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PNB signs MoUs with ICRA & Fitch Ratings India Ltd.
New Delhi, February 06, 2008
Punjab National Bank has entered into MOUs with Credit
rating agencies Fitch Ratings India Ltd. and ICRA. Under these
MoUs, Fitch Ratings and ICRA will assign ratings to the Bank's
loans and its other exposures under the standardized approach
of RBI’s New Capital Adequacy Framework for Basel-II.
Fitch Ratings India Ltd. and ICRA would carry out ratings
under the standardized approach under its “Line of Credit”
rating service which would enable Punjab National Bank to
assign the new risk weights applicable to its borrowers under
Basel-II. The risk weights would be linked to the various
rating categories and would be as per RBI’s Basel- II
guidelines.
Existing and potential borrowers of Punjab National Bank are
being offered special concessional rates for obtaining Fitch
Ratings India Ltd. and ICRA ratings.
The MoUs between these two rating agencies would assist in
implementing RBI’s New Capital Adequacy Framework under
Basel-II.
Punjab National Bank, the largest nationalised Bank, has a
network of 4,230 branches, 349 extension counters and 1325
ATMs across India with a total business of Rs 254156 crores as
on December 31, 2007 a y-o-y growth of 16.6% . The bank
maintains a diversified credit portfolio providing credit to
all major sectors.
The bank reported a profit after tax (PAT) of Rs 1505.01
crores for nine months ended December 31, 2007, registered a
y-o-y growth of 15.6%. The total deposits figure at end of
December 2007 was Rs 1,52,622 Cr registered a growth of 17.2 %
on y-o-y basis The total advances figure at end of December
2007 stood at Rs 1,01,534 Cr thus registering a growth of 15.8
% on y-o-y basis. The Capital to Risk Asset Ratio (CRAR) of
the bank stood at 14.04% as on December 31, 2007.
Fitch Ratings is one of the three large global credit rating
agencies. Fitch rates more than 6000 banks/financial
institutions, including some 3100 banks 2400 insurance
companies. Fitch currently rates over 1,600 corporate issuers,
100 sovereigns, and 150 sub-sovereigns and maintains
surveillance on over 93,000 U.S. municipal transactions. Fitch
India at present has four rating offices located at Mumbai,
Delhi, Chennai and Kolkata.
Established in 1991, ICRA, an associate of Moody’s, is one of
the leading credit rating agencies in India providing a wide
range of products and services. ICRA’s in-depth knowledge of
several sectors has enabled it to develop a comprehensive
range of products that address the varied requirements of
various sectors.
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