ICRA ESG Ratings Limited has assigned its first Environmental, Social and Governance (ESG) rating to InCred Financial Services, a non-banking financial company.
ICRA ESG received registration as a Category I ESG Rating Provider (ERP) from the Securities and Exchange Board of India (SEBI) earlier this fiscal year. ICRA ESG was earlier known as Pragati Development Consulting Services Limited (PDCSL).
“InCred Financial Services Limited, a Non-Banking Financial Company (NBFC) focused on personal loans, student loans and business loans, has been given a rating of [ICRA ESG] “Impact 57, moderate,” ICRA ESG Ratings Limited (ICRA ESG), a wholly-owned subsidiary of ICRA, said in a statement.
He further stated that ESG ratings assigned by ICRA help investors assess non-financial risks and opportunities associated with entities and facilitate better investment decisions, paving the way for a more sustainable and responsible investment landscape.
These ratings also help the rated entity to gain a better understanding and diagnosis of its ESG impact and, consequently, plan and execute its future sustainability actions, he added.
Commenting on the development, Ramnath Krishnan, MD & Group CEO, ICRA Limited, said that the adoption of ESG ratings in India will serve as a catalyst to drive positive change and promote a more inclusive and environmentally conscious business environment.
“This move elevates ICRA Group to a select group of Indian entities offering comprehensive risk monitoring solutions, including ESG ratings and scores. It marks a fundamental step in our commitment to promote sustainable development and responsible investment,” he said.
ICRA ESG provides Impact, Transition and Combined ratings to entities as per the regulatory framework prescribed by SEBI, on a rating scale ranging from 0 to 100.
The ESG Impact Rating reflects the status of a rated entity’s ESG profile in terms of the impact its business activities create on the environment and society in the context of its governance practices.
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First published: September 15, 2024 | 16:31 IS
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