Prudential
Regulation-XXVI makes it mandatory for all the Banks / DFIs
to get themselves credit rated within four months of closing
of the financial year and submit the report to State Bank
within seven days of the issuance of notification.
In
view of representation from financial institutions as well
as credit rating agencies, it has been decided, with immediate
effect, to increase the time period for the process of credit
rating from four months to six months from the date of close
of financial year. It is added that the said change has already
been incorporated in our draft Prudential Regulations for
Corporate / Commercial Banking, which have been circulated
for views / comments.
All
other instructions on the subject shall, however, remain unchanged.
Please
acknowledge receipt. |