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2012-08-30

IDBI ties up with rating agency SMERA

Public sector lender IDBI Bank has entered into an agreement with SME Rating Agency of India (SMERA) for using agency’s ratings to evaluate its present MSME portfolios and prospective MSME clients.

Public sector lender IDBI Bank has entered into an agreement with SME Rating Agency of India (SMERA) for using agency’s ratings to evaluate its present MSME portfolios and prospective MSME clients.

In a release, the bank said, "The rating would help the bank in expediting credit decision. The customer too will benefit in terms of reduced pricing and organised information flow." It also said that this would help it reach out to more MSME customers.

As on March 31, 2012, bank’s outstanding MSME lending is Rs 17,000 crore, against Rs 11,000 crore in FY 11. Also, its NPAs in MSMEs increased to 2.29 per cent in FY12 as compared to 1.83 per cent in previous fiscal.

The bank already has agreement with other rating agencies like CARE and CRISIL to rate its potential MSME clients.

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