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