India Ratings withdraws issuer rating and proposed Basel III Tier II bond rating at the bank's request

India Ratings & Research has withdrawn its ratings on the Bank's Long-Term Issuer Rating and on its proposed Basel III Tier II Bonds, at the Bank's request, w.e.f. 08 October 2026.

Thu 8 Oct 2026

Rating action

Withdrawal of Long-Term Issuer Rating and proposed Basel III Tier II Bonds rating, w.e.f. 08 October 2026

Proposed Tier II bond size

₹1000 crore (INR 10,000 million)

Un-utilised amount

₹1000 Crore is un-utilised

A rating withdrawal, not a downgrade

India Ratings and Research (Ind-Ra) has withdrawn its ratings on Central Bank of India, effective 08 October 2026. Two items are covered:

• the Bank's Long-Term Issuer Rating
• the rating on the Bank's proposed Basel III Tier II Bonds, size of issue ₹1000 crore

What the Bank said

The Bank informed the exchanges that the withdrawal was at its own request. It also states that ₹1000 Crore is un-utilised.

What the rating agency said

Ind-Ra said it is no longer required to maintain the issuer rating as it has received a withdrawal request from the issuer, and is no longer required to maintain the rating on the Tier-II bonds following a request by the issuer along with confirmation that the proposed instrument as previously envisaged is no longer expected to be issued. The agency said this is consistent with its Policy on Withdrawal of Ratings. It also noted that there is no instrument being rated for the issuer rating.

The numbers in the release

• Size of the proposed Basel III Tier II bonds: ₹1000 crore, stated as INR 10,000 million (and a rated limit of INR10,000.00 million) in the agency's release.
• The agency marks the complexity level of the Basel III Tier-II bonds as Low.
• The rating history table records the Basel III Tier-II bonds earlier as IND AA/Stable, and IND AA-/Positive in an earlier column, with the current status shown as WD (withdrawn).
• The agency's note on the Bank mentions about 65% of branches in rural and semi-urban areas, 4,605 branches and 3,820 ATMs in India at 1QFYE27.

How this can be read

• A withdrawal is different from a downgrade: here the agency acted on the Bank's request and its confirmation that the proposed instrument as previously envisaged is no longer expected to be issued.
• The proposed Tier-II bonds are described as un-utilised, and the agency notes there is no instrument being rated for the issuer rating.
• With the withdrawal, these two ratings are no longer available for reference; the status of the instruments is as set out by the Bank and the agency.

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