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PNB signs MoU with ICRA & Fitch Ratings

PNB signs MoU with ICRA & Fitch Ratings
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First Published: Tue, Feb 05 2008. 01 54 PM IST
Updated: Tue, Feb 05 2008. 01 54 PM IST
New Delhi: Punjab National Bank (PNB) has entered into MOUs with credit rating agencies Fitch Ratings India Ltd. and ICRA. Under these MoUs, Fitch Ratings and ICRA will assign ratings to the bank’s loans and its other exposures under the standardized approach of RBI’s New Capital Adequacy Framework for Basel-II.
They will carry out ratings under the standardized approach under its “Line of Credit” rating service which would enable PNB to assign the new risk weights applicable to its borrowers under Basel-II. The risk weights would be linked to various rating categories and would be as per RBI’s Basel- II guidelines.
Existing and potential borrowers of PNB are being offered special concessional rates for obtaining the said ratings.
PNB as the largest nationalised bank with a network of 4,230 branches, 349 extension counters and 1325 ATMs across India with a total business of Rs254156 crore as on 31December maintains a diversified credit portfolio providing credit to all major sectors.
Fitch Ratings is one of the three large global credit rating agencies and rates more than 6000 banks/financial institutions, including 3100 banks and 2400 insurance companies.
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First Published: Tue, Feb 05 2008. 01 54 PM IST