Fitch Ratings renamed India Ratings for capital adequacy
No longer current — withdrawn, no replacement on file yet
Source: Reserve Bank of India · RBI/2012-13/278 · issued 05 Nov 2012 · ~2 min read
Quick answerRBI has updated its list of approved credit rating agencies for capital adequacy purposes, replacing 'Fitch India' with 'India Ratings and Research Private Limited (India Ratings)' and revising the rating symbols accordingly.
What changed
RBI revised para 6 of its Master Circular on Prudential Guidelines on Capital Adequacy and Market Discipline (NCAF) to replace the name 'Fitch India' with 'India Ratings and Research Private Limited (India Ratings)'. The change follows SEBI's registration of the new entity on May 20, 2012, after Fitch's Indian operations split into domestic and international units. The revised rating symbols for long-term and short-term debt instruments are now prefixed with 'IND' instead of 'Fitch'.
What it means for you
Banks can continue using credit ratings from this agency for risk-weighting claims under the NCAF, but must now refer to the new name and updated rating symbols. The change is purely administrative—no other provisions of the master circular are affected. Lenders should update their internal systems and documentation to reflect the new rating labels.
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 your approved CRA list to replace 'Fitch India' with 'India Ratings and Research Private Limited (India Ratings)'.
Revise internal risk-weighting templates and capital adequacy calculations to use the new rating symbols (e.g., IND AAA instead of Fitch AAA).
Inform relevant credit and risk teams about the name change to avoid confusion in loan documentation and reporting.
Ensure any outstanding references to Fitch India in policies or circulars are updated to the new name.
Who it affects
All scheduled commercial banks (excluding LABs and RRBs), Credit risk management teams, Capital adequacy reporting units
❓ Common questions
Regulatory timeline
Decoded by BankPulse2026-06-18 17:23 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).
Why did RBI change the name from Fitch India to India Ratings?
Fitch Ratings split its Indian operations into domestic and international units. The domestic rating arm was renamed India Ratings and Research Private Limited, and SEBI issued a new registration certificate on May 20, 2012. RBI updated its circular to reflect this change.
Do the rating symbols change for capital adequacy purposes?
Yes. The revised rating symbols now use the prefix 'IND' instead of 'Fitch' (e.g., IND AAA instead of Fitch AAA). The underlying rating scales remain the same.
Are any other provisions of the NCAF master circular affected?
No. All other provisions regarding external credit ratings remain unchanged. Only the name and rating symbols of this specific CRA have been updated.
📜 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 #1207: DBOD.No.BP.BC.54/21.06.007/2012-13 — "Prudential Guidelines on Capital Adequacy and Market Discipline - New Capital Adequacy Framework (NCAF) - Change of Name”
📜 Read the original circular — full text as issued by RBI
RBI/2012-13/278
DBOD.No.BP.BC. 54 /21.06.007/2012-13
November 5, 2012
The Chairman / CMD / MD / CEO
All Scheduled Commercial Banks
(excluding LABs and RRBs)
Dear Sir,
Prudential Guidelines on Capital Adequacy and Market Discipline - New Capital Adequacy Framework (NCAF) – Change of name of Fitch Ratings to India Ratings and Research Private Limited (India Ratings)
Please refer to the Master Circular No. DBOD.No.BP.BC.16/21.06.001/2012-13 dated July 2, 2012 on 'Prudential Guidelines on Capital Adequacy and Market Discipline - New Capital Adequacy Framework (NCAF)'.
2. In terms of para 6 of the circular, Fitch India has been accredited for the purpose of risk weighting the banks' claims for capital adequacy purposes alongwith other credit rating agencies (CRAs). However, pursuant to the splitting of Indian operations of Fitch Ratings into domestic and international operations, the name of the wholly owned subsidiary to be responsible for assigning domestic ratings has been changed to 'India Ratings and Research Private Limited (India Ratings)'. The Securities and Exchange Board of India (SEBI) has issued the necessary Certificate of Registration on May 20, 2012.
3. In view of above, it has been decided to revise para 6 of the circular under reference to include the new name of the CRA viz. 'India Ratings and Research Private Limited (India Ratings) in place of the earlier name of the CRA viz. 'Fitch India'. The revised rating symbols of the CRA after change in name are enclosed in the Annex .
4. All other provisions regarding external credit ratings of the master circular remain unchanged.
Yours faithfully,
(Deepak Singhal)
Chief General Manager-in-charge
Annex
Revised Rating Symbols of Ratings and Research Private Limited (India Ratings)' (Formerly FITCH India)
Long-Term Debt instruments
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2012-13/278 · issued 05 Nov 2012. 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=7669&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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