CARE revises rating of Dhanlaxmi Bank

Credit Rating agency, CARE has revised Dhanlaxmi Bank’s rating on Upper Tier II Bonds worth Rs 27.50 crore from 'BB' to 'D'. There is no revision in ratings of other bonds of the Bank.

The revision in the rating assigned to the Upper Tier II Bond issue of Dhanlaxmi Bank is on account of non-payment of interest due to invocation of lock in clause following fall in Capital Adequacy Ratio (CAR) below regulatory requirement.

Dhanlaxmi Bank is engaged in providing banking services. It offers services in the treasury, corporate and wholesale banking, retail banking and other banking operations.