Which of the following are recognised credit rating agencies in India?

Introduction / Context:
Credit rating agencies play an important role in financial markets by assessing the creditworthiness of borrowers and instruments. In India, several well known rating agencies operate and their names often appear in news related to bonds, debentures and banking regulation. This question checks whether the learner can recognise the major Indian credit rating agencies and identify that all of the listed institutions belong to this category.

Given Data / Assumptions:

• Three names are given: CRISIL, CARE and ICRA.
• The fourth option states that all of the above are credit rating agencies.
• We assume knowledge of basic financial market institutions in India.

Concept / Approach:
The approach is to recall the full forms and functions of the entities named. CRISIL, CARE and ICRA are all widely known rating agencies that evaluate corporate bonds, bank loans and other financial instruments. Once we recognise this, it is straightforward to see that the correct choice is the option that says all of them are credit rating agencies. No complex calculation is needed, only correct identification.

Step-by-Step Solution:
Step 1: Recall that CRISIL stands for Credit Rating Information Services of India Limited. It provides ratings, research and risk advisory services. Step 2: Remember that CARE stands for Credit Analysis and Research Limited. It is also an Indian credit rating agency that rates a wide range of debt instruments. Step 3: Identify that ICRA stands for Investment Information and Credit Rating Agency. It too is a recognised credit rating agency in the Indian market. Step 4: Since each of the three named institutions is a credit rating agency, the appropriate answer is that all of the above are credit rating agencies in India.

Verification / Alternative check:
An alternative check is to think about typical newspaper headlines about corporate bond ratings or bank ratings. These headlines frequently mention CRISIL, CARE and ICRA in the same context, often comparing their rating outlooks. Official documents from regulators like the Reserve Bank of India and the Securities and Exchange Board of India also list these entities among approved rating agencies. This confirms that all three are indeed credit rating agencies, and supports the choice of the combined option.

Why Other Options Are Wrong:

• Choosing only CRISIL ignores the fact that CARE and ICRA are also rating agencies.
• Choosing only CARE fails for the same reason.
• Choosing only ICRA is also incomplete because it does not acknowledge CRISIL and CARE.

Common Pitfalls:
A common pitfall is to assume that there might be a trick, and that at least one of the names is not a rating agency but a mutual fund or a bank. Another mistake is to remember only one of the agencies clearly and hesitate about the others. Some candidates also mix up ICRA with similar sounding organisations in other sectors. Regular reading of financial news and familiarity with their full forms helps to fix these names firmly and avoid confusion in the exam hall.

Final Answer:
All of the above