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Bank of Baroda (BoB) is the first public sector bank to have been assigned a corporate governance rating of CGR2 for its governance practices, one notch below on a rating scale of CGR1 to CGR6. by rating agency Icra.

The rating reflects BoB transparent ownership, well-defined delegation of power and accountability, satisfactory risk management practices and an elaborate audit function.

BoB has adopted and follows such practices, conventions and codes as would provide its financial stakeholders a high level of assurance on the quality of corporate governance. Icra considers financial stakeholders in any bank to include shareholders and depositors.

According to Icra, public sector banks cannot achieve the highest possible corporate governance rating. This is due to the composition of boards and committees, as well as limited scope of such banks to adopt emerging best practices in succession planning, executive compensation, not to mention limited managerial autonomy wherein shareholder rights are weaker compared to companies in other sectors.

HDFC Bank is the only other bank to have been assigned a similar rating, GVC1, for governance and value creation (GVC) by Crisil. Icra has also assigned corporate governance ratings to Infosys Technologies (CGR1), Godrej Consumer Products (CGR2+), ITC (CGR2) and one more in the financial sector PNB Gilts (CGR3+).

.... Moody's Ratings of Indian Banks
.... Standard & Poor's Upgrade of India's Outlook
.... Standard & Poor's Ratings of major Indian FIs

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