Brickwork Ratings, a Sebi-approved credit ratings agency, has signed an MoU with public sector lender Bank of India for certification of units in the MSME sector.
The MoU was signed yesterday by Brickwork Ratings Founder Director D Ravishankar and Rakesh Sethi, the General Manager of Bank of India, Mumbai.
Under the MoU, the bank would encourage its MSME customers to have a professional rating done by Brickwork Ratings.
"The bank feels it is an important step toward encouraging the sector to enhance its accounting practices and corporate governance and bring it in line with the best practices in the industry," a Brickwork Ratings statement said.
Vivek Kulkarni, the Founder Managing Director of Brickwork Ratings, said: "We have a strong focus on the MSME sector. We feel a professional rating helps the sector in getting its due recognition and hence, can act as a catalyst for growth."
Brickwork Ratings said it has a talented team that understands the sector, with offices in Mumbai, Delhi, Kolkata, Chennai, Hyderabad and Bangalore.
