RBI Updates List of Eligible Credit Rating Agencies for Basel III
No longer current — withdrawn, no replacement on file yet
Source: Reserve Bank of India · RBI/2022-23/162 · issued 09 Jan 2023 · ~2 min read
Quick answerRBI has revised the list of domestic credit rating agencies banks can use for risk-weighting claims under Basel III capital adequacy. Acuite, CARE, CRISIL, ICRA, India Ratings, and INFOMERICS are now approved. Brickwork Ratings remains barred for fresh ratings.
What changed
RBI updated the list of eligible domestic credit rating agencies for risk-weighting bank claims under Basel III capital regulations. The new list includes Acuite, CARE, CRISIL, ICRA, India Ratings, and INFOMERICS, replacing the previous list from the April 2022 Master Circular. Additionally, the restriction on using Brickwork Ratings for fresh ratings, as per the October 2022 press release, continues to apply.
What it means for you
Banks must now use only the specified six agencies for external credit ratings to determine risk weights for capital adequacy. This ensures consistency and reliability in risk assessment. The ongoing ban on Brickwork Ratings means any existing exposures rated by them may need review, and no new ratings from them should be accepted.
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 internal systems and risk-weighting models to reflect only the six approved rating agencies.
Ensure no fresh credit ratings or evaluations are obtained from Brickwork Ratings India Private Limited.
Review existing exposures rated by Brickwork Ratings and plan for re-rating or alternative risk assessment.
Communicate the updated list to all relevant credit and risk management teams.
Who it affects
All Scheduled Commercial Banks (including Small Finance Banks), Credit risk management teams, Loan origination and portfolio monitoring departments
❓ Common questions
Regulatory timeline
Decoded by BankPulse2026-06-18 05:07 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).
Can we still use existing ratings from Brickwork Ratings for capital adequacy?
The circular does not explicitly address existing ratings, but the press release advises against obtaining fresh ratings from Brickwork. For existing exposures, banks should assess the need for re-rating or alternative risk-weighting methods as per RBI guidelines.
Are there any changes to the risk-weighting methodology itself?
No, only the list of eligible rating agencies has been updated. All other provisions regarding external credit ratings from the April 2022 Master Circular remain unchanged.
📜 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 #198: DOR.STR.REC.94/21.06.008/2022-23 — "Basel III Capital Regulations - Eligible Credit Rating Agencies" dated January 9, 2023”
📜 Read the original circular — full text as issued by RBI
RBI/2022-23/162
DOR.STR.REC.94/21.06.008/2022-23
January 09, 2023
All Scheduled Commercial Banks
(including Small Finance Banks)
(excluding Local Area Banks, Payments Banks and Regional Rural Banks)
Dear Sir/ Madam,
Basel III Capital Regulations - Eligible Credit Rating Agencies
Please refer to paragraph 6.1.2 of the Master Circular DOR.CAP.REC.3/21.06.201/2022-23 dated April 01, 2022 on Basel III Capital Regulations, wherein the list of domestic credit rating agencies accredited for the purpose of risk weighting banks' claims for capital adequacy purposes has been prescribed.
2. On a review, banks are advised to use the ratings of the following domestic credit rating agencies (arranged in alphabetical order) for risk weighting their claims for capital adequacy purposes:
Acuite Ratings & Research Limited (Acuite)
Credit Analysis and Research Limited (CARE);
CRISIL Ratings Limited;
ICRA Limited;
India Ratings and Research Private Limited (India Ratings); and
INFOMERICS Valuation and Rating Pvt Ltd. (INFOMERICS)
3. A reference is also invited to the Press Release: 2022-2023/1033 dated October 12, 2022 in terms of which, Regulated Entities/ Market Participants were advised that in respect of ratings/credit evaluations required in terms of any guidelines issued by the Reserve Bank, no such fresh ratings/evaluations shall be obtained from Brickwork Ratings India Private Limited. Banks shall continue to be guided by the press release ibid till further review.
4. All other provisions regarding external credit ratings stipulated in the Master Circular ibid remain unchanged.
Yours faithfully,
(Manoranjan Mishra)
Chief General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2022-23/162 · issued 09 Jan 2023. 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=12435&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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