Rating Rationale
January 25, 2018 | Mumbai
CRISIL revises outlook on public sector banks to 'Stable' from 'Negative' 
Recapitalisation, peaking of asset quality issues, revival in credit growth to improve outlook 
 
CRISIL has revised its outlook on the long-term debt instruments (excluding Basel III Tier I) of 18 public sector banks (PSB) to 'Stable from 'Negative', while reaffirming their ratings.
 
The revision in outlook is primarily driven by government's PSB recapitalisation programme for this fiscal, which will improve the financial risk profile of these banks and also help them meet Basel III regulatory capital norms, and provide cushion against expected rise in provisioning for non-performing assets (NPAs).
 
The ratings on Basel III Tier I bonds of nine PSBs have also been reaffirmed, and the outlook has been retained as 'Negative'. CRISIL is evaluating the flexibility with banks to set off any accumulated losses with the bank's balance in share premium account and its implication on the availability of eligible reserves to service AT1 coupon payments. We will revisit our ratings on AT1 instruments once there is clarity.
 
On October 24, 2017 after the government announced its Rs 2.11 lakh crore recapitalisation plan, CRISIL had said that it was credit positive for public sector banks and when details of the capital infusion for individual PSBs are announced, it will consider those and take appropriate rating action.
 
On Wednesday, the government announced details of bank-wise infusion of ~Rs 88,000 crore capital this fiscal.
 
CRISIL has assessed the impact of this and believes with expected capital infusion from government, PSBs are now adequately placed to meet Basel III capital norms and are also better prepared to absorb the hit from provisioning on stressed assets and also on account of migration to Ind AS (Indian Accounting Standards).
 
The government has also outlined its banking reforms agenda. The strengthening of prudent lending practices through responsible banking - that is, banking based on core strengths, sharper pre- and post-disbursal monitoring for large exposures, and improving NPA resolution mechanisms (including separate asset management verticals), will structurally improve credit culture at PSBs.
 
Says Krishnan Sitaraman, Senior Director, CRISIL Ratings, 'The recapitalisation plan while emphasising government's support, also persuades public sector banks to up the ante on responsible banking. The upshot of more accountability, governance and efficiencies is a structurally stronger banking system and improved investor sentiment towards them'.
 
Asset quality issues are peaking for banks with incremental slippages to NPAs expected to taper in fiscal 2018 and 2019 as credit health of corporate borrowers' are improving. However, the resolution of large corporate stressed accounts under the Insolvency and Bankruptcy Code and the potential haircuts thereof are expected to increase the provisioning burden of PSBs and impact their earnings profile and capital position in the near term.
 
CRISIL will continue to monitor the performance of PSBs - their asset quality and profitability performance, and the capital support from the government in future and will appropriately factor in the same in the ratings of these banks.
 
Annexure 1 : List of rating actions on PSBs
Bank Tier II Bonds (Under Basel II & Basel III)/ Infrastructure Bonds Hybrid Instruments  (Under Basel II) Fixed Deposits Tier I Bonds (Under Basel III) Certificate of Deposits
Allahabad Bank CRISIL AA-/Stable (Outlook revised from Negative) CRISIL A+/Stable (Outlook revised from Negative)      
Andhra Bank CRISIL AA+/Stable (Outlook revised from Negative) CRISIL AA/Stable (Outlook revised from Negative)   CRISIL AA-/Negative (Reaffirmed)  
Bank of Baroda CRISIL AAA/Stable (Outlook revised from Negative) CRISIL AAA/Stable (Outlook revised from Negative)   CRISIL AA+/Negative (Reaffirmed)  
Bank of India CRISIL AA+/Stable (Outlook revised from Negative) CRISIL AA+/Stable (Outlook revised from Negative)   CRISIL A+/Negative (Reaffirmed) CRISIL A1+ (Reaffirmed)
Bank of Maharashtra CRISIL A+/Stable (Outlook revised from Negative) CRISIL A/Stable (Outlook revised from Negative)   CRISIL BBB+/Negative (Reaffirmed) CRISIL A1+ (Reaffirmed)
Canara Bank CRISIL AAA/Stable (Outlook revised from Negative) CRISIL AAA/Stable (Outlook revised from Negative)   CRISIL AA/Negative (Reaffirmed) CRISIL A1+ (Reaffirmed)
Central Bank of India CRISIL A+/Stable (Outlook revised from Negative) CRISIL A/Stable (Outlook revised from Negative)      
Corporation Bank CRISIL AA-/Stable (Outlook revised from Negative) CRISIL A+/Stable (Outlook revised from Negative) FAA+/Stable (Outlook revised from Negative) CRISIL A-/Negative (Reaffirmed)  
Dena Bank CRISIL AA-/Stable (Outlook revised from Negative) CRISIL A+/Stable (Outlook revised from Negative)   CRISIL A-/Negative (Reaffirmed) CRISIL A1+ (Reaffirmed)
IDBI Bank Ltd. CRISIL A+/Stable (Outlook revised from Negative) CRISIL A/Stable (Outlook revised from Negative) FAA/Stable (Outlook revised from Negative) CRISIL BBB+/Negative (Reaffirmed) CRISIL A1+ (Reaffirmed)
Indian Overseas Bank CRISIL A+/Stable (Outlook revised from Negative) CRISIL A-/Stable (Outlook revised from Negative) FAA/Stable (Outlook revised from Negative)   CRISIL A1+ (Reaffirmed)
Oriental Bank of Commerce     FAA+/Stable (Outlook revised from Negative)   CRISIL A1+ (Reaffirmed)
Punjab & Sind Bank CRISIL AA/Stable (Outlook revised from Negative)        
Punjab National Bank CRISIL AAA/Stable (Outlook revised from Negative) CRISIL AAA/Stable (Outlook revised from Negative)   CRISIL AA/Negative (Reaffirmed)  
Syndicate Bank CRISIL AA/Stable (Outlook revised from Negative) CRISIL AA/Stable (Outlook revised from Negative)      
UCO Bank CRISIL A+/Stable (Outlook revised from Negative) CRISIL A/Stable (Outlook revised from Negative)     CRISIL A1+ (Reaffirmed)
Union Bank of India CRISIL AA+/Stable (Outlook revised from Negative) CRISIL AA+/Stable (Outlook revised from Negative)      
United Bank of India CRISIL AA-/Stable (Outlook revised from Negative) CRISIL A/Stable (Outlook revised from Negative)   CRISIL BBB+/Negative (Reaffirmed) CRISIL A1+ (Reaffirmed)

Bank of Baroda
Rating outlook revised to 'Stable' ; ratings reaffirmed
 
Rating Action
Tier-II Bond Issue (Under Basel III) Aggregating Rs.2000 Crore   CRISIL AAA/Stable (Outlook revised from 'Negative'; Rating reaffirmed)
Lower Tier II Bonds (Under Basel II) Aggregating Rs.500 Crore  CRISIL AAA/Stable (Outlook revised from 'Negative'; Rating reaffirmed)
Tier I Perpetual Bonds (Under Basel II) Aggregating Rs.2150 Crore   CRISIL AAA/Stable (Outlook revised from 'Negative'; Rating reaffirmed)
Upper Tier II Bonds (Under Basel II) Aggregating Rs.5000 Crore  CRISIL AAA/Stable (Outlook revised from 'Negative'; Rating reaffirmed)
Rs.3000 Crore Tier I Bonds (Under Basel III)  CRISIL AA+/Negative (Reaffirmed)
1 crore = 10 million
Refer to annexure for Details of Instruments & Bank Facilities
Detailed Rationale

CRISIL has revised its outlook on the Tier II Bonds (under Basel III), Lower Tier-II bonds (under Basel II), Tier-I Perpetual Bonds (under Basel II) and Upper Tier II Bonds (under Basel II) of Bank of Baroda (BoB) to 'Stable' from 'Negative', while reaffirming the ratings at 'CRISIL AAA'. The rating on the Tier I bonds (under Basel III) has been reaffirmed at 'CRISIL AA+/Negative'
 
The revision in the outlook on Tier II bonds (under Basel III), Lower Tier bonds II (under Basel II), Tier I Perpetual Bonds (under Basel II) and Upper Tier II Bonds (under Basel II) is primarily driven by government's recapitalisation plans for public sector banks including BoB in the current fiscal. CRISIL believes that this will improve the financial risk profile of the bank, help in meeting Basel III regulatory capital norms, and provide a cushion against expected rise in provisioning for non-performing assets (NPAs). Additionally, CRISIL believes that asset quality issues are peaking with incremental slippages to NPAs expected to taper in fiscal 2018 and 2019. This coupled with likely revival of credit growth in medium term will support BoB's performance.
 
The ratings continue to factor in the expectation for strong support from majority owner, Government of India, established franchise and strong market position in the Indian banking sector, adequate capitalisation and resource profile. The ratings also factor the stress on BoB's asset quality especially in the corporate portfolio and therefore increase in provisions would continue to impact profitability over medium term. The bank's gross NPA ratio was high at 11.16% as on September, 2017 (10.46% as on March 31, 2017). Also, profitability is modest with the bank reporting an annualized return on assets (RoA) of 0.16% for a period ended September 2017 (0.20% for fiscal 2017 and 0.29% for H1 fiscal 2017). However, the proposed capital infusion of Rs 5,375 crore in current fiscal under the PSB recapitalisation plan will help absorb increase in provisioning burden and meet regulatory requirements.

Analytical Approach

The ratings on BoB's debt instruments continue to factor in the strong support expected from its majority owner, the Government of India (GoI:  59.24% shareholding as on September 30, 2017).

Key Rating Drivers & Detailed Description
Strengths
* Strong expectation of support from government of India (GoI)
 The rating continues to factor in an expectation of strong government support, both on an ongoing basis and in the event of distress. This is because GoI is both the majority shareholder in public sector banks (PSBs) and the guardian of India's financial system. The stability of the banking sector is of prime importance to GoI, given the criticality of the sector to the economy, the strong public perception of sovereign backing for PSBs, and the severe implications of any PSB failure in terms of political fallout, systemic stability, and investor confidence in public sector institutions. CRISIL believes that the majority ownership creates a moral obligation on GoI to support the PSBs, including BoB. As part of the 'Indradhanush' framework, government has pledged to infuse at least Rs 70,000 crore in PSBs during fiscals 2015-19, of which Rs 25,000 crore each was infused in fiscals 2016 and 2017. Further, in October 2017, the government had outlined recapitalisation package of Rs 2.11 lakh crores over fiscals 2018 and 2019, out of which PSBs will receive Rs 88,139 crore from the government in fiscal 2018. BoB has been allocated Rs 5375 crore out of this for the current fiscal.
 
* Established franchise and strong market position in the Indian banking sector
BoB is among India's five largest banks by asset size, with assets of Rs. 676,916 crore as on September 30, 2017 (Rs. 694,875 crore as on March 31, 2017 and Rs 661,996 crore as on September 30, 2016) and formed 5.5% of system's assets end March 31, 2017. The bank had a share of around 5.7% and around 5.0% in the industry's deposits and advances, respectively, as on March 31, 2017. It is one of the most geographically well-diversified PSBs with international presence spanning 106 offices across 23 countries and bank's international business contributing to 25% of the total business as on September 30, 2017 down from 29.3% as on September 30, 2016. The domestic presence remains strong with 5,451 branches and 10,136 ATMs and cash recyclers supported by self-service channels. The loan book declined by 10% in fiscal 2016, remained flat in fiscal 2017. The book grew by 9.4% Y-o-Y, of which the domestic advances (72.4% of total net advances) grew by 13.8% Y-o-Y while the international advances remained almost flat Y-o-Y.as on September 30, 2017. Hence CRISIL believes that BoB will maintain its strong market position over the medium term.
 
* Adequate capitalisation
BoB remains adequately capitalised with Tier-I and total capital adequacy ratios (under Basel III) of 9.61% and 11.64% respectively as on September 30, 2017 (9.93% and 12.24% respectively as on March 31, 2017 and 10.59% and 12.94% respectively as on September 30, 2016). The GoI's ownership, at 59.24% as on September 30, 2017 provides moderate flexibility to raise equity capital by diluting GoI's stake over the medium term. However, owing to high net non-performing assets (NPAs) the networth coverage for NPA stood at 2.09 times as on September 30, 2017 (2.2 times as on March 31, 2017 and 2.1 times as on September 30, 2016). Despite this, CRISIL believes that BoB will be able to maintain adequate capitalisation over the medium term, backed by capital support from GoI.
 
* Adequate resource profile
BoB has a large, stable, and diversified resource profile. The bank had a large deposit base of Rs. 583,212 crore as on September 30, 2017 (Rs 601,675 crore as on March 31, 2017 and Rs.567,531 crore as on September 30, 2016). Owing to strong international presence, the bank generates 23.3% of its deposits from overseas that adequately supports the bank's resource profile. Overall, the share of bank's current and savings account (CASA) ratio remains adequate at 39.22% as a percentage of domestic deposits as on September 30, 2017 (39.4% as on March 31, 2017 and 34.2% as on September 30, 2016) and 33.4% as a proportion of total deposits on the same date. While the rise in the CASA deposits in fiscal 2017 was primarily due to demonetization-related inflows, the CASA ratio remains adequate even adjusted for the same.  With the high share of CASA, the annualized cost of deposits for fiscal 2017 reduced to 4.54% as on September 30, 2017 from 4.79% for the corresponding period last year. CRISIL believes BoB will maintain an adequate resource profile over the medium term, given its well-spread branch network, diversified investor base, and access to international deposits.
 
Weaknesses
* Modest asset quality   
BoB's asset quality remains modest with gross NPAs at 11.16% as on September 30, 2017 (10.46% as on March 31, 2017 and 11.35% as on September 30, 2016). The increase in the gross NPA ratio over the past two years has been partly driven by the loan book contraction. Slippages ratio frr half year ending September 2017 (annualized; as a percentage of net opening advances) stood at 4.2%. Absolute slippages are expected to remain close to fiscal 2017 levels in the current year as well. The ability of BoB to stabilize and improve asset quality through containing further slippages and effecting recoveries on a sustainable basis remains a key rating monitorable.
 
 
* Modest profitability for the rating category
BoB profitability has also been impacted by the pressure on asset quality and remains modest for its rating category with annualized RoA (on average total assets) of 0.16% for half year ending September 2017 (0.20% as on March 31, 2017 and 0.29% as on September 30, 2016). However, it has improved from -0.78% RoA for fiscal 2016. The improvement has been driven by improved margins, as well as by lower provisioning costs. The CRISIL adjusted annualized net interest margin (on average total assets) for quarter ending September 30, 2017 stood at 2.1% compared to 2.0% for the corresponding period previous year. The bank has been taking steps to improve profitability, such as focus on higher margin business and client profitability, and growing fee-based income; however, some of these measures could yield results only over a longer period. The ability to sustain and improve profitability hereon would remain a monitorable.

Perpetual Bonds (under Basel II) and Upper Tier II Bonds (under Basel II)
CRISIL believes that BoB will continue to benefit from strong support from GoI, especially given the recent recapitalisation announcement. The bank's asset quality and earnings profile are however, expected to remain modest over the medium term.
 
Downside Scenario
* Further significant deterioration in its asset quality or earnings profile 
 
Outlook: Negative on the Tier-I Bonds (under Basel III)
CRISIL believes that the expected stress in BoB's asset quality over the medium term could impact the bank's eligible reserves position.
 
Downside Scenario
* The rating may be downgraded in case of significant deterioration in eligible reserves position. The rating may also be downgraded if there is further significant deterioration in its asset quality or earnings profile. 
 
Upside Scenario
* CRISIL is evaluating the flexibility with banks to set off any accumulated losses with the bank's balance in share premium account. Clarity on the same is likely to have positive implication on the availability of eligible reserves to service Basel III Tier-I coupon payments and thereby the rating on the instruments.
About the Bank

Incorporated in 1908 as a privately owned institution headquartered in Vadodara, BoB expanded its operations through mergers and acquisitions before being nationalized in 1969. GoI's shareholding in BoB was at 59.24% as on September 30, 2017. BoB is among the five largest banks in India. It had a domestic network of 5,451 branches, with around 62% of its branches in the semi-urban and rural areas, as on September 30, 2017. It has the second-largest international presence among Indian banks, with 106 overseas offices across 23 countries.
 
In fiscal 2017, the bank recorded a profit of Rs 1,383 crore on total income (net of interest expenses) of Rs 20,271 crore as against a loss of Rs 5,396 crore on a total income (net of interest expenses) of Rs 17,739 crore in the previous fiscal.
 
For half year ending September 30, 2017, the bank reported a net profit of Rs 559 crore on total income (net of interest expenses) of Rs 10,414 crore as against net profit of Rs 976 crore on total income (net of interest expenses) of Rs 9,804 crore for the corresponding period last year.

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 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 notches down the rating on these instruments from the bank's corporate credit rating. The rating on BoB's Tier-I bonds (under Basel III) has, therefore, been lowered by one notch from its corporate credit rating with Negative outlook to 'CRISIL AA+/Negative, in line with CRISIL's criteria (refer to 'CRISIL's 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 losses or low profits; 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 the 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 Reserve Bank of India (RBI). CRISIL believes that 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 losses. Hence, the transition from one rating category to another may be significantly sharper for these instruments than in the case of Lower Tier-II bonds; this is because debt servicing on hybrid instruments is far more sensitive to the bank's overall capital adequacy levels and profitability.
 
Key Financial Indicators
As on / for the period ended March 31   2017 2016
Total Assets Rs crore 694,875  671,376 
Total income (net of interest expenses) Rs crore 20,271  17,739 
Profit after tax Rs crore 1,383  (5,396) 
Gross NPA % 10.46   9.99 
Overall capital adequacy ratio (for Banks) % 12.24   13.17 
Return on assets % 0.20  -0.78 

As on / for the half year ended September 30   2017 2016
Total Assets Rs crore 676916  661996
Total income (net of interest expenses) Rs crore 10414 9804
Profit after tax Rs crore 559 976
Gross NPA % 11.16  11.35 
Overall capital adequacy ratio (for Banks) % 11.64 12.94
Return on assets (annualized) % 0.16 0.29 

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL complexity levels are assigned to various types of financial instruments. The CRISIL complexity levels are available on www.crisil.com/complexity-levels. Users are advised to refer to the CRISIL complexity levels for instruments that they consider for investment. Users may also call the Customer Service Helpdesk with queries on specific instruments.
Annexure - Details of Instrument(s)
ISIN Instrument Date of Allotment Coupon rate Maturity Date Amount 
(Rs crore)		 Rating assigned with Outlook
NA  Basel III Additional Tier I Bond^ NA NA NA 1650 CRISIL AA+/Negative
INE028A08109 Basel III Additional Tier I Bond 01-Aug-2017 8.60% Perpetual
(Call option date 1stAugust, 2022)		 500 CRISIL AA+ /Negative
INE028A08117 Basel III Additional Tier I Bond 11-Aug-2017 8.65% Perpetual
(Call option date 11thAugust, 2022)		 850 CRISIL AA+ /Negative
INE028A08042 Tier-II Bond Issue 1- Nov-13 9.80% 1-Nov-23 1,000 CRISIL AAA/Stable
INE028A08059 Tier-II Bond Issue 17-Dec-13 9.73% 17-Dec-23 1,000 CRISIL AAA/Stable
INE028A09115 Upper Tier II Bonds 8-Jun-09 8.38% 8th June 2024 (Call option date 8th June 2019) 500.0 CRISIL AAA/Stable
INE028A09123 Upper Tier II Bonds 8-Jul-09 8.54% 8-Jul-24 500.0 CRISIL AAA/Stable
INE028A09156 Upper Tier II Bonds 31-May-10 8.48% 31-May-25 (Call option date 31st May 2020) 500.0 CRISIL AAA/Stable
INE028A09164 Upper Tier II Bonds 30-Jun-10 8.48% 30th June 2025  (Call option date 30th June 2020) 500.0 CRISIL AAA/Stable
INE028A09172 Upper Tier II Bonds 10-Aug-10 8.52% 10th Aug 2025 (Call option date 10th Aug 2020) 500.0 CRISIL AAA/Stable
INE028A09065* Upper Tier II Bonds 28-Dec-07 9.30% Call option date 28.12.2017 500.0 CRISIL AAA/Stable
INE028A09073* Upper Tier II Bonds 4-Jan-08 9.30% Call option date 04.01.2018 1,000 CRISIL AAA/Stable
INE028A09099 Upper Tier II Bonds 4-Mar-09 9.15% 4th March 2024 (Call option date on 4th March 2019) 1,000 CRISIL AAA/Stable
INE028A09081 Tier I Perpetual Bonds 30-Jan-09 8.90% Perpetual (Call option date  30th January 2019 ) 300.2 CRISIL AAA/Stable
INE028A09131 Tier I Perpetual Bonds 9-Oct-09 9.20% Perpetual (Call option date  9th October 2019 ) 300.0 CRISIL AAA/Stable
INE028A09149 Tier I Perpetual Bonds 23-Nov-09 9.15% Perpetual (Call option date 23rd November 2019) 600.0 CRISIL AAA/Stable
INE028A09180 Tier I Perpetual Bonds 27-Aug-10 9.05% Perpetual (Call option date 27th August 2020) 711.5 CRISIL AAA/Stable
NA Tier I Perpetual Bonds ^ NA NA NA 238.3 CRISIL AAA/Stable
INE028A09107
 		 Lower Tier II Bonds 12-Mar-09 8.95% 12-Apr-18 500 CRISIL AAA/Stable
^rated but unutilized
* Rated, utilized and redeemed. We are awaiting independent confirmation of redemption before withdrawing ratings on these facilities

Annexure - Rating History for last 3 Years
  Current 2018 (History) 2017  2016  2015  Start of 2015
Instrument Type Quantum Rating Date Rating Date Rating Date Rating Date Rating Rating
Lower Tier-II Bonds (under Basel II)  LT  500  CRISIL AAA/Stable    No Rating Change    No Rating Change  10-03-16  CRISIL AAA/Negative    No Rating Change  CRISIL AAA/Stable 
Perpetual Tier-I Bonds (under Basel II)  LT  2150  CRISIL AAA/Stable    No Rating Change    No Rating Change  10-03-16  CRISIL AAA/Negative    No Rating Change  CRISIL AAA/Stable 
Tier I Bonds (Under Basel III)  LT  3000  CRISIL AA+/Negative    No Rating Change  21-07-17  CRISIL AA+/Negative    --    --  -- 
Tier II Bonds (Under Basel III)  LT  2000  CRISIL AAA/Stable    No Rating Change    No Rating Change  10-03-16  CRISIL AAA/Negative    No Rating Change  CRISIL AAA/Stable 
Upper Tier-II Bonds (under Basel II)  LT  5000  CRISIL AAA/Stable    No Rating Change    No Rating Change  10-03-16  CRISIL AAA/Negative  10-02-15  No Rating Change  CRISIL AAA/Stable 
Table reflects instances where rating is changed or freshly assigned. 'No Rating Change' implies that there was no rating change under the release.
Links to related criteria
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating Criteria for Banks and Financial Institutions
Criteria for Notching up Stand Alone Ratings of Entities Based on Government Support
Rating Criteria for Hybrid Capital Instruments Issued by Banks Under Basel II Guidelines
Rating criteria for Basel III - compliant non-equity capital instruments

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