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Rating company Infomerics Rating has received the approval from Reserve Bank of India to work as full service rating firm. RBI's accredition enables Infomerics' ratings of bank loans and/or bank facilities to be recognised for capital allocation under Basel norms.
"Banks may use the ratings of the Infomerics Valuation and Rating Pvt Ltd for the purpose of risk weighting their claims for capital adequacy purposes," RBI said in a note.
Infomerics Rating has been rating various money market & capital market instruments and carrying out issuer ratings for the last two years.
It has now joined Care Ratings, Crisil, ICRA, India Ratings, Brickwork Ratings and SMERA as the full-service firm.
RBI said that the short and long term ratings issued by these domestic credit rating agencies have been mapped to the appropriate risk weights applicable as per the standardised approach under the Basel II framework.
INFOMERICS worked on special initiatives to build a business management consultancy including Information Technology, Communications and Entertainment (ICE). Besides upgradation of human life quality, its basic interest is in encouraging and fostering research largely in the areas of education, environment and sunrise industries. The management consulting is aimed to taken further and beyond the current spectrum.