Brickwork Ratings added as eligible credit rating agency for IFCs
No longer current — withdrawn, no replacement on file yet
Source: Reserve Bank of India · RBI/2011-12/556 · issued FY 2011-12 · ~2 min read
Quick answerRBI now permits Infrastructure Finance Companies (IFCs) to obtain the required minimum ‘A’ credit rating from Brickwork Ratings India Pvt. Ltd., alongside CRISIL, FITCH, CARE and ICRA, as per the amended prudential norms.
What changed
RBI amended paragraph 19A of the NBFC Prudential Norms Directions, 2007 to include Brickwork Ratings India Pvt. Ltd. (Brickwork) as an additional eligible credit rating agency. Previously, only CRISIL, FITCH, CARE, and ICRA were recognized for the minimum 'A' rating requirement for Infrastructure Finance Companies.
What it means for you
IFCs now have a broader choice of accredited rating agencies, potentially increasing competition and flexibility in obtaining the required credit rating. This could ease compliance for some IFCs that may have faced constraints with the earlier limited list. Lenders and investors should note that Brickwork ratings are now on par with the other four agencies for this specific regulatory purpose.
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 eligible agency for IFC rating requirements.
Review existing IFC loan agreements or investment policies to ensure they reference the updated list of approved rating agencies.
Inform relevant teams (credit, risk, compliance) about the addition of Brickwork to avoid unnecessary rating restrictions.
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).
Does this change apply to all NBFCs or only Infrastructure Finance Companies?
The amendment specifically addresses Infrastructure Finance Companies (IFCs) as defined in the Prudential Norms Directions, 2007. The circular is addressed to all NBFCs excluding Residuary Non-Banking Companies, but the rating requirement in paragraph 19A applies to IFCs.
What is the minimum credit rating required for an IFC under this amendment?
An IFC must obtain a minimum credit rating of 'A' or equivalent from any of the listed agencies: CRISIL, FITCH, CARE, ICRA, Brickwork Ratings India Pvt. Ltd., or any other credit rating agency accredited by RBI.
Is Brickwork Ratings now fully equivalent to the other four agencies for all RBI purposes?
This circular only adds Brickwork for the specific requirement under paragraph 19A of the NBFC Prudential Norms Directions, 2007. For other regulatory purposes, separate notifications may apply.
📜 This document’s life story (2 recorded events, each backed by RBI’s own words)
📜 Read the original circular — full text as issued by RBI
RBI/2011-12/556
DNBS.PD. CC No. 273/03.10.01/2011-12
May 11 , 2012
All Infrastructure Finance Companies,
Non-Banking Financial Companies
excluding Residuary Non-Banking Companies
Dear Sir,
Prudential Norms Directions, 2007 - Infrastructure Finance Companies - Eligible
Credit Rating Agencies - Brickwork Ratings India Pvt. Ltd. (Brickwork)
Please refer to the Master Circular DNBS (PD) CC No.225 / 03.02.001 / 2011-12 dated July 1, 2011 on Non-Banking Financial (Non - Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007.
2. In terms of para 19A of the circular, Infrastructure Finance Company shall have obtained a minimum credit rating 'A' or equivalent of CRISIL, FITCH, CARE, ICRA or equivalent rating by any other credit rating agency accredited by RBI.
3. It has now been decided that NBFCs may also use the ratings of Brickwork Ratings India Pvt. Ltd. (Brickwork) in addition to the existing four domestic credit rating agencies.
4. Notifications issued in this regard DNBS.PD.No.244 /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) 244/CGM(US)-2012 dated May 11, 2012
The Reserve Bank of India, having considered it necessary in public interest and being satisfied that, for the purpose of enabling the Bank to regulate the credit system to the advantage of the country, it is necessary to amend the Non-Banking Financial (Non- Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007, contained in Notification No. DNBS. 193/DG(VL)-2007 dated February 22, 2007 (hereinafter referred to as the Directions), in exercise of the powers conferred by sections 45JA 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 shall be amended with immediate effect as follows-
Amendment of paragraph 19 A-
The existing clause (iii) shall be substituted with the following viz.,
“ (iii) have obtained a minimum credit rating 'A' or equivalent of CRISIL, FITCH, CARE, ICRA, Brickwork Ratings India Pvt. Ltd. (Brickwork) or equivalent rating by any other credit rating agency accredited by RBI "
(Uma Subramaniam)
Chief General Manager In-Charge
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2011-12/556 · issued FY 2011-12. The plain-English explanation above is BankPulse’s own independent summary.
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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=7205&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.
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