**Summary:**
The Reserve Bank of India (RBI) has issued a directive (DOR.FIN.REC.No.3003.10.001/2022-23) on May 02, 2022, revising the minimum investment grade credit rating required for Non-Banking Financial Companies (NBFCs), including Housing Finance Companies (HFCs), to accept public deposits. The revised minimum investment grade credit rating is now "BBB" from any of the SEBI-registered Credit Rating Agencies. This modifies the Master Direction – Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank Directions, 2016). For further information, contact J.P. Sharma, Chief General Manager, Department of Regulation, Central Office, 2nd Floor, Main Office Building, Shahid Bhagat Singh Marg, Fort, Mumbai – 400 001. Telephone: 22601000, Fax: 22705670, Email: helpdor@rbi.org.in.
Key Entities Referenced
Reserve Bank of India: The central bank of India, responsible for regulating the banking sector.
NBFCs: Non-Banking Financial Companies, financial institutions that provide banking services without holding a banking license.
HFCs: Housing Finance Companies, a type of NBFC that specializes in providing loans for housing.
Master Direction Non-Banking Financial Companies Acceptance of Public Deposits Reserve Bank Directions, 2016: A regulatory document issued by the Reserve Bank of India governing the acceptance of public deposits by NBFCs.
SEBI: Securities and Exchange Board of India, the regulator of the securities market in India.
Credit Rating Agencies: Agencies that assign credit ratings to debt instruments, providing an assessment of their creditworthiness.
BBB: The minimum investment grade credit rating for deposits of NBFCs.
Mumbai, Maharashtra: City in India, location of Central Office, Department of Regulation, Reserve Bank of India
भारतीय �रज़व� ब�क
RESERVE BANK OF INDIA
www.rbi.org.in
RBI/2022-23/37
DOR.FIN.REC.No.30/03.10.001/2022-23 May 02, 2022
All Deposit taking NBFCs (including deposit taking HFCs)
Dear Sir/ Madam,
Review of Minimum Investment Grade Credit Ratings for Deposits of NBFCs
Please refer to para 9 of Master Direction – Non-Banking Financial Companies
Acceptance of Public Deposits (Reserve Bank) Directions, 2016 wherein the names
of approved credit rating agencies and their respective minimum investment grade
credit rating for the purpose of accepting public deposits by NBFCs have been listed.
2. On a review, it has been decided that the minimum investment grade credit rating
for deposits of NBFCs shall be ‘BBB–’ from any of the SEBI-registered Credit Rating
Agencies.
3. The Master Direction – Non-Banking Financial Companies Acceptance of Public
Deposits (Reserve Bank) Directions, 2016 is being modified accordingly.
Yours faithfully,
(J.P. Sharma)
Chief General Manager
िविनयमन िवभाग, क�िद्रय काया�लय, 2री मंिजल, मु� काया�लय भवन, फोट�, मुंबई 400 001
दूर�नी:22601000, फै�:22705670 ई मेल:helpdor@rbi.org.in
Department of Regulation, Central Office, 2nd Floor, Main Office Building, Shahid Bhagat Singh Marg, Fort, Mumbai – 400 001
Tel No:22601000, Fax No:22705670 Email: helpdor@rbi.org.in
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