Banking & Financial Services

The Banking & Financial Services Research provides comprehensive analysis of ICRA-rated banks, NBFCs, brokerages, and insurance companies. The research on banks covers small finance banks including detailed banking statistics. For NBFCs, the research encompasses affordable housing finance, microfinance institutions, infrastructure-focused NBFCs, as well as retail and commercial finance NBFCs, along with housing finance statistics.

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Regular Research

Special Comments

Date	Reports	Category	Price
31 Oct 2025	Key financial and operational statistics of Indian banking sector	Annual Update	--
31 Oct 2025	Reduction in GST rates to boost domestic demand and offset global uncertainties	Quarterly Update	--
31 Oct 2025	Earnings likely to remain healthy despite pressure on margins; notable decline in bond issuances in Q2 FY2026 amid rising yields	Quarterly Update	--
30 Oct 2025	Bank credit growth picks up pace with borrowers shifting to banks from bond market in Q2 FY2026; trend remains monitorable in H2 FY2026	Quarterly Update	--
08 Oct 2025	Organised gold loan AUM projected to reach Rs. 15 trillion in FY2026; banks continue to increase share	Thematic Report
30 Sep 2025	Consistent growth and resilient earnings profile underpinned by robust asset quality	Annual Update	--
25 Sep 2025	GST rate cuts to support consumption, which along with surplus liquidity would drive bank’s credit growth	Quarterly Update	--
29 Aug 2025	Persistent asset quality challenges to dampen profitability and growth expectations in FY2026	Half-yearly Update	--
29 Aug 2025	Growth momentum sustains at a slower pace; improving operational efficiency crucial as competition intensifies	Half-yearly Update	--
31 Jul 2025	Well positioned for sustained growth; maintaining prudent credit oversight and efficient operational management is crucial	Thematic Report
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NBFCs hit the slow lane as demand tapers

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Credit Perspective Reports

Credit Perspective Reports (CPRs) offer detailed rating analyses of over 1,500 investment-grade entities, covering both listed and unlisted companies. These reports provide in-depth insights into key rating drivers, making them valuable for benchmarking, understanding credit trends, and making informed investment decisions.

What's latest in CPR

India Mortgage Guarantee Corporation Pvt. Ltd.
21 Nov 2025
Dr. Agarwals Health Care Limited
21 Nov 2025
Ultra Corpotech Private Limited
20 Nov 2025
Repco Micro Finance Limited
19 Nov 2025
Axis Max Life Insurance Limited
19 Nov 2025

Rating Rationales

Name	Email	Phone
21 Nov 2025	Cholamandalam Investment and Finance Company Limited: Provisional [ICRA]AAA(SO) assigned to PTCs backed by vehicle loan receivables issued by Platinum Trust Nov 2025 - Tranche II
21 Nov 2025	Elixir Enterprises and Hotels Private Limited: Rating upgraded to [ICRA]BB (Stable)
21 Nov 2025	Inbrew Beverages Private Limited: Provisional ratings withdrawn
21 Nov 2025	Shetron Limited: Ratings reaffirmed
21 Nov 2025	Satya MicroCapital Ltd.: Ratings downgraded and continue to remain on watch with negative implications for PTCs issued under microfinance and unsecured SME loan receivables securitisation transaction
21 Nov 2025	Satya MicroCapital Ltd.: Ratings downgraded and continue to remain on watch with negative implications for PTCs issued under microfinance loan receivables securitisation transaction
21 Nov 2025	IndoSpace Vallam II Private Limited: Rating upgraded to [ICRA]A-(Stable); rated amount enhanced and short term rating withdrawn
21 Nov 2025	Mahalakshmi Leasing Limited: Continues to remain under issuer Non-Cooperating category
21 Nov 2025	SKS Fasteners Limited: Ratings reaffirmed; outlook revised to Positive
21 Nov 2025	Satya Micro Housing Finance Private Limited: Rating confirmed as final, downgraded and placed on watch with negative implications for PTCs backed by a pool of home loan and loan against property receivables issued by Presidium Trust 007