RBI Adds Brickwork Ratings as Approved Agency for NBFC Fixed Deposits
No longer current — withdrawn, no replacement on file yet
Source: Reserve Bank of India · RBI/2011-12/555 · issued 11 May 2012 · ~1 min read
Quick answerRBI now allows NBFCs to use Brickwork Ratings India Pvt. Ltd. for rating their fixed deposit portfolios, with a minimum investment grade of BWR F A. This expands the list of approved credit rating agencies under the 1998 Public Deposits Directions.
What changed
RBI amended the Non-Banking Financial Companies Acceptance of Public Deposits Directions, 1998 to include Brickwork Ratings India Pvt. Ltd. as an eligible credit rating agency. The minimum investment grade rating for fixed deposits from Brickwork is set at BWR F A. This addition is effective immediately from May 11, 2012.
What it means for you
NBFCs now have an additional option for rating their fixed deposit portfolios, which may increase competition among rating agencies and potentially reduce costs. Lenders must ensure that any fixed deposits rated by Brickwork meet the minimum BWR F A grade to comply with regulatory requirements.
Historical instruction — do not use for current compliance. This is what was required at the time; it no longer reflects current RBI requirements. If no replacement rule is linked above, that only means none is recorded on our register yet — it does not prove no later applicable rule exists. Confirm on the official RBI source below.
What banks were required to do at the time
Update internal compliance checklists to include Brickwork Ratings as an approved agency for fixed deposit ratings.
Ensure that any fixed deposit rating obtained from Brickwork meets the minimum investment grade of BWR F A.
Review existing fixed deposit portfolios to confirm all ratings are from approved agencies and meet minimum grade thresholds.
Communicate this change to relevant teams handling public deposit acceptance and compliance.
Who it affects
All Non-Banking Financial Companies (except Residuary Non-Banking Companies and Miscellaneous Non-Banking Companies), Credit rating agencies operating in India, NBFC depositors and investors
❓ Common questions
Regulatory timeline
Decoded by BankPulse2026-06-18 20:27 IST
repealed_by — Consolidation of Regulations — Withdrawal of circulars (28 Nov 2025)
Status change: withdrawn03 Aug 2026, 04:00 IST
Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).
What is the minimum rating required for fixed deposits rated by Brickwork?
The minimum investment grade rating for fixed deposits rated by Brickwork Ratings India Pvt. Ltd. is BWR F A.
Does this change affect existing fixed deposit ratings from other agencies?
No, this only adds Brickwork as an additional approved agency. Ratings from previously approved agencies remain valid as per the existing directions.
📜 This document’s life story (1 recorded event, each backed by RBI’s own words)
Repealed byRBI/2025-26/100 — Consolidation of Regulations — Withdrawal of circulars (28 Nov 2025)
RBI’s words: “Official withdrawal register entry #1342: DNBS.(PD)243/CGM(US)-2012 — "Notification on Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998" dated May 11, 2012”
📜 Read the original circular — full text as issued by RBI
RBI/2011-12/555
DNBS.PD. CC No. 272/03.10.01/2011-12
May 11, 2012
All Non-Banking Financial Companies
(except Residuary Non-Banking Companies
and Miscellaneous Non-Banking Companies)
Dear Sir,
Acceptance of Public Deposits Directions, 1998 – Eligible Credit Rating Agencies-Rating of Fixed Deposits by Brickwork Ratings Pvt Ltd (Brickwork)
Please refer to the Master Circular DNBS (PD) CC No.223 / 03.02.001 / 2011-12 dated July 1, 2011 on Non-Banking Financial Companies Acceptance of Public Deposits Directions, 1998.
2. In terms of Para 4, sub-paragraph (1) of the Master Circular, the names of the approved Credit Rating Agencies and the Minimum Investment Grade Credit Rating of these four Credit Rating Agencies has been given.
3. It has now been decided that NBFCs may also use the ratings of the Brickwork Ratings India Pvt. Ltd. (Brickwork) for the purpose of rating the Fixed Deposit portfolio of NBFCs.
4. Notification issued in this regard DNBS.PD.No.243/CGM (US)-2012, dated May 11, 2012 is enclosed for meticulous compliance.
Yours faithfully,
(Uma Subramaniam)
Chief General Manager In-Charge
RESERVE BANK OF INDIA
DEPARTMENT OF NON-BANKING SUPERVISION
CENTRAL OFFICE
CENTRE I, WORLD TRADE CENTRE,
CUFFE PARADE, COLABA,
MUMBAI 400 005.
Notification No. DNBS.(PD)243/CGM(US)-2012 dated May 11 , 2012
The Reserve Bank of India, having satisfied that, in the public interest, and to enable the Bank to regulate the financial system of the country to its advantage, it is necessary to amend the Non-Banking Financial Companies Acceptance of Public Deposits ( Reserve Bank) Directions, 1998 , in exercise of the powers conferred by sections 45J, 45JA, 45K and 45L of the Reserve Bank of India Act, 1934 (2 of 1934) and of all the powers enabling it in this behalf, hereby directs that the said directions contained in Notification No.DFC.118/DG(SPT)-98 dated January 31, 1998 shall stand amended with immediate effect as follows, namely –
Amendment of paragraph 4-
In paragraph 4, sub-paragraph (1), clause (ii), in the table, after item (d), the words, Brickwork Ratings India Pvt. Ltd. (Brickwork) shall be added in the name of the agency and in Minimum Investment Grade Rating BWR F A shall be added.
(Uma Subramaniam)
Chief General Manager In-Charge
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2011-12/555 · issued 11 May 2012. The plain-English explanation above is BankPulse’s own independent summary.
Discuss this circular with fellow bankers — reply, upvote what helps, report what doesn’t belong. Be professional; no client data. Views are the commenter’s own, not BankPulse’s.
BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly). Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=7203&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
Help us keep this accurate
Found an inaccuracy or have an improvement? Tell us. Every report is reviewed by our team before any change is made — nothing goes live unverified.
Public beta — plain-English informational summaries. Always verify against the official RBI source (circular number cited on every page) before making compliance, credit, treasury, audit, or operational decisions. · Join our WhatsApp channel ↗
BANKPULSE · FREE DAILY BRIEF
Get RBI updates for your role
Every important RBI update, decoded in plain English — for your career, exams & financial awareness.
We collect only your email, name and role, used solely to send your brief — never sold or shared. Withdraw anytime via the unsubscribe link in any email. Independent platform, not affiliated with the RBI. Information, not legal advice.
REPORT AN ERROR · BETA
Spotted an error? Earn 500 BankPulse Credits
Help us stay accurate. If your correction is verified true and approved by our founder, you earn 500 BankPulse Credits — redeemable when the platform monetises.
Reviewed by a human before any credit is awarded. We never change the site from crowd input without verification.
WANT A NEW FEATURE · BETA
What would make BankPulse more useful for you?
Tell us what to build next — a tool, a data view, a role page, anything. We read every suggestion.
Thank you — your ideas directly shape what we build.