New Delhi: ICRA inks MoU with UCO Bank

New Delhi, May 30: Credit rating agency ICRA Ltd today signed a Memorandum of Understanding (MoU) with UCO Bank to assign ratings to Small Scale Industries (SSIs) and Small and Medium Enterprises (SMEs), borrowers of the bank.

As per the agreement, the company ratings would serve as an objective and scientific input in decision making for UCO bank, a statement said.

Morever, it will assist in risk pricing, serve as an input for setting collateral requirements for borrowers.

The UCO Bank's borrowers will able to obtain the company ratings at a relatively low cost. The rating will provide faster loan processing and obtaining competitive credit terms from UCO Bank.

These ratings will enable borrowers to convey their standing to their own customers, suppliers, collaborators and other stakeholders.

The SSI ratings will be carded out under the National Small Industries Corporation-ICRA (NSIC-ICRA) Performance and Credit Rating Scheme for SSIs.

Besides, the SME ratings will be assigned under the ICRA-SME Rating Scale.

To assist potential and existing SSIs and SMEs borrowers of UCO Bank in obtaining ratings, the company is offering special terms to borrowers covered by the MoU.

UNI