The Credit Information Bureau of India Limited (CIBIL) has announced the appointment of Mr M V Nair as the new chairman of the organization.

Nair is also the chairman and managing director of public sector lender Union Bank of India.

"CIBIL's exemplary growth in the last decade as India's pioneer credit information company is highly commendable. CIBIL has definitely set high standards of credit information service in India and I look forward to further add value towards CIBIL's evolution in the future," Nair said.

Being the first credit information agency of the country, CIBIL presently holds a database of more than 207 million records.