ICRA ESG Ratings Gives First Rating to InCred Financial Services
Representative photo: Twitter
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 formerly known as Pragati Development Consulting Services Limited (PDCSL).
“InCred Financial Services Limited, a Non-Banking Financial Company (NBFC) focused on personal loans, education loans and business loans, has been assigned a rating of (ICRA ESG) Impact 57, Moderate,” ICRA ESG Ratings Limited (ICRA ESG), a wholly owned subsidiary of ICRA, said in a press release.
It was further stated that the ESG ratings assigned by ICRA help investors assess the non-financial risks and opportunities associated with entities and help them make better investment decisions. This paves the way for a more sustainable and responsible investment landscape.
These assessments also help the rated entity better understand and diagnose its ESG impacts so that it can plan and implement its future sustainability actions, the company added.
Commenting on the development, Ramnath Krishnan, MD and Group CEO, ICRA Limited, said that the introduction of ESG ratings in India will serve as a catalyst for positive change and promote a more inclusive and environmentally conscious business environment.
“This advancement takes ICRA Group to the select ranks of Indian entities providing holistic risk monitoring solutions, including ESG assessments and scores. It marks a pivotal step in our commitment to promoting sustainable development and responsible investing,” he said.
ICRA ESG provides Impact, Transition and Combined ratings to entities in accordance with the regulatory framework prescribed by SEBI, on a rating scale of 0 to 100.
The ESG Impact Rating reflects the status of an rated entity’s ESG profile in terms of the impact of its business activities on the environment and society, against the background of its governance practices.
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First publication: Sep 15, 2024 | 4:31 PM IST