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
Finance and Banking [ICRA]A+ -- -- -- Positive
Aavas Financiers Limited
Rationale / Rating Methodologies
Finance and Banking [ICRA]A+ -- -- -- Positive
Aavas Financiers Limited
Rationale / Rating Methodologies
Finance and Banking -- -- [ICRA]A1+ -- --
ABNL Investment Limited
Rationale / Rating Methodologies
NBFC -- -- * -- --
Aditya Birla Capital Limited
Rationale / Rating Methodologies
Finance and Banking [ICRA]AAA -- -- -- Stable
Aditya Birla Capital Limited
Rationale / Rating Methodologies
Finance and Banking -- -- [ICRA]A1+ -- --
Aditya Birla Finance Limited
Rationale / Rating Methodologies
NBFC [ICRA]AAA -- -- -- Stable
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]A1+ -- --
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]AA+(hyb) -- -- -- 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 -- -- -- Stable
Aditya Birla Housing Finance Limited
Rationale / Rating Methodologies
Housing Finance Company -- -- [ICRA]A1+ -- --
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 Sun Life AMC Limited
Rationale / Rating Methodologies
Asset Management Companies -- -- * -- --
Ahalia Money Exchange & Financial Services Pvt. Ltd.
Rationale / Rating Methodologies
Finance and Banking [ICRA]BB -- -- -- Stable
Allahabad Bank
Rationale / Rating Methodologies
Bank -- -- [ICRA]A1+ -- --
Almondz Finanz Limited
Rationale / Rating Methodologies
Other Financial Services 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 * -- * -- --
Anand Rathi Stock & Shares Brokers Limited
Rationale / Rating Methodologies
Broking [ICRA]A- -- A2+ -- Stable
Andhra Pradesh Power Finance Corporation Limited
Rationale / Rating Methodologies
Financial Institution [ICRA]D -- -- -- --
Angel Broking Limited
Rationale / Rating Methodologies
Broking -- -- * -- --
Angel Commodities Broking Private Limited
Rationale / Rating Methodologies
Broking -- -- * -- --
Angel Global Capital Private Limited
Rationale / Rating Methodologies
Fertilisers -- -- A1 -- --
Annapurna Finance Private Limited
Rationale / Rating Methodologies
Microfinance Institution [ICRA]A- -- -- -- Stable
Annapurna Finance Private Limited
Rationale / Rating Methodologies
Microfinance Institution [ICRA]A- -- -- -- Stable
Annapurna Finance Private Limited
Rationale / Rating Methodologies
Microfinance Institution [ICRA]A- -- -- -- Stable
Anugrah Stock and Broking Private Limited
Rationale / Rating Methodologies
Broking -- -- ^ -- --
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]A1 -- --
Arohan Financial Services Limited
Rationale / Rating Methodologies
Microfinance Institution [ICRA]A-(SO) -- -- -- --
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
Finance and Banking [ICRA]BB+ -- -- -- Positive
ASA International India Microfinance Limited
Rationale / Rating Methodologies
Microfinance Institution [ICRA]BBB -- -- -- Stable
ASA International India Microfinance Limited
Rationale / Rating Methodologies
Microfinance Institution [ICRA]BBB -- -- -- Stable
Asirvad Microfinance Limited
Rationale / Rating Methodologies
Microfinance Institution [ICRA]A -- -- -- Positive
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
NBFC [ICRA]AA- -- -- -- Stable
AU Small Finance Bank Limited
Rationale / Rating Methodologies
NBFC [ICRA]AA- -- -- -- Stable
AU Small Finance Bank Limited
Rationale / Rating Methodologies
NBFC [ICRA]AA- -- -- -- Stable
Axis Bank Limited
Rationale / Rating Methodologies
Bank [ICRA]AAA -- -- -- Stable
Axis Bank Limited
Rationale / Rating Methodologies
Bank [ICRA]AAA(hyb) -- -- -- Stable
Axis Bank Limited
Rationale / Rating Methodologies
Bank [ICRA]AA+(hyb) -- -- -- Stable
Axis Bank Limited
Rationale / Rating Methodologies
Bank -- -- [ICRA]A1+ -- --
Axis Bank Limited
Rationale / Rating Methodologies
Bank [ICRA]AAA -- -- -- Stable
Axis Bank Limited
Rationale / Rating Methodologies
Bank [ICRA]AAA(hyb) -- -- -- Stable
Axis Securities Limited
Rationale / Rating Methodologies
Broking -- -- [ICRA]A1+ -- --
Axis Securities Limited
Rationale / Rating Methodologies
Broking -- -- [ICRA]A1+ -- --
Axis Securities Limited
Rationale / Rating Methodologies
Broking -- -- [ICRA]A1+ -- --
Aye Finance (P) Ltd.
Rationale / Rating Methodologies
Finance and Banking [ICRA]BBB -- -- -- Stable
Aye Finance (P) Ltd.
Rationale / Rating Methodologies
Finance and Banking [ICRA]A-(SO) -- -- -- Stable
Aye Finance (P) Ltd.
Rationale / Rating Methodologies
Finance and Banking [ICRA]BBB -- -- -- Stable
Bajaj Auto Finance Limited
Rationale / Rating Methodologies
Finance and Banking [ICRA]AA+ -- A1+ -- Stable
Bajaj Capital Limited
Rationale / Rating Methodologies
Other Financial Services Companies [ICRA]BBB- -- -- -- Stable
Bajaj Capital Limited
Rationale / Rating Methodologies
Other Financial Services Companies [ICRA]BBB- -- -- -- Stable
Bajaj Capital Limited
Rationale / Rating Methodologies
Other Financial Services Companies [ICRA]BBB- -- -- -- Stable
Bajaj Finance Ltd.
Rationale / Rating Methodologies
NBFC [ICRA]AAA -- -- -- Stable
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]A1+ -- --
Bandhan Bank Limited
Rationale / Rating Methodologies
Bank [ICRA]AA& -- -- -- --
Bandhan Bank Limited
Rationale / Rating Methodologies
Bank -- -- [ICRA]A1+ -- --
Bandhan Bank Limited
Rationale / Rating Methodologies
Bank [ICRA]AA& -- -- -- --
Bandhan Financial Services Private Limited (Bandhan)
Rationale / Rating Methodologies
Microfinance Institution * -- -- -- --
Bank of Bahrain and Kuwait B.S.C
Rationale / Rating Methodologies
Bank -- -- * -- --
Bank of Baroda
Rationale / Rating Methodologies
Bank -- MAAA -- -- Stable
Bank of Baroda
Rationale / Rating Methodologies
Bank [ICRA]AAA(hyb) -- -- -- Stable
Bank of Baroda
Rationale / Rating Methodologies
Bank [ICRA]AA(hyb) -- -- -- Stable
Bank of India
Rationale / Rating Methodologies
Bank -- MAA+ -- -- Stable
Bank of India
Rationale / Rating Methodologies
Bank [ICRA]AA- -- -- -- Negative
Bank of India
Rationale / Rating Methodologies
Bank * -- -- -- --
Bank of India
Rationale / Rating Methodologies
Bank * -- -- -- --
Bank of Maharashtra
Rationale / Rating Methodologies
Bank [ICRA]A+ -- -- -- Stable
Bank of Maharashtra
Rationale / Rating Methodologies
Bank [ICRA]A -- -- -- Stable
Bank of Maharashtra
Rationale / Rating Methodologies
Bank [ICRA]A -- -- -- Stable
Bank of Maharashtra
Rationale / Rating Methodologies
Bank [ICRA]A+(hyb) -- -- -- Stable
Bank of Rajasthan (Merged with ICICI Bank)
Rationale / Rating Methodologies
Bank [ICRA]AAA -- -- -- Stable
Barclays Bank PLC (India operations)
Rationale / Rating Methodologies
Bank -- -- [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 -- -- [ICRA]A1+ -- --
Basil Investment & Hospitality Services Limited
Rationale / Rating Methodologies
Other Financial Services Companies -- * -- -- --
Basix Sub-k iTransactions Limited
Rationale / Rating Methodologies
Finance and Banking [ICRA]BB -- -- -- Stable
Basix Sub-k iTransactions Limited
Rationale / Rating Methodologies
Finance and Banking * -- -- -- --
BCL Financial Services Limited
Rationale / Rating Methodologies
NBFC -- ^ -- -- --