What is the Full form of CRISIL?
The full form of CRISIL is Credit Rating Information Services of India Limited. CRISIL is an Indian consulting firm offering ratings, analysis, risk and policy advice and is a branch of S&P Global, an American corporation. It was India’s first credit rating body, founded in 1988 by ICICI & UTI by the incoming share capital of SBI, LIC and United India Insurance Company. In April 2005, US-based credit score firm S&P bought the bulk of the company’s shares.
History of CRISIL
- In 1987, CRISIL was founded and supported by ICICI (Industrial Credit and Investment Corporation of India Ltd.) and UTI (Unit Trust of India Ltd).
- In 1989, the Commercial Paper Programme was the first rating organization to evaluate.
- In 1992, it was the first rating firm to rate Banks & many financial institutions’ asset-backed securities & debt instruments.
- It also offered the technical support to an Israeli Securities Rating Firm, Maalot & Malaysia Berhad in 1992.
- It announced a partnership with Standard and Poor’s in 1996 to improve its competencies & methods.
- Standard and Poor’s thus became controlling shareholder of CRISIL in May 2005 and CRISIL became the poor & Standard Organization.
- In 2011, education scoring, solar scoring and the Gilt & Gold index were introduced.
- It bought a UK-based company offering services to major financial firms in 2012.
- It launched the CRISIL Foundation in 2013 to raise financial visibility and environmental protection efforts.
- It ranked India’s first Commercial Mortgage-Backed Securities in 2014.
- It initiated an environmental protection initiative again in 2015 via staff volunteering.
Operations of CRISIL
- CRISIL ‘s analysis and solution help the creditors, borrowers, lenders, and authorities to find the correct financial decision.
- It enables consumers to assess the risk as well as produce more revenue by determining the accurate service, product and pricing decisions
- It also facilitates economic development in rising markets by influencing public infrastructure policies in such areas
- The CRISIL insists incompetence, transparency, working together and honesty.
- CRISIL ‘s mission is to include critical views, prosecutable knowledge, as well as a positive solution.