ICRA in MoU with Bank of Maharashtra to rate Bank Loans under RBI's New Capital Adequacy Framework

ICRA Ltd has informed that the Company and Bank of Maharashtra (Bank), have signed a Memorandum of Understanding (MoU) under which the Company will assign ratings to the Bank's loans and its other exposures under the standardized approach of RBI's New Capital Adequacy Framework. The customers of Bank of Maharashtra enjoying credit facilities in excess of Rs 50 crore, to begin with, shall get their credit facilities rated under this MOU. The existing as well as potential borrowers of Bank of Maharashtra shall benefit by the rating fees specially negotiated for them by the Bank under this MOU. The Company's Line of Credit ratings would assist Bank of Maharashtra in implementing RBI's New Capital Adequacy Framework in the Bank.

In this regard the Company has issued the following Press Release:

"Credit rating agency ICRA Ltd (ICRA) and Bank of Maharashtra have signed a Memorandum of Understanding (MoU) under which ICRA will assign ratings to the Bank's loans and its other exposures under the standardized approach of RBI's New Capital Adequacy Framework. The customers of Bank of Maharashtra enjoying credit facilities in excess of Rs 50 crore, to begin with, shall get their credit facilities rated under this MOU. The existing as well as potential borrowers of Bank of Maharashtra shall benefit by the rating fees specially negotiated for them by the Bank under this MOU. ICRA's Line of Credit ratings would assist Bank of Maharashtra in implementing RBI's New Capital Adequacy Framework in the Bank."