What changed
RBI revised the list of approved credit rating agencies and their minimum investment grade ratings for HFCs accepting public deposits, aligning them with NBFC norms. Two new agencies—Acuite Ratings & Research and Infomerics Valuation and Rating—were added, and Brickwork's rating changed from BWR FA to BWR FBBB.
What it means for you
HFCs must now follow the same deposit rating framework as NBFCs, ensuring consistency across the non-banking sector. This may require HFCs to update their deposit acceptance policies and re-evaluate existing rating agreements to comply with the new minimum ratings.
What you must do
- Review the updated list of approved credit rating agencies and their minimum investment grade ratings for public deposits.
- Ensure any new public deposit acceptance uses ratings from the revised list, including new agencies like Acuite and Infomerics.
- Update internal policies and documentation to reflect the alignment with NBFC deposit rating norms.
Who it affects
All deposit-taking Housing Finance Companies (HFCs), Credit rating agencies listed in the annex, Depositors of HFCs
Why did RBI align HFC deposit ratings with NBFC norms?
To bring consistency in regulatory treatment across non-banking financial entities, ensuring HFCs follow the same deposit rating framework as NBFCs.
Which new credit rating agencies were added?
Acuite Ratings & Research Limited and Infomerics Valuation and Rating Private Limited were added, along with their respective minimum investment grade ratings.
What is the new minimum rating for Brickwork?
Brickwork's minimum investment grade rating for HFC deposits changed from BWR FA to BWR FBBB, aligning with NBFC requirements.