Mumbai, Sept 26 (KNN) Non-Banking Financial Corporations (NBFCs) can now use the ratings of SME Rating Agency of India Ltd (SMERA) for the purpose of rating their Fixed Deposits, RBI said.

In a notification yesterday, the Reserve Bank said, “NBFCs may also use the ratings of SMERA for the purpose of rating their Fixed Deposits. The Minimum Investment Grade Rating for Fixed Deposits is “SMERA A”.”

“… Bank has received request from SME Rating Agency of India Ltd. (SMERA) seeking accreditation as ‘approved credit rating agency’ for the purpose of rating fixed deposits of NBFCs, which the Bank has acceded to,” it added. (KNN/SD)