Rating Rationale
August 25, 2022 | Mumbai
 
State Bank of India
'CRISIL AA+/Stable' assigned to Tier I Bonds (Under Basel III); Lower Tier-II Bonds (under Basel II) & Upper Tier-II Bonds (under Basel II) Withdrawn
 
Rating Action
Rs.7000 Crore Tier I Bonds (Under Basel III) CRISIL AA+/Stable (Assigned)
Rs.500 Crore Lower Tier-II Bonds (under Basel II) CRISIL AAA/Stable (Withdrawn)
Fixed Deposits CRISIL AAA/Stable (Reaffirmed)
Rs.500 Crore Upper Tier-II Bonds (under Basel II) CRISIL AAA/Stable (Withdrawn)
Tier I Bonds (Under Basel III) Aggregating Rs.34709.7 Crore CRISIL AA+/Stable (Reaffirmed)
Tier II Bonds (Under Basel III) Aggregating Rs.32524 Crore CRISIL AAA/Stable (Reaffirmed)
Tier I Bonds (Under Basel III) Aggregating Rs.5290.3 Crore CRISIL AA+/Stable (Withdrawn)
Tier II Bonds (Under Basel III) Aggregating Rs.4571 Crore CRISIL AAA/Stable (Withdrawn)
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities

 

Detailed Rationale

CRISIL Ratings has assigned its ‘CRISIL AA+/Stable’ rating to the Rs 7,000 crore Tier-I bonds (under Basel III) of State Bank of India (SBI; part of the SBI group) and has reaffirmed its 'CRISIL AAA/CRISIL AA+/Stable' ratings on the other debt instruments. Further, CRISIL Ratings has withdrawn its ratings on the Rs 5,290.3 crore Tier-I bonds (Basel III), Rs 4,571 crore on Tier II bonds (under Basel III), Rs 500 crore Lower tier II bonds (under Basel II) and Rs 500 crore on Upper tier II bonds (under Basel II), in line with its withdrawal policy. (See 'Annexure - Details of Rating Witdhrawn' for details)

 

The ratings continue to centrally factor in the SBI group’s dominant market position in the Indian banking industry, strong resource profile and adequate capitalisation. The ratings also factor in the continued strong support that the bank is likely to receive from its majority owner, Government of India (GoI), both on an ongoing basis and in the event of distress. These strengths are partially offset by the modest asset quality of the group.

 

Under the various schemes announced by the RBI dated January 1, 2019, February 11, 2020, August 6, 2020, and May 5, 2021, the bank had outstanding restructured portfolio of Rs 28,785 crore (0.99% of gross advances) as on June 30, 2022. The ability of the bank to manage collections and asset quality going forward will be a key monitorable.

Analytical Approach

CRISIL Ratings has combined the business and financial risk profiles of SBI and its subsidiaries, collectively referred to as the SBI group, as the subsidiaries are an integral part of SBI’s growth strategy. The ratings also factor in the strong support that the bank is expected to receive from GoI, both on an ongoing basis and in the event of distress.

 

Please refer Annexure - List of Entities Consolidated, which captures the list of entities considered and their analytical treatment of consolidation.

Key Rating Drivers & Detailed Description

Strengths:

Strong expectation of support from GoI

The ratings continue to factor in the strong support expected from GoI, both on an ongoing basis and in the event of distress, given that GoI is the majority shareholder in public sector banks (PSBs) and the guardian of India's financial system. Stability of the banking sector is of prime importance to GoI, considering its criticality to the economy, the strong public perception of sovereign backing for PSBs and the adverse implications of a PSB failure in terms of a political fallout, systemic stability and investor confidence. CRISIL Ratings believes the majority ownership creates a moral obligation on GoI to support PSBs, including SBI.

 

GoI through its Indradhanush framework, the recapitalization package and budget allocations has demonstrated its strong backing to PSBs. SBI had received Rs 8,800 crore in fiscal 2018 from GoI.

 

Dominant market position in the Indian banking industry

The SBI group is the largest player in the banking sector in India, with market share of over 24% in deposits and 25%of advances as on March 31, 2022. On consolidated basis, SBI had net advances and deposits of Rs 2,876,456 crore and Rs 4,081,310 crore, respectively, as on June 30, 2022 (Rs 2,794,076 crore and Rs 4,087,411 crore, respectively, as on March 31, 2022). The group's robust brand, pan-India presence and wide reach in rural and semi-urban areas have resulted in diversified advances book and large and stable deposit base. In addition to its strong presence in corporate finance, the bank is a leader in the retail finance segment; it also offers other financial services such as investment banking and life insurance. The SBI group also has wide presence in overseas markets.

 

Strong resource profile

A large and diversified deposit base lends stability to the group’s resource profile, which is backed by a healthy proportion of low-cost current account and savings account (CASA) deposits. Low-cost CASA deposits have remained above 40% over the past few years and accounted for 45% of total deposits (excluding foreign deposits) as on June 30, 2022. The high proportion of CASA deposits helps the group to maintain its cost of deposits (CoD) at competitive level; CoD was 3.8% in 1QFY23.

 

Adequate capitalisation

SBI (standalone) had adequate capitalisation, indicated by tier-I and overall capital adequacy ratios (CAR; under Basel III) of 11.2% and 13.4%, respectively, as on June 30, 2022 (11.4% and 13.8%, respectively, as on March 31, 2022). The bank received equity infusion of Rs 5,681 crore and Rs 8,800 crore from GoI in fiscals 2017 and 2018, respectively. Furthermore, it raised equity capital of Rs 15,000 crore through qualified institutional placements (QIPs) in June 2017. It also has the flexibility to raise additional capital through stake sale in its subsidiaries. Capital position benefitted from proceeds of Rs 5,782 crore [pre-tax(consolidated)] in fiscal 2020 through stake sale in SBI Life Insurance Company Ltd (SBI Life) and SBI Cards and Payment Services Ltd. In fiscal 2021, the company earned Rs 1,367 crore through stake sale in SBI Life.

 

However, given its large scale of operations, the SBI group will need continued steady capital infusion to support growth and meet capital requirement as per Basel III guidelines. CRISIL Ratings believes GoI will continue to support SBI's capital requirement, considering its stature as India’s largest PSB. Also, GoI held 56.92% stake in the bank as on June 30, 2022, providing flexibility to the bank to raise capital by diluting GoI's stake.

 

Weakness:

Modest asset quality

Asset quality remained modest, though it has improved over the past couple of years, driven by higher recoveries and write-offs. SBI's standalone gross non-performing assets (GNPAs) stood at 3.90% as on June 30, 2022, compared with 3.97% and 4.98% as on March 31, 2022 and March 31, 2021. In the past, GNPAs were sizeable owing to pressure on asset quality primarily in the large and mid-corporate loan books; however, it is moderating. Slippages to NPAs stood at 1.38% annualised basis for the first quarter of fiscal 2023 (0.99% in fiscal 2022, and 1.18% in fiscal 2021).

 

Overall asset quality will likely remain modest over the medium term as the bank will continue to cater to customers of varying credit quality and to a variety of sectors.

Liquidity: Superior

The bank has a sizeable retail deposit base. Liquidity coverage ratio (consolidated) stood at 130% as on June 30, 2022. It also has access to systemic sources of funds, including the liquidity adjustment facility from the RBI, the call money market and the refinance limits from apex bodies such as National Housing Bank and National Bank for Agriculture and Rural Development.

 

ESG profile

CRISIL Ratings believes that SBI’s Environment, Social, and Governance (ESG) profile supports its already strong credit risk profile.

 

The ESG profile for financial sector entities typically factors in governance as a key differentiator between them. The sector has reasonable social impact because of its substantial employee and customer base and can play a key role in promoting financial inclusion. While the sector does not have a direct adverse environmental impact, the lending decisions may have a bearing on the environment.

 

SBI has an ongoing focus on strengthening various aspects of its ESG profile.

 

SBI’s key ESG highlights:

 

  • ESG related criteria are considered while making lending decisions wherein borrowers (above a certain ticket size) are assessed on the basis of their performance on various ESG parameters

 

  • SBI has partnered with international banks and funding agencies, which provide lines of credit, that the bank uses to fund projects with positive environmental and social impacts. The bank has put in place a Renewable Energy Policy and over Rs 30,000 crores has been sanctioned for renewable energy by the bank under this.

 

  • The bank aims to become carbon neutral by fiscal 2030. In this regard, it has proposed various initiatives to reduce its carbon impact, including planned investments in renewable energy projects, plantation of trees, organic farming and banning the use of single-use plastic on campus.

 

  • Of the total workforce, around 26% comprised of women as on March 31, 2021. Further, the bank has taken initiatives to promote gender equity within the organization.

 

  • Majority of the board members are independent directors, and none of them have tenure exceeding 10 years.  The bank also has a dedicated investor grievance redressal mechanism. The disclosures put out by the bank are extensive.

 

There is growing importance of ESG among investors and lenders. SBI’s commitment to ESG will play a key role in enhancing stakeholder confidence, given shareholding by foreign portfolio investors and access to both domestic and foreign capital markets.

Outlook: Stable

CRISIL Ratings believes the SBI group will maintain its dominant position in the financial services sector in India and strong resource profile over the medium term. Furthermore, GoI's ownership will ensure continued need-based support, given the bank’s significance to the domestic economy and financial system.

Rating Sensitivity Factors

Downward Factors

  • Material change in expectation of support from GoI
  • Significant and continuous increase in delinquencies (GNPAs crossing 10%), leading to decline in profitability

About the Group

SBI is the oldest and largest bank in India. As on June 30, 2022, GoI owned 57.57% of the bank’s equity capital. The SBI group offers a wide range of banking and non-banking products and services to its corporate and retail customers. It had 22,294 branches and 65,561 automated teller machines (ATMs) as on June 30, 2022. It has presence across the world. Through its non-banking subsidiaries and joint ventures, it offers a wide range of financial services, such as investment banking, credit cards, life insurance, general insurance, fund management, primary dealership, broking and factoring.

 

SBI, on a consolidated basis, reported profit of Rs 35,374 crore in fiscal 2022, as against Rs 22,405 crore in fiscal 2021. Profit stood at Rs 7325 crore for the first quarter of fiscal 2023, compared with profit of Rs 7380 crore for the corresponding period of the previous fiscal.

 

On standalone basis, SBI reported profit of Rs 31,676 crore in fiscal 2022, as against Rs 20,411 crore in fiscal 2021. Profit stood at Rs 6,068 crore for the first quarter of fiscal 2023 compared with Rs 6,504 crore for the corresponding period of the previous fiscal.

Key Financial Indicators (Consolidated)

As on/for the period ended March 31

Unit

2022

2021

Total assets

Rs crore

53,60,884

48,45,619

Total income (net of interest expenses)

Rs crore

2,50,779

2,29,328

Profit after tax

Rs crore

35,374

22,405

Gross NPAs

%

3.9

4.9

Overall capital adequacy ratio

%

14.0

13.97

Return on assets

%

0.7

0.5

Any other information:

The SBI group’s return on assets (RoA) stood at 0.54% and 0.61% in first quarter of fiscal 2023 and fiscal 2022 respectively (0.5% in fiscal 2021). Profitability has improved over the past two fiscals because of lower provision cost and proceeds from stake sale in subsidiaries. The group reported net interest margin (NIM) of 3.07% for first quarter of fiscal 2023 and 3.14% for fiscal 2022 (3.06% in fiscal 2021), higher than that of many other PSBs.

 

Note on tier I instruments (under Basel III)

The distinguishing features of non-equity tier I capital instruments (under Basel III) are the existence of coupon discretion at all times, high capital thresholds for likely coupon non-payment and principal write-down (on breach of a pre-specified trigger). These features increase the risk attributes of non-equity tier I instruments over those of tier II instruments under Basel III and capital instruments under Basel II. To factor in these risks, CRISIL Ratings notches down the rating on these instruments from the bank's corporate credit rating. The rating on SBI’s tier-I bonds (under Basel III) has, therefore, been lowered by one notch from its corporate credit rating to 'CRISIL AA+/Stable’, in line with CRISIL Ratings’ criteria (refer to 'CRISIL Ratings’ rating criteria for BASEL III compliant instruments of banks').

 

The factors that could trigger a default event for non-equity tier I capital instruments (under Basel III) resulting in non-payment of coupon are: i) the bank exercising coupon discretion; ii) inadequacy of eligible reserves to honour coupon payment if the bank reports loss or low profit; or iii) the bank breaching the minimum regulatory common equity tier-1 (CET I; including capital conservation buffer) ratio. Moreover, given the additional risk attributes, the rating transition for non-equity tier I capital instruments (under Basel III) can potentially be higher and faster than that for tier II instruments.

 

Note on tier-II instruments (under Basel III)

The distinguishing feature of tier II capital instruments under Basel II is the existence of the point of non-viability (PONV) trigger, the occurrence of which may result in loss of principal to investors, and hence, to default on the instrument by the issuer. According to the Basel III guidelines, the PONV trigger will be determined by the RBI. CRISIL Ratings believes the PONV trigger is a remote possibility in the Indian context, given the robust regulatory and supervisory framework and the systemic importance of the banking sector. The inherent risk associated with the PONV feature is adequately factored into the rating on the instrument.

 

Note on hybrid instruments (under Basel II)

Given that hybrid capital instruments (tier I perpetual bonds and upper tier II bonds under Basel II) have characteristics that set them apart from lower tier II bonds (under Basel II), the ratings on the two instruments may not necessarily be identical. The factors that could trigger a default event for hybrid instruments include: the bank breaching the regulatory minimum capital requirement, or the regulator's denial of permission to the bank to make payments of interest and principal if the bank reports loss. Hence, the transition from one rating category to another may be significantly sharper for these instruments than for lower tier II bonds as debt servicing on hybrid instruments is far more sensitive to the bank's overall capital adequacy and profitability.

Note on complexity levels of the rated instrument:
CRISIL Ratings` complexity levels are assigned to various types of financial instruments and are included (where applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.

CRISIL Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The complexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available.

For more details on the CRISIL Ratings` complexity levels please visit www.crisilratings.com. Users may also call the Customer Service Helpdesk with queries on specific instruments.

Annexure - Details of Instrument(s)

ISIN

Name of instrument

Date of allotment

Coupon rate (%)

Maturity date

Issue size (Rs.Crore)

Complexity level

Rating assigned with outlook

NA

Tier I bonds under Basel III*

NA

NA

NA

7000

Highly Complex

CRISIL AA+/Stable

INE062A08223

Tier I bonds under Basel III

22-Nov-19

8.5

Perpetual

3813.6

Highly Complex

CRISIL AA+/Stable

INE062A08215

Tier I bonds under Basel III

30-Aug-19

8.75

Perpetual

3104.8

Highly Complex

CRISIL AA+/Stable

INE062A08173

Tier I bonds under Basel III

4-Dec-18

9.56

Perpetual

4021

Highly Complex

CRISIL AA+/Stable

INE062A08181

Tier I bonds under Basel III

21-Dec-18

9.37

Perpetual

2045

Highly Complex

CRISIL AA+/Stable

INE062A08199

Tier I bonds under Basel III

22-Mar-19

9.45

Perpetual

1251.3

Highly Complex

CRISIL AA+/Stable

INE062A08249

Tier I bonds under Basel III

9-Sep-20

7.74

Perpetual

4000

Highly Complex

CRISIL AA+/Stable

INE062A08272

Tier I bonds under Basel III

24-Nov-20

7.73

Perpetual

2500

Highly Complex

CRISIL AA+/Stable

INE062A08280

Tier I bonds under Basel III

3-Sep-21

7.72

Perpetual

4000

Highly Complex

CRISIL AA+/Stable

INE062A08298

Tier I bonds under Basel III

18-Oct-21

7.72

Perpetual

6000

Highly Complex

CRISIL AA+/Stable

INE062A08306

Tier I bonds under Basel III

14-Dec-21

7.55

Perpetual

3974

Highly Complex

CRISIL AA+/Stable

INE649A09126

Tier II under Basel III

31-Mar-15

8.32

31-Mar-25

393

Complex

CRISIL AAA/Stable

INE062A08165

Tier II under Basel III

2-Nov-18

8.9

2-Nov-28

5000

Complex

CRISIL AAA/Stable

INE648A08013

Tier II under Basel III

20-Mar-15

8.3

20-Mar-25

200

Complex

CRISIL AAA/Stable

INE651A08033

Tier II under Basel III

17-Dec-14

8.55

17-Dec-24

500

Complex

CRISIL AAA/Stable

INE651A08041

Tier II under Basel III

31-Dec-15

8.4

31-Dec-25

300

Complex

CRISIL AAA/Stable

INE651A08058

Tier II under Basel III

18-Jan-16

8.45

18-Jan-26

200

Complex

CRISIL AAA/Stable

INE062A08207

Tier II under Basel III

28-Jun-19

7.99

28-Jun-29

5000

Complex

CRISIL AAA/Stable

INE062A08231

Tier II under Basel III

21-Aug-20

6.8

21-Aug-35

8931

Complex

CRISIL AAA/Stable

INE062A08256

Tier II under Basel III

21-Sep-20

6.24

21-Sep-30

7000

Complex

CRISIL AAA/Stable

INE062A08264

Tier II under Basel III

26-Oct-20

5.83

26-Oct-30

5000

Complex

CRISIL AAA/Stable

NA

Fixed deposit programme

NA

NA

NA

NA

Simple

CRISIL AAA/Stable

*Not yet issued

 

Annexure - Details of Rating Withdrawn

ISIN

Name of instrument

Date of allotment

Coupon rate (%)

Maturity date

Issue size

(Rs.Crore)

Complexity level

INE648A09078

Lower tier II bonds under Basel II

20-Mar-12

9.02

20-Mar-22

500

Complex

INE062A08157

Tier I bonds under Basel III

02-Aug-17

8.15

Perpetual

2000

Highly Complex

NA

Tier II under Basel III*

NA

NA

NA

4571

Complex

NA

Tier I bonds under Basel III*

NA

NA

NA

3290.3

Highly Complex

INE654A09175

Upper tier II bonds under Basel II

26-Mar-12

9.25

26-Mar-27

500

Highly Complex

*Not yet issued

Annexure – List of Entities Consolidated

Names of Entities Consolidated

Extent of Consolidation

Rationale for Consolidation

SBI Capital Markets Ltd

Full

Subsidiary

 SBICAP Securities Ltd

Full

Subsidiary

 SBICAP Trustee Company Ltd

Full

Subsidiary

 SBICAP Ventures Ltd

Full

Subsidiary

 SBICAP (Singapore) Ltd

Full

Subsidiary

 SBI DFHI Ltd

Proportionate

Subsidiary

 SBI Global Factors Ltd

Proportionate

Subsidiary

 SBI Infra Management Solutions Pvt Ltd

Full

Subsidiary

 SBI Mutual Fund Trustee Company Pvt Ltd

Full

Subsidiary

 SBI Payment Services Pvt Ltd

Proportionate

Subsidiary

 SBI Pension Funds Pvt Ltd

Proportionate

Subsidiary

 SBI Life Insurance Company Ltd

Proportionate

Subsidiary

 SBI General Insurance Company Ltd

Proportionate

Subsidiary

 SBI Cards and Payment Services Ltd

Proportionate

Subsidiary

 SBI-SG Global Securities Services Pvt Ltd

Proportionate

Subsidiary

 SBI Funds Management Pvt Ltd

Proportionate

Subsidiary

 SBI Funds Management (International) Pvt Ltd

Proportionate

Subsidiary

 Commercial Indo Bank Llc, Moscow

Proportionate

Subsidiary

 SBI Canada Bank

Full

Subsidiary

 State Bank of India (California)

Full

Subsidiary

 State Bank of India (UK) Ltd

Full

Subsidiary

 State Bank of India Servicos Limitada

Full

Subsidiary

 SBI (Mauritius) Ltd

Proportionate

Subsidiary

 PT Bank SBI Indonesia

Proportionate

Subsidiary

 Nepal SBI Bank Ltd

Proportionate

Subsidiary

 Nepal SBI Merchant Banking Ltd

Proportionate

Subsidiary

 C - Edge Technologies Ltd

Proportionate

Joint venture

 SBI Macquarie Infrastructure Management Pvt Ltd

Proportionate

Joint venture

 SBI Macquarie Infrastructure Trustee Pvt Ltd

Proportionate

Joint venture

 Macquarie SBI Infrastructure Management Pte Ltd

Proportionate

Joint venture

 Macquarie SBI Infrastructure Trustee Ltd

Proportionate

Joint venture

 Oman India Joint Investment Fund - Management Company Pvt Ltd

Proportionate

Joint venture

 Oman India Joint Investment Fund - Trustee Company Pvt Ltd

Proportionate

Joint venture

 Jio Payments Bank Ltd

Proportionate

Joint venture

Annexure - Rating History for last 3 Years
  Current 2022 (History) 2021  2020  2019  Start of 2019
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Certificate of Deposits ST   --   --   -- 03-11-20 Withdrawn 07-11-19 CRISIL A1+ CRISIL A1+
      --   --   -- 19-10-20 CRISIL A1+ 06-08-19 CRISIL A1+ --
      --   --   -- 11-09-20 CRISIL A1+ 14-06-19 CRISIL A1+ --
      --   --   -- 26-08-20 CRISIL A1+   -- --
      --   --   -- 11-08-20 CRISIL A1+   -- --
Fixed Deposits LT 0.0 CRISIL AAA/Stable 23-06-22 CRISIL AAA/Stable 03-12-21 F AAA/Stable 03-11-20 F AAA/Stable 07-11-19 F AAA/Stable F AAA/Stable
      -- 12-01-22 F AAA/Stable 01-10-21 F AAA/Stable 19-10-20 F AAA/Stable 06-08-19 F AAA/Stable --
      --   -- 25-08-21 F AAA/Stable 11-09-20 F AAA/Stable 14-06-19 F AAA/Stable --
      --   --   -- 26-08-20 F AAA/Stable   -- --
      --   --   -- 11-08-20 F AAA/Stable   -- --
Lower Tier-II Bonds (under Basel II) LT 500.0 Withdrawn 23-06-22 CRISIL AAA/Stable 03-12-21 CRISIL AAA/Stable 03-11-20 CRISIL AAA/Stable 07-11-19 CRISIL AAA/Stable CRISIL AAA/Stable
      -- 12-01-22 CRISIL AAA/Stable 01-10-21 CRISIL AAA/Stable 19-10-20 CRISIL AAA/Stable 06-08-19 CRISIL AAA/Stable --
      --   -- 25-08-21 CRISIL AAA/Stable 11-09-20 CRISIL AAA/Stable 14-06-19 CRISIL AAA/Stable --
      --   --   -- 26-08-20 CRISIL AAA/Stable   -- --
      --   --   -- 11-08-20 CRISIL AAA/Stable   -- --
Perpetual Tier-I Bonds (under Basel II) LT   --   --   -- 11-08-20 CRISIL AAA/Stable 07-11-19 CRISIL AAA/Stable CRISIL AAA/Stable
      --   --   --   -- 06-08-19 CRISIL AAA/Stable --
      --   --   --   -- 14-06-19 CRISIL AAA/Stable --
Tier I Bonds (Under Basel III) LT 41709.7 CRISIL AA+/Stable 23-06-22 CRISIL AA+/Stable 03-12-21 CRISIL AA+/Stable 03-11-20 CRISIL AA+/Stable 07-11-19 CRISIL AA+/Stable CRISIL AA+/Stable
      -- 12-01-22 CRISIL AA+/Stable 01-10-21 CRISIL AA+/Stable 19-10-20 CRISIL AA+/Stable 06-08-19 CRISIL AA+/Stable --
      --   -- 25-08-21 CRISIL AA+/Stable 11-09-20 CRISIL AA+/Stable 14-06-19 CRISIL AA+/Stable --
      --   --   -- 26-08-20 CRISIL AA+/Stable   -- --
      --   --   -- 11-08-20 CRISIL AA+/Stable   -- --
Tier II Bonds (Under Basel III) LT 32524.0 CRISIL AAA/Stable 23-06-22 CRISIL AAA/Stable 03-12-21 CRISIL AAA/Stable 03-11-20 CRISIL AAA/Stable 07-11-19 CRISIL AAA/Stable CRISIL AAA/Stable
      -- 12-01-22 CRISIL AAA/Stable 01-10-21 CRISIL AAA/Stable 19-10-20 CRISIL AAA/Stable 06-08-19 CRISIL AAA/Stable --
      --   -- 25-08-21 CRISIL AAA/Stable 11-09-20 CRISIL AAA/Stable 14-06-19 CRISIL AAA/Stable --
      --   --   -- 26-08-20 CRISIL AAA/Stable   -- --
      --   --   -- 11-08-20 CRISIL AAA/Stable   -- --
Tier-I Perpetual Bonds (under Basel II) LT   --   -- 25-08-21 Withdrawn 03-11-20 CRISIL AAA/Stable 07-11-19 CRISIL AAA/Stable CRISIL AAA/Stable
      --   --   -- 19-10-20 CRISIL AAA/Stable 06-08-19 CRISIL AAA/Stable --
      --   --   -- 11-09-20 CRISIL AAA/Stable 14-06-19 CRISIL AAA/Stable --
      --   --   -- 26-08-20 CRISIL AAA/Stable   -- --
      --   --   -- 11-08-20 CRISIL AAA/Stable   -- --
Upper Tier-II Bonds (under Basel II) LT 500.0 Withdrawn 23-06-22 CRISIL AAA/Stable 03-12-21 CRISIL AAA/Stable 03-11-20 CRISIL AAA/Stable 07-11-19 CRISIL AAA/Stable CRISIL AAA/Stable
      -- 12-01-22 CRISIL AAA/Stable 01-10-21 CRISIL AAA/Stable 19-10-20 CRISIL AAA/Stable 06-08-19 CRISIL AAA/Stable --
      --   -- 25-08-21 CRISIL AAA/Stable 11-09-20 CRISIL AAA/Stable 14-06-19 CRISIL AAA/Stable --
      --   --   -- 26-08-20 CRISIL AAA/Stable   -- --
      --   --   -- 11-08-20 CRISIL AAA/Stable   -- --
All amounts are in Rs.Cr.

  

Criteria Details
Links to related criteria
Rating Criteria for Banks and Financial Institutions
CRISILs criteria for rating fixed deposit programmes
Rating criteria for Basel III - compliant non-equity capital instruments
Rating Criteria for Hybrid Capital instruments issued by banks under Basel II guidelines
Criteria for Notching up Stand Alone Ratings of Entities Based on Government Support
CRISILs Criteria for Consolidation

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About CRISIL Ratings Limited (A subsidiary of CRISIL Limited, an S&P Global Company)

CRISIL Ratings pioneered the concept of credit rating in India in 1987. With a tradition of independence, analytical rigour and innovation, we set the standards in the credit rating business. We rate the entire range of debt instruments, such as bank loans, certificates of deposit, commercial paper, non-convertible/convertible/partially convertible bonds and debentures, perpetual bonds, bank hybrid capital instruments, asset-backed and mortgage-backed securities, partial guarantees and other structured debt instruments. We have rated over 33,000 large and mid-scale corporates and financial institutions. We have also instituted several innovations in India in the rating business, including ratings for municipal bonds, partially guaranteed instruments and infrastructure investment trusts (InvITs).
 
CRISIL Ratings Limited ('CRISIL Ratings') is a wholly-owned subsidiary of CRISIL Limited ('CRISIL'). CRISIL Ratings Limited is registered in India as a credit rating agency with the Securities and Exchange Board of India ("SEBI").
 
For more information, visit www.crisilratings.com 

 



About CRISIL Limited

CRISIL is a leading, agile and innovative global analytics company driven by its mission of making markets function better. 

It is India’s foremost provider of ratings, data, research, analytics and solutions with a strong track record of growth, culture of innovation, and global footprint.

It has delivered independent opinions, actionable insights, and efficient solutions to over 100,000 customers through businesses that operate from India, the US, the UK, Argentina, Poland, China, Hong Kong and Singapore.

It is majority owned by S&P Global Inc, a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide.

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This disclaimer is part of and applies to each credit rating report and/or credit rating rationale ('report') that is provided by CRISIL Ratings Limited ('CRISIL Ratings'). To avoid doubt, the term 'report' includes the information, ratings and other content forming part of the report. The report is intended for the jurisdiction of India only. This report does not constitute an offer of services. Without limiting the generality of the foregoing, nothing in the report is to be construed as CRISIL Ratings providing or intending to provide any services in jurisdictions where CRISIL Ratings does not have the necessary licenses and/or registration to carry out its business activities referred to above. Access or use of this report does not create a client relationship between CRISIL Ratings and the user.

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Rating criteria by CRISIL Ratings are generally available without charge to the public on the CRISIL Ratings public website, www.crisilratings.com. For latest rating information on any instrument of any company rated by CRISIL Ratings, you may contact the CRISIL Ratings desk at crisilratingdesk@crisil.com, or at (0091) 1800 267 1301.

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CRISIL Ratings uses the prefix 'PP-MLD' for the ratings of principal-protected market-linked debentures (PPMLD) with effect from November 1, 2011, to comply with the SEBI circular, "Guidelines for Issue and Listing of Structured Products/Market Linked Debentures". The revision in rating symbols for PPMLDs should not be construed as a change in the rating of the subject instrument. For details on CRISIL Ratings' use of 'PP-MLD' please refer to the notes to Rating scale for Debt Instruments and Structured Finance Instruments at the following link: https://www.crisil.com/en/home/our-businesses/ratings/credit-ratings-scale.html