Here’s why it matters, even if you’re not a banker. The RBI told rating agencies: don’t name us as the regulator when you rate bank deposits. Simple, right? Not quite. SEBI, just a few months ago, told the same agencies: you *must* name the regulator for any financial instrument you rate. And clarify that SEBI’s investor safeguards don’t apply. That’s not just red tape. That’s regulatory whiplash. CRAs are now scrambling; asking SEBI for guidance. Because if they can’t legally name RBI as regulator while complying with SEBI, they might have to stop issuing bank deposit ratings altogether. Why should you care? For retail depositors, these ratings don’t mean much; your ₹5 lakh is still protected by DICGC. But for big corporates and institutions? These ratings decide where they park crores of surplus cash. No rating = harder decisions. This isn't about ratings disappearing. It’s about how two powerful regulators; RBI and SEBI; are quietly redefining which rules apply where. And that gap? It’s where uncertainty thrives; and institutions are watching closely.