Banking & Financial Services

The Banking & Financial Services Research provides comprehensive analysis of ICRA-rated banks, NBFCs, brokerages, and insurance companies. The research on banks covers small finance banks including detailed banking statistics. For NBFCs, the research encompasses affordable housing finance, microfinance institutions, infrastructure-focused NBFCs, as well as retail and commercial finance NBFCs, along with housing finance statistics.

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Regular Research

Special Comments

Date	Sector	Reports	Category	Price
05 May 2026	General Insurance	Tailwinds support growth in challenging environment	Thematic Report
30 Apr 2026	Housing Finance Companies	AUM surpasses Rs. 10 lakh crore; performance likely to remain resilient despite macroeconomic and competitive pressure	Quarterly Update	--
30 Apr 2026	NBFC – Retail & Commercial Finance	Growth momentum to sustain at a range-bound pace in FY2027	Quarterly Update	--
27 Apr 2026	Financial Markets & Banking Update	Bond issuance rose sequentially in Q4 FY2026, bringing full-year volumes in line with ICRA’s estimates	Quarterly Update	--
24 Apr 2026	Life Insurance	Tailwinds support growth in challenging environment	Thematic Report
31 Mar 2026	Affordable Housing Finance	Portfolio growth to remain healthy notwithstanding some moderation; managing asset quality will remain crucial	Half-yearly Update	--
26 Mar 2026	Banking	Credit growth remains buoyant; geopolitical uncertainties cast shadow	Quarterly Update	--
25 Mar 2026	Life Insurance	Non-bank sponsored insurers gain share amid evolving distribution	Thematic Report
27 Feb 2026	Micro Finance Institutions	Asset quality shows signs of stabilisation; sector performance expected to improve in FY2027	Half-yearly Update	--
30 Jan 2026	Housing Finance Companies	HFCs lean on non-housing loans to protect margins and growth; earnings and growth likely to remain healthy during FY2026-FY2027	Quarterly Update	--
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Credit Perspective Reports

ICRA's 'Credit Perspectives' provide detailed analysis on ratings assigned. These reports broadly cover the following areas: Key rating considerations..

What's latest in CPR

InCred Financial Services Limited
18 Jun 2026
Arth Padarth Factors and Finance Private Limited
18 Jun 2026
Apraava Smart Meter Private Limited
18 Jun 2026
Srilanand Mansions Private Limited
17 Jun 2026
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Rating Rationales

Date	Category	Report
18 Jun 2026	Structured Finance Rating	Muthoot Capital Services Limited: Ratings confirmed as final for instruments backed by two-wheeler loan receivables issued by WHITFORD 03 2026
18 Jun 2026	Structured Finance Rating	DMI Finance Private Limited: Provisional [ICRA]AA+(SO) assigned to PTC Series A1 issued by PLUM 27-2, backed by a pool of personal loan receivables
18 Jun 2026	Structured Finance Rating	Five-Star Business Finance Limited: Rating upgraded for PTCs issued under a small business loan securitisation transaction
18 Jun 2026	Structured Finance Rating	Spandana Sphoorty Financial Limited: Ratings withdrawn for PTCs issued under two microfinance loan securitisation transactions
17 Jun 2026	Structured Finance Rating	Fusion Finance Limited: Rating confirmed as final for PTCs issued under micro finance loan receivables securitisation transaction
17 Jun 2026	Corporate Debt Rating	Zerodha Capital Private Limited: Ratings reaffirmed; enhancement in the rated amount for bank line facilities; rating withdrawn for the NCD programme
17 Jun 2026	Structured Finance Rating	Arth Padarth Factors and Finance Private Limited: Provisional [ICRA]A-(SO) assigned to Series A PTC and Provisional [ICRA]BBB-(SO) assigned to Series B PTC to be issued by REST 14
17 Jun 2026	Corporate Debt Rating	Raise Securities Private Limited: [ICRA]A+(stable)/[ICRA]A1+ assigned to bank line facilities; rating reaffirmed for commercial paper
17 Jun 2026	Corporate Debt Rating	Viyash Scientific Limited (formerly known as Sequent Scientific Limited).: Update on material event
17 Jun 2026	Corporate Debt Rating	HMC MM Auto Limited: Rating reaffirmed