The Reserve Bank of India has issued the instruction to credit rating agencies, according to the Economic Times report. The development concerns how agencies identify the regulator when dealing with bank deposit ratings.

The report raises the possibility that agencies may withdraw from evaluating bank deposits altogether following the direction. It does not say that any agency has already stopped this work or announced a decision to do so. A possible consequence should therefore not be read as a confirmed industry-wide change.

The supplied report does not explain why RBI issued the instruction. It also gives no implementation date, names of affected rating agencies or details of how existing deposit ratings would be handled. Those missing details leave the scope and timing of any operational change unclear.

For now, the key distinction is between the instruction itself and what agencies might do next. RBI's direction concerns its identification as regulator; the report does not establish that it has ordered agencies to discontinue deposit ratings.