Business: ICRA ESG Ratings Ltd has assigned its first Environmental, Social and Governance (ESG) rating to non-bank financial firm ICRA Financial Services. ICRA ESG received registration as a Category I ESG Rating Provider (ERP) from the Securities and Exchange Board of India (SEBI) earlier this year. ICRA ESG was formerly known as Pragati Development Consultancy Services Ltd (PDCSL). ICRA ESG Ratings Ltd (ICRA ESG), a subsidiary of ICRA, said: “InCred Financial Services Ltd is a non-banking financial company (NBFC) focused on retail, student and commercial lending with an [ICRA ESG] rating of 0.5 [hit 57, medium.
Furthermore, ratings provided by ICRA ESG help investors assess non-financial risks and opportunities associated with companies, make better investment decisions and thereby contribute to a more sustainable and responsible investment environment. He added that the ratings help rated companies to better understand and identify their ESG impacts and plan and implement future sustainability measures accordingly. Commenting on the development, Ramanath Krishnan, MD and Group CEO, ICRA Ltd, said the introduction of ESG ratings in India will act as a catalyst for positive change and create a more inclusive and environmentally friendly business environment. “With this development, the ICRA Group joins the ranks of Indian companies offering comprehensive risk monitoring solutions, including ESG ratings and scores, that promote sustainable development and responsible investing,” he said. “This is a significant step in our efforts to achieve this.”
