Bank of Baroda signs MoU with Care Ratings to assess SMEs’ credit quality
Indian Public sector bank, Bank of Baroda recently signed an MoU with Indian credit rating agency, Care Ratings. The pact aims to assess credit quality of the small and medium enterprises (SME) customers of the bank.
The rating agency is expected to evaluate the credit quality of the existing and potential SME customers of the bank. The creditworthiness of enterprises is provided on an eight-point scale by the ratings agency. This agreement will strengthen the process of loan-evaluation and help the SMEs in obtaining finance faster.