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.

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