Mumbai: Reserve Bank Governor Shaktikanta Das Friday said credit rating agencies play a critical role in the stability and efficient functioning of the financial sector.


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Das Thursday held a meeting with top officials of credit rating agencies as part of stakeholder consultation exercise.


"Credit Rating Agencies (CRAs) have a critical role in the financial sector, its stability and efficient functioning. Held a meeting with MD/CEOs of CRAs yesterday as part of stakeholder consultation," he tweeted.


Domestic credit rating agencies include Care, Icra and India Ratings and Research.


CRAs have off late come under criticism for failing to timely identify the stressed assets of IL&FS, which saw a series of defaults in loan repayments.