Financial Sector Ratings
ICRA’s Financial Sector Debt Ratings cover entities like Banks and Financial Institutions, Non-Banking Finance Companies (NBFCs) and Housing Finance Companies (HFCs). While all of these entities perform the same function of leveraging own funds and lending to others on a cost-plus basis, there are significant differences between them in terms of scale of operations, products and services offered, product delivery, regulatory requirements, and internal control systems. Moreover, the risk profiles of these type of entities can be quite varied. Depending on their requirement and ability to borrow the funding mix of these entities vary significantly, and include term loans, debentures, public deposits, working capital demand loan, cash credit from banks, commercial paper, and Mibor-linked loans, among others.
While NBFCs and HFCs flourished in the Indian subcontinent initially on account of regulatory differentiation, in the current scenario, there is a significant overlap between the business areas of HFCs and NBFCs on the one hand and with that of Banks and Financial Institutions on the other. ICRA’s Rating factor in the gamut of risks that can possibly affect the operations of a finance company: operating risks, financial risks, and management risks. The key determinants of operating risk include volatility in revenues and expenses, regulatory risks, risk of administrative expenses going out of hand, and risk of deterioration in asset quality. Financial risk, on the other hand is driven by capital adequacy, asset liability management, solvency, financial flexibility, and also accounting quality. Management risks cover the subjects of management quality and efficacy of systems.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z All

Company Name Sector Name Long Term Medium Term Short Term Issuer Outlook
Aadhar Housing Finance Limited (formerly known as DHFL Vysya Housing Finance Limited)
Rationale / Rating Methodologies
Housing Finance Company -- -- [ICRA]A1+ -- --
Aadhar Housing Finance Limited (formerly known as DHFL Vysya Housing Finance Limited)
Rationale / Rating Methodologies
Housing Finance Company * -- -- -- --
Aavas Financiers Limited
Rationale / Rating Methodologies
Housing Finance Company [ICRA]AA- -- -- -- Stable
Aavas Financiers Limited
Rationale / Rating Methodologies
Housing Finance Company [ICRA]AA- -- -- -- Stable
Aavas Financiers Limited
Rationale / Rating Methodologies
Housing Finance Company -- -- [ICRA]A1+ -- --
ABNL Investment Limited
Rationale / Rating Methodologies
NBFC -- -- * -- --
Aditya Birla Capital Limited
Rationale / Rating Methodologies
NBFC -- -- [ICRA]A1+ -- --
Aditya Birla Capital Limited
Rationale / Rating Methodologies
NBFC [ICRA]AAA -- -- -- Stable
Aditya Birla Finance Limited
Rationale / Rating Methodologies
NBFC -- -- [ICRA]A1+ -- --
Aditya Birla Finance Limited
Rationale / Rating Methodologies
NBFC [ICRA]AAA -- -- -- Stable
Aditya Birla Finance Limited
Rationale / Rating Methodologies
NBFC [ICRA]AAA -- [ICRA]A1+ -- Stable
Aditya Birla Finance Limited
Rationale / Rating Methodologies
NBFC [ICRA]AAA -- -- -- Stable
Aditya Birla Finance Limited
Rationale / Rating Methodologies
NBFC -- -- [ICRA]A1+ -- --
Aditya Birla Finance Limited
Rationale / Rating Methodologies
NBFC [ICRA]AA+(hyb) -- -- -- Stable
Aditya Birla Finance Limited
Rationale / Rating Methodologies
NBFC [ICRA]AAA -- -- -- Stable
Aditya Birla Finance Limited
Rationale / Rating Methodologies
NBFC [ICRA]AAA -- -- -- Stable
Aditya Birla Housing Finance Limited
Rationale / Rating Methodologies
Housing Finance Company [ICRA]AAA -- [ICRA]A1+ -- Stable
Aditya Birla Housing Finance Limited
Rationale / Rating Methodologies
Housing Finance Company [ICRA]AAA -- -- -- Stable
Aditya Birla Housing Finance Limited
Rationale / Rating Methodologies
Housing Finance Company [ICRA]AAA -- -- -- Stable
Aditya Birla Housing Finance Limited
Rationale / Rating Methodologies
Housing Finance Company -- -- [ICRA]A1+ -- --
Aditya Birla Sun Life AMC Limited
Rationale / Rating Methodologies
Asset Management Companies -- -- * -- --
Ahalia Money Exchange & Financial Services Pvt. Ltd.
Rationale / Rating Methodologies
NBFC [ICRA]BB -- -- -- Negative
Allahabad Bank
Rationale / Rating Methodologies
Banks -- -- * -- --
Almondz Finanz Limited
Rationale / Rating Methodologies
Other Financial Companies ^ -- -- -- --
Ambit Finvest Private Limited
Rationale / Rating Methodologies
NBFC -- -- * -- --
Amroha Trade Fin Limited
Rationale / Rating Methodologies
Finance and Banking -- * -- -- --
Anand Rathi Financial Services Limited
Rationale / Rating Methodologies
Broking Companies * -- * -- --
Anand Rathi Stock & Shares Brokers Limited
Rationale / Rating Methodologies
Broking Companies [ICRA]A- -- A2+ -- Stable
Andhra Pradesh Power Finance Corporation Limited
Rationale / Rating Methodologies
NBFC [ICRA]D -- -- -- --
Angel Broking Limited
Rationale / Rating Methodologies
Broking Companies -- -- * -- --
Angel Commodities Broking Private Limited
Rationale / Rating Methodologies
Broking Companies -- -- * -- --
Angel Global Capital Private Limited
Rationale / Rating Methodologies
Fertilisers -- -- A1 -- --
Annapurna Finance Private Limited
Rationale / Rating Methodologies
NBFC [ICRA]A- -- -- -- Stable
Annapurna Finance Private Limited
Rationale / Rating Methodologies
NBFC [ICRA]A- -- -- -- Stable
Annapurna Finance Private Limited
Rationale / Rating Methodologies
NBFC [ICRA]A- -- -- -- Stable
Anugrah Stock and Broking Private Limited
Rationale / Rating Methodologies
Broking Companies -- -- ^ -- --
Aphelion Finance Private Limited
Rationale / Rating Methodologies
Finance and Banking * -- -- -- --
Aptus Value Housing Finance India Limited
Rationale / Rating Methodologies
Housing Finance Company [ICRA]A+ -- -- -- Stable
Aptus Value Housing Finance India Limited
Rationale / Rating Methodologies
Housing Finance Company [ICRA]A+ -- -- -- Stable
Aptus Value Housing Finance India Limited
Rationale / Rating Methodologies
Housing Finance Company [ICRA]A+ -- -- -- Stable
Aptus Value Housing Finance India Limited
Rationale / Rating Methodologies
Housing Finance Company [ICRA]A+ -- -- -- Stable
ART Affordable Housing Finance (India) Limited
Rationale / Rating Methodologies
NBFC * -- -- -- --
Aruna Finance Limited
Rationale / Rating Methodologies
NBFC ^ -- -- -- --
Aryadhan Financial Solutions Private Limited
Rationale / Rating Methodologies
NBFC [ICRA]BB+ -- -- -- Stable
ASA International India Microfinance Limited
Rationale / Rating Methodologies
NBFC [ICRA]BBB -- -- -- Stable
ASA International India Microfinance Limited
Rationale / Rating Methodologies
NBFC [ICRA]BBB -- -- -- Stable
Asirvad Microfinance Limited
Rationale / Rating Methodologies
Microfinance Institution * -- -- -- --
Asirvad Microfinance Limited
Rationale / Rating Methodologies
Microfinance Institution * -- -- -- --
Asset Care & Reconstruction Enterprises Limited
Rationale / Rating Methodologies
Finance and Banking ^ -- -- -- --
AU Small Finance Bank Limited
Rationale / Rating Methodologies
Banks [ICRA]AA- -- -- -- Stable
AU Small Finance Bank Limited
Rationale / Rating Methodologies
Banks * -- -- -- --
AU Small Finance Bank Limited
Rationale / Rating Methodologies
Banks [ICRA]AA- -- -- -- Stable
Axis Bank Limited
Rationale / Rating Methodologies
Banks [ICRA]AAA -- -- -- Stable
Axis Bank Limited
Rationale / Rating Methodologies
Banks [ICRA]AAA(hyb) -- -- -- Stable
Axis Bank Limited
Rationale / Rating Methodologies
Banks -- -- [ICRA]A1+ -- --
Axis Bank Limited
Rationale / Rating Methodologies
Banks [ICRA]AAA(hyb) -- -- -- Stable
Axis Bank Limited
Rationale / Rating Methodologies
Banks [ICRA]AA+(hyb) -- -- -- Stable
Axis Bank Limited
Rationale / Rating Methodologies
Banks -- MAAA -- -- Stable
Axis Securities Limited
Rationale / Rating Methodologies
Broking Companies -- -- [ICRA]A1+ -- --
Axis Securities Limited
Rationale / Rating Methodologies
Broking Companies -- -- [ICRA]A1+ -- --
Axis Securities Limited
Rationale / Rating Methodologies
Broking Companies -- -- [ICRA]A1+ -- --
Axis Securities Limited
Rationale / Rating Methodologies
Broking Companies [ICRA]AAA -- [ICRA]A1+ -- Stable
Axis Securities Limited
Rationale / Rating Methodologies
Broking Companies [ICRA]AAA -- -- -- Stable
Aye Finance (P) Ltd.
Rationale / Rating Methodologies
NBFC [ICRA]BBB+ -- -- -- Stable
Aye Finance (P) Ltd.
Rationale / Rating Methodologies
NBFC [ICRA]BBB+ -- -- -- Stable
Aye Finance (P) Ltd.
Rationale / Rating Methodologies
NBFC [ICRA]A(CE) -- -- -- Stable
Bajaj Auto Finance Limited
Rationale / Rating Methodologies
Finance and Banking [ICRA]AA+ -- A1+ -- Stable
Bajaj Capital Limited
Rationale / Rating Methodologies
Other Financial Companies * -- -- -- --
Bajaj Finance Ltd.
Rationale / Rating Methodologies
NBFC -- -- [ICRA]A1+ -- --
Bajaj Finance Ltd.
Rationale / Rating Methodologies
NBFC -- MAAA -- -- Stable
Bajaj Finance Ltd.
Rationale / Rating Methodologies
NBFC [ICRA]AAA -- -- -- Stable
Bajaj Finance Ltd.
Rationale / Rating Methodologies
NBFC [ICRA]AAA -- -- -- Stable
Bandhan Bank Limited
Rationale / Rating Methodologies
Banks [ICRA]AA -- -- -- Stable
Bandhan Bank Limited
Rationale / Rating Methodologies
Banks [ICRA]AA -- -- -- Stable
Bandhan Bank Limited
Rationale / Rating Methodologies
Banks [ICRA]AA -- -- -- Stable
Bandhan Bank Limited
Rationale / Rating Methodologies
Banks -- -- [ICRA]A1+ -- --
Bandhan Financial Services Private Limited (Bandhan)
Rationale / Rating Methodologies
Microfinance Institution * -- -- -- --
Bank of Bahrain and Kuwait B.S.C
Rationale / Rating Methodologies
Banks -- -- * -- --
Bank of Baroda
Rationale / Rating Methodologies
Banks [ICRA]AA(hyb) -- -- -- Stable
Bank of Baroda
Rationale / Rating Methodologies
Banks [ICRA]AAA(hyb) -- -- -- Stable
Bank of Baroda
Rationale / Rating Methodologies
Banks -- MAAA -- -- Stable
Bank of India
Rationale / Rating Methodologies
Banks -- MAA+ -- -- Stable
Bank of India
Rationale / Rating Methodologies
Banks * -- -- -- --
Bank of India
Rationale / Rating Methodologies
Banks * -- -- -- --
Bank of India
Rationale / Rating Methodologies
Banks * -- -- -- --
Bank of Maharashtra
Rationale / Rating Methodologies
Banks * -- -- -- --
Bank of Maharashtra
Rationale / Rating Methodologies
Banks [ICRA]A+ -- -- -- Positive
Bank of Maharashtra
Rationale / Rating Methodologies
Banks * -- -- -- --
Bank of Maharashtra
Rationale / Rating Methodologies
Banks [ICRA]A+(hyb) -- -- -- Positive
Bank of Rajasthan (Merged with ICICI Bank)
Rationale / Rating Methodologies
Banks [ICRA]AAA -- -- -- Stable
Barclays Bank PLC (India operations)
Rationale / Rating Methodologies
Banks -- -- [ICRA]A1+ -- --
Barclays Investments & Loans (India) Private Limited
Rationale / Rating Methodologies
NBFC -- -- [ICRA]A1+ -- --
Barclays Investments & Loans (India) Private Limited
Rationale / Rating Methodologies
NBFC [ICRA]AAA -- -- -- Stable
Barclays Investments & Loans (India) Private Limited
Rationale / Rating Methodologies
NBFC [ICRA]AAAPP-MLD -- -- -- Stable
Barclays Investments & Loans (India) Private Limited
Rationale / Rating Methodologies
NBFC [ICRA]AAA -- [ICRA]A1+ -- Stable
Barclays Securities (India) Private Limited
Rationale / Rating Methodologies
Broking Companies -- -- [ICRA]A1+ -- --
Basil Investment & Hospitality Services Limited
Rationale / Rating Methodologies
Other Financial Companies -- * -- -- --
Basix Sub-k iTransactions Limited
Rationale / Rating Methodologies
NBFC [ICRA]BB -- -- -- Stable
Basix Sub-k iTransactions Limited
Rationale / Rating Methodologies
NBFC * -- -- -- --
BCL Financial Services Limited
Rationale / Rating Methodologies
NBFC -- ^ -- -- --
Recent Releases

  • Update on reason for delay in periodic surveillance

    Rationale / 20 Oct 2020

  • Greentech Mega Food Park Private Limited: Rating continues to remain under issuer Non-Cooperating category, Ratings downgraded based on best available information

    Rationale / 20 Oct 2020

  • Mahindra Agri Solutions Limited: Rating reaffirmed; outlook revised to Positive

    Rationale / 20 Oct 2020