Government approved the revision in guidelines of the Performance in Credit Rating Scheme, aiming to increase its credibility and effectiveness for both borrowers and banks. Under the revised guidelines, the fee to be paid to the rating agencies shall be based on the turnover of the micro and small enterprises which has been categorized into three slabs.For turnover up to 50 lakh rupees, the fee to be reimbursed by the MSME Ministry will constitute 75 per cent of the fee charged by the rating agency subject to a ceiling 15,000 rupees. For turnover between 50 lakh and 2 crore rupees , the fee to be reimbursed will be 75 per cent of the fee charged by the rating agency subject to a ceiling of 30,000 rupees.Similarly, for micro and small enterprises having turnover above 2 crore rupees, the fee to be reimbursed will be 75 per cent of the fee charged by the rating agency subject to a ceiling of 40,000 rupees. Besides, only rating agencies registered by SEBI and empanelled as External Credit Assessment Institution (ECAI) by RBI would be eligible to carry out rating of MSEs under the Scheme. The MSME Ministry said, eligible rating agency should apply to receive subsidy under the PCR Scheme on the portal of NSIC. Approval for eligible rating agencies should be given within one month. Government in March had sought comments from stakeholders on the recommendations of the Committee set up by MSME Ministry for revision in the guidelines of Performance in Credit Rating Scheme.