Govt announces revision in guidelines of the performance in Credit Rating Scheme

25 May 2016 Evaluate

Aiming to increase the credibility and effectiveness of the performance in Credit Rating Scheme for both borrowers and banks, the government has approved the revision in guidelines of the Performance in Credit Rating Scheme being implemented by Ministry of MSME through National Small Industries Corporation (NSIC).

Under the revised guidelines, the fee to be paid to the rating agencies shall be based on the turnover of the micro and small enterprises which has been categorised into three slabs. For turnover up to Rs 50 lakh, the fee to be reimbursed by the MSME Ministry will constitute 75 percent of the fee charged by the rating agency subject to a ceiling Rs 15,000. For turnover between Rs 50 lakh and 2 crore, the fee to be reimbursed will be 75 percent of the fee charged by the rating agency subject to a ceiling of Rs 30,000. Similarly, for micro and small enterprises having turnover above Rs 2 crore, the fee to be reimbursed will be 75 percent of the fee charged by the rating agency subject to a ceiling of Rs 40,000.

Besides, only rating agencies registered by SEBI and empanelled as External Credit Assessment Institution (ECAI) by RBI would be eligible to carry out rating of MSEs under the Scheme. The MSME Ministry has further said that the eligible rating agency should apply to receive subsidy under the PCR Scheme on the portal of NSIC. Approval for eligible rating agencies should be given within one month.

The government had earlier sought comments from stakeholders on the recommendations of the Committee set up by MSME Ministry for revision in the guidelines of Performance in Credit Rating Scheme to make it more useful for lenders and Micro & Small Enterprises and increase its effectiveness.

Performance & Credit Rating Scheme was formulated in consultation with Industry Associations, Indian Banks’ Association (IBA) and Rating Agencies, with the objective of creating awareness amongst Small Scale Units. The main objective of the scheme is to provide a trusted third party opinion on the capabilities and creditworthiness of the Micro & Small Enterprises (MSEs) so as to create awareness amongst MSEs about the strengths and weakness of their existing operations.

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