Syndicate Bank, ICRA sign MoU

Bangalore, Feb 8 (UNI) Public Sector Syndicate Bank today signed a Memorandum of Understanding (MoU) with ICRA Ltd, one of the leading credit rating agencies in the country.

The MoU was signed to utilise the services of the bank and ICRA to complement and support Small and Medium Enterprises (SME) sector by making available to them affordable, transparent, comprehensive and reliable rating services to enhance credit acceptance and other services and make use of independent and objective opinion offered by the rating agency for evaluating infrastructure, corporate and other loan exposures of Syndicate Bank.

The rating services provided by ICRA would be an independent third party assessment of the overall condition of SMEs and other borrowers, by taking into account financial position and risk factors of the entity, according to a bank release here.

ICRA would be extending concession in fee payable for cases referred to by the bank. The bank would have the comfort of an independent assessment of the client rating and market/industry outlook to enable faster credit decision making, the release said.

UNI