Bengaluru (Karnataka) [India]: The Reserve Bank of India (RBI) has permitted banks to use the ratings of Brickwork Ratings India Private Limited (BWR) for risk-weighting their claims for capital adequacy purposes, according to a statement released by the RBI on July 10, 2024.
In April 2024, after complying with the necessary regulatory requirements, BWR was permitted by the Securities and Exchange Board of India (SEBI) to resume normal business operations, including onboarding new clients. Since then, BWR has diversified and broadened its Board of Directors with additional Independent Directors with expertise in banking, ratings, law, information technology, and corporate business. The Board’s Independent Directors now include Santosh B Nayar, M R Hegde, Prof. S Sadagopan, T Y Prabhu, Chandru Badrinarayanan and Sudha Ravi.
Santosh B Nayar, Chairman of the BWR Board, commented, “RBI’s decision supports BWR’s continued commitment to maintaining high regulatory compliance standards and delivering excellence in credit rating services. Every Board member of Brickwork brings unique expertise to the table, and is committed to ensuring and enhancing the integrity of credit rating services and safeguarding investor interests.”