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Tuesday, 22-May-2012

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Services of External Rating Agencies

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Services of External Rating Agencies

A scheme for Performance and Credit Rating Mechanism for SSIs has been formulated by the Government of India in consultation with Indian Banks’ Association (IBA) and various Rating Agencies. The National Small Industries Corporation (NSIC) has been appointed the nodal agency for implementation of this scheme. Under the scheme, the NSIC provides subsidy in the rating fees to the units obtaining credit ratings from the following agencies which are empanelled by them:

Dun & Bradstreet (D&B), ONICRA, ICRA, CARE, FITCH, CRISIL, SMERA

SSIs have the liberty to choose among the empanelled Rating Agencies. The schedule of fee reimbursement by NSIC is as under:

Turn Over of SSI in Rs Lacs	Reimbursement of Fee through NSIC
Upto Rs 50 Lacs	75% of the fee or Rs 25000/- (Whichever is less)
Rs 50 to 200 lacs	75% of the fee or Rs 30000/- (Whichever is less)
More than Rs 200 lacs	75% of the fee or Rs 40000/- (Whichever is less)

The rating services of all rating agencies empanelled with the NSIC shall be availed in respect of units in manufacturing/services sector and concessions as stated hereunder will be extended to such units rated :-

Concessions in the applicable Rate of Interest to the extent of 0.50% in respect of units obtaining the Highest & 2nd Highest ratings and to the extent of 0.25% in respect of units obtaining the 3rd Highest rating.
Subsidy to the extent of 50% of the rating fees - to all our SME borrowers with limits upto Rs. 50 lacs irrespective of the rating assigned – wherever the benefits of NSIC Subsidy are not available (such as non-SSI units, units not in possession of SSI Registration Certificates)

It is to be noted importantly that we are adopting the ratings assigned by the external rating agencies for the purpose of pricing only and not as a substitute for Bank’s internal Credit Rating exercise.

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Watch recorded webcast for Press Meet 30.04.2012

Watch recorded webcast for Analyst’s Meet 30.04.2012

Analyst Presentation for 31.03.2012

Financial Result for year ended 31.03.2012

Any complaint regarding NEFT transactions during 20.02.2012 to 6.03.2012 may be escalated to email ID Special.NEFT@bankofindia.co.in or on telephone No. 022-22886680 for immediate resolution.

Chairman & Managing Director's Message & Address

Bank has decided to decrease the Bank’s Base Rate from 10.75% p.a. to 10.50%p.a. and BPLR from 15.00% p.a. to 14.75% p.a. with effect from 01.05.2012

The Managing Committee of the Indian Banks’ Association has appointed Shri Alok K Misra , Chairman and Managing Director, BANK OF INDIA as Deputy Chairman of the Association

Pension Calculator is available on Knowledge Portal front page

Press release launching of Mobile Based Remittance, Urban Financial Inclusion and two factor Authentication

Notice for Debit and ATM cardholders

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