, India’s largest credit information bureau, maintains credit information on more than 406 million consumer accounts and 22 million business accounts and has a membership base of over 1400 banks and credit institutions. Credit institutions check an applicant’s CIBIL report and CIBIL-TransUnion Score before making lending decisions. Today, banks and credit institutions can lend to consumers confidently based on the information received from CIBIL on the consumer’s past credit behavior as well as anticipate likelihood of default based on the CIBIL-TransUnion Score. CIBIL has also benefitted the consumers by helping make access to credit opportunities faster and easier while driving credit penetration.
CIBIL is India’s first credit information company. It creates immense value for financial institutions by providing objective data and tools to help them manage risk, and devise appropriate lending strategies thus reducing cost and maximizing portfolio profitability. CIBIL benefits both credit grantors and consumers by collecting, analyzing, and delivering information on credit histories of millions of borrowers. It provides its members with information on both consumer and commercial borrowers, thus enabling them make sound credit decisions across both individuals and businesses. It also provides services and education to consumers to help them better manage their finances.