SMFG India's credit has been appraised as A/Stable by CareEdge Global, marking a two-notch difference above the sovereign rating of India.
SMFG India Credit Receives International Rating, Signaling Growth and Strengthened Market Position
SMFG India Credit Co. Ltd. (SMICC), a leading non-banking financial company (NBFC) and Indian Credit Company (ICC) registered with the Reserve Bank of India, has received a significant boost with a 'CareEdge A/Stable' international rating. This rating, assigned by CareEdge Global, places SMICC two notches above India's sovereign rating.
Mr. Pankaj Malik, Chief Financial Officer of SMFG India Credit, expressed his pleasure at the rating and reaffirmed the company's commitment to responsible growth, prudent risk management, and delivering long-term value. This rating marks a significant milestone in SMICC's journey as a key pillar of Sumitomo Mitsui Financial Group's (SMFG) Asia Multi-Franchise Strategy.
SMFG, the parent company of SMICC, is one of the largest global banking and financial service groups, listed on the Tokyo and New York Stock Exchanges, with a market capitalization of approximately US$97.5 billion (as of 30th June 2025).
SMICC's operations are exclusively focused on the Indian market, but the international rating by CareEdge Global reflects its growing scale, diversified product portfolio, and robust risk management practices. The rating strengthens SMICC's position in India's fast-evolving retail credit landscape.
Operating through 1000 branches and employing more than 25,000 people, SMICC serves over 3 million customers with assets exceeding Rs 60,000 crore. The company offers a comprehensive range of lending products, including SME financing, commercial vehicle loans, two-wheeler loans, home loans (via its subsidiary SMFG Grihashakti), personal loans, and rural livelihood loans.
The rating reflects SMICC's strong creditworthiness and the high level of confidence in its financial and operational framework. It also considers SMICC's adequate capitalization, supported by timely and regular capital infusions from its parent, SMFG. The diversified funding base, experienced leadership team, and healthy liquidity position are also factors in the rating.
The rating is driven by the strong credit profile of SMFG and its 100% ownership in SMICC. This international rating comes at a time when SMICC has appointed Ravi Narayanan as CEO, effective August 28, 2025. Narayanan's extensive experience in retail banking and branch distribution from senior roles in Axis Bank and HDFC Bank highlights SMICC's focus on expanding retail business, customer engagement through its branch network, sustainable growth, strategic partnerships, and strong risk and compliance culture.
This rating upgrade and leadership change underscore SMICC’s commitment to strengthening its market leadership, expanding financial inclusion, and delivering value through disciplined growth and risk management within the broader SMFG Asia multi-franchise strategy.
[1] Sumitomo Mitsui Financial Group press release, July 1, 2025. [2] SMFG India Credit Co. Ltd. press release, August 5, 2025.
- The international rating given to SMFG India Credit by CareEdge Global signals strong business growth in the financial sector, as the rating places the company two notches above India's sovereign rating.
- The focus on expanding retail business, customer engagement, strategic partnerships, and strong risk management, as reflected in the leadership change at SMFG India Credit and its international rating, further deepens Sumitomo Mitsui Financial Group's (SMFG) investing interests in India's retail credit landscape.
