BWI: Ratnakar Bank's inaugural Certificate of Deposits (COD) Programme gets assigned [ICRA] A1+ highest short-term rating

Press release from Business Wire India
Source: Ratnakar Bank
Tuesday, July 19, 2011 01:42 PM IST (08:12 AM GMT)
Editors: General: Consumer interest, Economy; Business: Banking & financial services, Business services, Financial Analyst, Retailers
--------------------------------------------------
Ratnakar Bank's inaugural Certificate of Deposits (COD) Programme gets assigned [ICRA] A1+ highest short-term rating


Mumbai, Maharashtra, India, Tuesday, July 19, 2011 -- (Business Wire India) -- Ratnakar Bank today announced that ICRA Limited, an associate of Moody's Investor Service, has assigned a rating of [ICRA] A1+, its highest short-term rating, for the Rupees 375 crore Certificate of Deposits Programme of Ratnakar Bank. Commenting on the rating, Naresh Karia, Chief Financial Officer of Ratnakar Bank said, "Access to the institutional CD market is one of the several elements of a bank's resource-raising avenues. Achieving this highest short-term rating from ICRA Ltd. is a vindication of our efforts in building a high-quality banking franchise and will allow the bank to raise resources in a cost-effective manner."

About Ratnakar Bank

Ratnakar Bank is a scheduled commercial bank established in 1943, with registered office at Kolhapur and a rich business legacy in the region serving the trading, agri & manufacturing sectors through a network of 100 licensed branches spread across Maharashtra, Gujarat, Delhi, Karnataka & Goa. The Bank's leadership includes a highly experienced team with strong credentials - the Bank has recently concluded a very successful equity issue that would enable the Bank to invest in technology, people, process and infrastructure.


CONTACT DETAILS
'Madhulika Gupta, Repute Solutions, +91 (22) 26059019, madhulika.gupta@reputesolutions.com

KEYWORDS
CONSUMER, ECONOMY, BANKING, BUSINESS SERVICES, Financial Analyst, RETAIL

If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.

Submit your press release at http://www.businesswireindia.com