INDIA: The Securities and Exchange Board of India (SEBI) has approved CRISIL ESG Ratings & Analytics Ltd (CRISIL ESG Ratings), a wholly owned subsidiary of CRISIL Ratings Ltd (CRL), as a Category 1 provider of environmental, social, and governance (ESG) ratings.

Says Amish Mehta, Managing Director and CEO, of CRISIL Ltd, “It is our stated aim to grow sustainably and we are excited to have a license that reinforces our stewardship of this space. The approval comes at an opportune time when ESG disclosures have been improving and there is increasing realization in the financial markets on the need for independent ESG ratings that will support decision-making for issuers and investors, and channel funds towards sustainable growth of the Indian economy.”

The approval follows SEBI notifications amending the SEBI (Credit Rating Agencies) Regulations, 1999 to include provisions on ESG Rating Providers (ERPs). According to, and to comply with, these notifications, CRISIL ESG Ratings was incorporated.

CRISIL is the pioneer of credit ratings in India and has steered many innovations in the space over the past 37 years.

CRISIL Ltd launched its ESG ‘scoring’ business in 2021 and gradually expanded coverage from 225 to ~1,000 companies across ~65 sectors. This business will now be transferred to CRISIL ESG Ratings.

Says Gurpreet Chhatwal, Managing Director, CRISIL Ratings, “The ESG scores, which will henceforth be called ‘ESG ratings’, have already found traction among market participants. These are based on a unique India-specific framework that factors nuances at the sectoral level while guided by global best practices. The process includes analysis of more than 500 unique data points across the environmental, social and governance aspects for each company.”

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Ajithkumar A, Vice President & Head (Market Risk & ESG), Federal Bank receives the award from Mr. CS Ranjeet Pandey, Chairman – ESG Board, Past President – The Institute of Company Secretaries of India (ICSI) at the prestigious 2^nd edition of the ESG Leadership Summit.

Dun & Bradstreet, a leading global provider of business decisioning, data, and analytics, enables companies around the world to improve their business performance.

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MUMBAI: Bank of Baroda (Bank), one of India’s leading public sector banks, today announced the launch of the Bob Earth Green Term Deposit Scheme, to raise deposits that will be deployed towards financing eligible environment-friendly projects and sectors.

The Bob Earth Green Term Deposits offer depositors the opportunity to earn attractive interest rates on a range of tenors and participate in India’s transition to a green and sustainable economy. The Bank is offering interest rates of up to 7.15% p.a. The General Public/Resident Indians, NRIs, and high-worth Individual (HNI) investors are all eligible to invest in the Bob Earth Green Term Deposit scheme.

The Bob Earth Green Term Deposit Scheme: Tenors & Interest Rates

Shri Debadatta Chand, Managing Director & CEO, of Bank of Baroda said, “The Bank has taken great strides in embedding sustainability into its operations, including our approach to risk management, governance, social responsibility and environmental impact. The launch of the Bob Earth Green Term Deposit Scheme offers depositors the dual benefits of stable & secure financial returns and the opportunity to contribute to a greener planet. As one of India’s leading banks, Bank of Baroda is committed to furthering its ESG mandate and enhancing its green financing portfolio.”

Under the bob Earth Green Term Deposit Scheme, the Bank of Baroda has introduced some innovative tenures that act as a reminder of the planet’s Climate & Sustainability goals, such as a Tenure of 1.5 years – signifying the aim to limit global temperature rise to 1.5 degrees Celsius above pre-industrial levels and Tenure 1717 days – doubly emphasizing the United Nations’ 17 Sustainable Development Goals.

The funds raised through Bob Earth Green Term Deposits will be allocated to eligible green projects/sectors such as Renewable Energy, Clean Transportation, Sustainable Water and Waste Management, Energy Efficiency, Climate Change Adaptation, Pollution Prevention and Control, Green Buildings, Biodiversity Conservation etc.

Existing and new customers of the Bank of Baroda can open a Green Deposit through any of the Bank’s branches across India.

On Bank of Baroda’s 116^th Foundation Day last year, the Bank launched several green initiatives under the name of “Bob Earth” to reaffirm its commitment and responsibility towards protecting & preserving the gifts of nature for our future generations. The launch of Bob Earth Green Deposits is a step forward in this direction.

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According to the report, the yield on the new 10-year benchmark government security (G-sec;7.18% GS 2033) opened October at 7.23% and closed at 7.35%, up 14 bps from its September closing of 7.21% and outside CRISIL’s forecast range of 7.23-7.33%. In the first week, bonds traded largely with a negative bias due to a surge in US Treasury (UST) yields and crude oil prices. In addition, the Reserve Bank of India (RBI) hinted at open market operations (OMO) sales in the future to manage liquidity in the market. This led the yield on the 10-year benchmark G-sec to harden by 14-15 bps. The domestic 10-year benchmark yield closed the week at 7.34%.

The second week started on a negative note, tracking a surge in crude oil prices amid geopolitical tensions in the Middle East and due to likely OMO sales. India’s retail inflation printed at a three-month low of 5.02% in September on the back of softer vegetable prices. However, as the week progressed, the bond market witnessed a softening in yields due to a decline in UST yields. The 10-year benchmark yield slipped and closed the week at 7.32%.

The report also includes information on CRISIL’s data and analytics platforms, including Alphatrax and Quantix, which enable clients to assess industry and company-level risks based on CRISIL’s proprietary models. CRISIL ESG Scores help benchmark companies based on their inherent ESG risk using public domain information and a proprietary framework. The company reports, which combine select financial and non-financial data, analytics from CRISIL’s proprietary risk models, and commentary on a company’s financial performance, are used by commercial banks, financial institutions, and non-banking finance companies as part of their credit/risk management process. CRISIL’s SME Gradings, used by lenders, assess the creditworthiness of SME enterprises relative to their peers leveraging CRISIL’s proprietary grading model.

Insights from CRISIL Market Intelligence and Analytics November 15, 2023.

The report also includes a privacy statement and analyst disclosure, as well as company disclosure information. CRISIL Research does not provide investment banking or merchant banking or brokerage or market-making services. The company encourages independence in research report preparation and strives to minimize conflict in the preparation of research reports through a strong governance architecture comprising of policies, procedures, and disclosures. CRISIL Research prohibits its analysts, persons reporting to analysts, and their relatives from having any financial interest in the securities or derivatives of companies that the analysts cover. CRISIL Research or its associates collectively may own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of the research report. CRISIL Research or its associates may have a financial interest in the form of holdings in the subject company mentioned in this report.

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The report reveals that Nxtra by Airtel achieved a 58% increase in renewable energy use in FY23 compared to the previous fiscal year. The company also reduced operational emissions by 5% across Scope 1 and 2 from the FY21 baseline. Nxtra by Airtel maintained a ‘Zero’ Incident Rate and Worst Potential Severity for two consecutive years, demonstrating its commitment to safety.

Nxtra by Airtel is committed to veteran employment, with 84% of edge site infra managers being ex-servicemen. The company has also doubled its female workforce, with 1.5X more women in management, and achieved 22% gender diversity at the board level. Nxtra by Airtel sourced 98% of procurement from Indian suppliers, supporting local businesses and contributing to the Indian economy.

The report is aligned with the United Nations Sustainable Development Goals (UN SDGs) and emphasizes Nxtra by Airtel’s commitment to promoting sustainable practices, fostering social well-being, and upholding exacting standards of governance within the technology industry. The company’s commitment to ESG principles is deeply embedded in its operations, business strategies, and culture.

Ashish Arora, CEO of Nxtra by Airtel, said, “Our commitment to be sustainable is at the heart of our operations. We have also designed our workplace to be inclusive and safe, and have imbibed transparent governance standards and environmental conscientiousness that is endorsed by every employee.“

Nxtra by Airtel carries over two decades of expertise in the data center and telecom sector. Bharti Airtel is a global communications solutions provider with 500Mn+ customers in 17 countries across South Asia and Africa. The company ranks amongst the top three mobile operators globally and its networks cover 2Bn+ people. Airtel’s retail portfolio includes high-speed 4G/5G mobile broadband, Airtel Xstream Fiber, streaming services spanning music and video, digital payments, and financial services. For enterprise customers, Airtel offers a gamut of solutions that include secure connectivity, cloud and data center services, cyber security, IoT, Ad Tech, and CPaaS (Airtel IQ).

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