For credit teams at NBFCs. A periodic read of the lender positions published against the borrowers you already lend to, and against the ones you are considering.
All figures as at 30 August 2026.
What can an NBFC credit team see about co-lenders?
Where an NBFC lends alongside banks, the rated borrower’s lender-wise annexure names the other lenders, their facility types and sanctioned amounts. TatvaRatings parses those annexures across seven SEBI-registered agencies, so a credit team can read a borrower’s published co-lender set and how it changed between rating actions. Figures are floors, as at 30 August 2026.
Say the constraint first
This is not a monitoring system, and it should not be bought as one.
A lender-wise annexure reflects the sanctioned position as at the rating action date. A cooperating issuer’s rating is reviewed periodically rather than continuously, broadly once a year. Nothing in that regime produces a signal between reviews. There is no continuous observation, no alerting layer, and no mechanism by which a change in a borrower’s lender set is detected before the next rating action publishes.
What it is instead: a periodic review instrument. Once a quarter, or once a half-year, or whenever a borrower’s next rating action lands, you can read what the agencies have published about that borrower’s lender set and compare it with what was published last time. That is a real and useful cadence. It is just a different one from the word “monitoring”, and the difference matters enough to put at the top of the page rather than the bottom.
What an NBFC credit team can read
Your own borrowers, as the market sees them
Take the rated names in your book. Read each one’s published lender set, facility types and sanctioned amounts, the rating and outlook, and the rating drivers the agency printed — across seven SEBI-registered agencies in one schema rather than seven portals.
Co-lenders and consortium partners
Where an NBFC lends alongside banks, the annexure names the other lenders on the rated facility. Read who else is named, at what facility type and published amount, and how that set has changed across successive rating actions on the same borrower.
Rating transitions across a defined set
Define a set — your book, a sector, a rating band — and read the rating actions the agencies have already recorded against it. This is a historical read of published transitions, assembled cross-agency. It arrives when the agency publishes, not before.
Where your book concentrates against the rated market
Read the sector, state and rating-band composition of the rated borrowers that name a given lender, and compare it with the same cut across the rated universe.
Measured counts as at 30 August 2026. Rated borrowers only, and floors rather than totals — most of an NBFC's book has no public rating at all.
A prospective borrower’s existing bank set
Before sanction, see which lenders are already named on that borrower’s rated facilities, at what amounts, and on what dates. Where a lender that appeared in an earlier action is absent from the latest one, that is a question for the borrower rather than a conclusion.
An illustrative reading
Borrower under periodic review: Kaveri Agro Processors Pvt Ltd
| Rating action | Rating | Named lenders on rated facilities | Aggregate published |
|---|---|---|---|
| 04 Feb 2026 | BB | Three lenders named | ₹32 cr |
| 11 Jan 2025 | BB+ | Four lenders named | ₹41 cr |
Two dated published positions, side by side, each traceable to the press release it came from. What changed between them is visible. Why it changed is not in the data, and the gap between the two dates is roughly one review cycle.
How to read it without over-reading it
A lender dropping out of an annexure is not a repayment. It may be a repayment, a takeover, a refinancing, a reclassification of the facility, or a change in what the issuer consented to disclose. The data records the change in the published record and nothing beyond it.
Sanctioned, not outstanding. The annexure gives sanctioned amounts. Where a release states average limit utilisation, that is captured as published and is not an outstanding figure.
Figures are floors. Only 46.2% of rating actions publish a lender-wise annexure at all (32,498 of 70,337, as at 30 August 2026) — disclosure depends on the issuer’s consent — and the rated book is a minority of any lender’s borrowers. Every count and every rupee figure is the amount evidenced by published documents. The true position is larger, and the margin is not estimated here.
Issuer-non-cooperating records are older than they look. Where an issuer stopped cooperating, the underlying information behind the rating is older than the action date suggests, and how much older is not always evident from the release.
Unrated exposures are simply absent. Most of an NBFC’s book will never have a public credit rating. Nothing here describes that part of it, at all.
What it is not
Not a monitoring or early-warning function. No continuous observation, no signal between reviews. If your requirement is to be told when something changes, this is not the instrument, and we would rather say so in the first conversation than in the third.
Not a system of record. It should not be relied on as a control in any process requiring a current or complete exposure position, nor for regulatory reporting or capital computation.
Not a credit opinion. No score and no rank of our own. The ratings held are the agencies’ opinions, attributed to the agency that issued them.
Not a supervisory or bureau dataset. CRILC is an RBI supervisory return with its own reporting and access rules; bureau credit information is available to specified users under the Credit Information Companies (Regulation) Act, 2005. TatvaRatings is built from public rating disclosures and carries no regulatory status. What CRILC is →
Where it fits in a review calendar
Between rating actions, nothing new publishes about a borrower’s lender set, so there is nothing here to consult daily. The natural rhythm is the one the disclosure regime already sets: a scheduled periodic review of the rated names in the book, plus a read whenever a new action lands on a name you hold.
Used that way, the value is not speed. It is that the read is cross-agency, lender-indexed, dated, and traceable to a source document — which is not otherwise available in one place.
Related
- Lender exposure analysis — the reverse lookup in full
- Syndication and advisory — the pre-mandate read
- Coverage — the seven agencies and the measured counts
- Data limits — the full specification
- Methodology — how the annexure becomes a row