CARE signs MoU with Corporation Bank

Kolkata, Jan 11 (UNI) Credit Analysis and Research Limited (CARE), a premier credit rating agency, today signed a Memorandum of Understanding (MoU) with Corporation Bank.

The MoU will enable Corporation Bank in ensuring compliance with the guidelines of the New Capital Adequacy Framework (Basel-II), announced by Reserve Bank of India, company sources said.

Under these guidelines, the capital requirement for a corporate exposure is based on the credit rating assigned by the recognized rating agencies such as CARE.

Promoted by Banks and Financial Institutions, CARE is engaged in providing credit rating, financial and advisory services to various entities in the corporate and financial sectors in India.

As per the MoU, Corporation Bank may advise its clients to approach CARE for getting their facilities with the Bank rated. The clients of the bank will benefit from the rating exercise at a discounted rate.

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