Ex-CJI Ranjan Gogoi takes oath as Rajya Sabha MP

Mumbai, Jun 22: After downgrading India's outlook to negative from stable, Fitch Ratings on Monday revised the outlook on nine Indian banks to negative.

The outlook on the Long-Term Issuer Default Ratings (IDR) was revised to negative from stable due to the banks' high dependence on the Centre to re-capitalise them.

Accordingly, the IDR outlook of the Export-Import Bank of India, the State Bank of India, the Bank of Baroda, the Bank of Baroda (New Zealand), the Bank of India, the Canara Bank, the Punjab National Bank, ICICI Bank and Axis Bank Ltd have been downgraded to negative.

"At the same time, Fitch has affirmed IDBI Bank Limited's (IDBI) IDR while maintaining the outlook at negative," Fitch said in a statement.

The rating actions follow Fitch's revision of the outlook on the 'BBB-' rating on India to negative from stable on June 18, due to the impact of the escalating coronavirus pandemic on India's economy.

"The IDRs for all the above Indian banks are support-driven and anchored to their respective SRFs," the statement said.

"They are based on Fitch's assessment of high to moderate probability of extraordinary state support for these banks, which takes into account our assessment of the sovereign's ability and propensity to provide extraordinary support."

According to the statement, the negative outlook on India's sovereign rating reflects an increasing strain on the state's ability to provide extraordinary support, due to the sovereign's limited fiscal space and the significant deterioration in fiscal metrics due to challenges from the COVID-19 pandemic.

"The rating action does not affect the banks' Viability Rating (VR). EXIM does not have a VR as its role as a policy bank makes an assessment of its standalone credit profile less meaningful."

Patna, Jan 23: "They should go wherever they want," Bihar Chief Minister and JDU supremo Nitish Kumar said on Thursday when asked of Prashant Kishor and Pavan Verma's repeated questions about the party's stand's on the newly enacted Citizenship Act.

"It is their personal decision. They should go wherever they want. We don't have an objection. Don't look at JDU in the context of statements by some people. JDU works with determination. We have a clear stand and don't have any confusion," the Chief Minister told reporters here.

"If they have something to tell, they should come and discuss it within the party. They should go wherever they want. They have my good wishes," he said.

JDU spokesperson and national general secretary Pavan Verma has questioned his party's alliance with the BJP in Delhi Assembly polls while Kishor has more than once made his differences with the party known on the issue of the amended Citizenship Act, and National Register of Citizens.

Thiruvananthapuram, Apr 20:  Kerala Chief Minister Pinarayi Vijayan on Monday said that the government would revoke the order, which allowed the opening of barbershops and restaurants in the State.

The development comes after the Ministry of Home Affairs (MHA) objected to the move.
When asked about the letter issued by the MHA terming certain decisions as to the dilution of guidelines, Chief Minister Vijayan said: "There is no confrontation between the State government and the Centre."

"Kerala is following all directions issued by the Centre. Barbershops will not be opened and restaurants will only provide online delivery," he told the reporters, adding that public transport would not be allowed.

"There was a decision to open barbershops but many experts have pointed out against the decision. So the Kerala government is withdrawing the decision," he said.

Earlier, Chief Secretary Tom Jose said that if needed, then the State government will make necessary modifications to the lockdown guidelines in the wake of a communication received from the Central government.

The MHA had objected to the decision of Kerala government to allow services like barbershops, local workshops, restaurants, etc., and had urged the State government to revise its lockdown guidelines.

The Government of India had said that violation to lockdown measures reported posed a serious health hazard to the public and risk the spread of COVID-19.

Union Home Secretary Ajay Bhalla wrote to all Chief Secretaries and a separate letter had been sent to the Kerala Chief Secretary asking them not to dilute lockdown guidelines in any manner.

In his letter to the Kerala Chief Secretary, Bhalla had stated that the consolidated revised guidelines on the measures to be taken by the Ministries/Departments of the Government of India has been circulated on April 15 for containment of COVID-19.

Kerala Minister Kadakampally Surendran had said that relaxations have been given abiding by the direction issued by the Central government. He had added that the Centre may have asked for an explanation due to some misunderstanding.

India is under a nation-wide lockdown that came into force on March 25 to contain the spread of coronavirus, which has claimed 559 lives in the country. Last week, Prime Minister Narendra Modi announced the extension of lockdown till May 3.