Bank of Rajasthan a technology driven private sector bank has entered into Memorandum of Understanding (MoU) with credit rating agency ICRA Limited (ICRA) under which ICRA will assign ratings to the Bank’s corporate sector and public sector enterprises exposures under the standardized approach of RBI’s New Capital Adequacy Framework (Basel-II)

ICRA will carry out ratings under the standardized approach under its “Line of Credit” rating service, which would enable Bank of Rajasthan (BOR) to assign risk weights under Basel-II linked to various rating categories, which would be as per RBI’s guideline on New Capital Adequacy Framework

Existing and potential borrowers of Bank of Rajasthan will be being offered special terms for obtaining ICRA ratings.

The Managing Director of the Bank, Shri P. L. Ahuja has stated that “MoU between BoR & ICRA will deliver a number of benefits to the BoR as well its clients. It would also help the Bank in implementing RBI’s New Capital Adequacy Framework under Basel-II & optimization of Bank’s capital requirement”.

- End -

About Bank of Rajasthan

Established way back in 1943, Bank of Rajasthan is one of the fastest growing private banks in the country, which has made rapid strides by making consistent profits for past several years. With a wide network of 463 branches in the entire length and breadth of the country, Bank of Rajasthan has emerged as one of the largest private sector banks in the country. The bank has made tremendous and historical progress during the last few years, thanks to the prudent corporate governance and vision shown by the new management. The Bank has over 2 million customer base and offers ATM facilities at over 10,500 ATMs across the country with strategic tie-up with other banks. All the branches of bank spread over 286 cities across India in 22 states and 2 union territories and all branches offering online services. The bank has covered 125 cities in Rajasthan alone.

Financial Highlights for the FY 2007- 08

The bank has maintained its growth in net profit for the financial year 2007-08. The net profit of the bank increased to Rs. 115.20 crore for the year ended March 31.2008 against Rs. 110.57 crore for the previous full year. The bank has given 1:5 bonus shares (i.e. 1 equity share for every 5 equity share). In the last year also, bank gave bonus shares in the ratio of 1 share for very 4 shares held. This is the second bonus in a row in last two years.