Financial Daily from THE HINDU group of publications
Wednesday, Jul 13, 2005
Financial Daily from THE HINDU group of publications Wednesday, Jul 13, 2005 |
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Money & Banking
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Credit Rating Industry & Economy - SSI SSI clients of UCO Bank to be rated by Crisil soon Our Bureau
Kolkata , July 12 THE rating scheme devised by the NSCI-Crisil combine will now cover borrowers operating in the small-scale sector being assisted by UCO Bank. An MoU to rate the Kolkata-based bank's SSI clients under the scheme will be signed between the bank and Crisil on Wednesday. The last Union Budget underlined the need for a performance and credit rating mechanism for the small-scale sector, NSIC has stated. A scheme for SSIs was worked out in association with Indian Banks' Association (IBA) and the rating outfits. Also, NSIC ( National Small Industries Corporation) was mandated as the nodal agency to implement the scheme through various empanelled agencies. A number of benefits are expected to flow out from performance and credit rating. The latter will result in third-party opinion on credit-worthiness of SSI units. Besides, it will lead to the availability of credit at attractive rates, it is pointed out. For the lending institutions, access to an independent evaluation (of the strengths/weaknesses of SSIs seeking credit) is considered important. As per the mechanism drawn up, SSIs will be free to choose from among the empanelled rating agencies.
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