Opp to continue protest in Par, presses for PM's reply, JPC

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."

New Delhi, May 22: Air India on Friday started booking for domestic flights amid the COVID-19 lockdown.

"We have started bookings for domestic flights," said Air India in a statement.

The airlines will operate a total of 8,428 flights each week for the next three months from May 25 to August 25 as the Central government has announced the resumption of domestic flights.

Civil Aviation Minister Hardeep Singh Puri on Thursday said that a minimum and maximum fare for three months has been set for the domestic flight services, which resume from May 25.

In the case of Delhi, Mumbai the minimum fare would be Rs 3,500 for a journey between 90-120 minutes. The maximum fare would be Rs 10,000.

"This is operative for three months -- till one minute to midnight on August 24," said Puri at a press conference here.

Puri said that guidelines have been issued for the passengers and airports, which are to be followed during flight operations.

He also said that self-declaration or Aarogya Setu App status on a compatible device would be obtained to ensure that a person does not have COVID-19 symptoms.

New Delhi, Mar 2: As communal violence spiked in north-east Delhi earlier this week, Hindu, Muslim and Sikh residents of a colony came together and stood guard against frenzied mobs which ran riot in nearby areas vandalising homes, shops and torching cars.

They have not let their guard down even as the situation is limping back to normalcy following four days of violence that has claimed at least 42 lives and left over 200 injured.

The B-Block colony in Yamuna Vihar has a Hindu-dominated Bahjanpura on one side and Muslim populated Ghonda on the other.

People from all faiths in the locality sit outside their homes at night and deal with any suspected outsider, Arib, a dentist in his 30s, said.

"It is the sloganeering by mobs that causes panic in the dead of night. Such slogans are from both sides and we hear groups of people moving forward towards our area.

"This is where we let the Muslim locals deal with Muslim groups and Hindu residents deal with Hindu groups coming from outside," he said.

Businessmen, doctors and people working at government offices stuck together as violence reached its crest on Monday and Tuesday, and have been guarding the locality round the clock.

Earlier, the locals had claimed inadequate police deployment in the area, but were satisfied as patrolling by security personnel increased in the last two days.

Charanjeet Singh, a Sikh who owns a transport firm, said residents have ensured that not too many people gather to guard the colony at night. It has been decided not use sticks or rods, an idea which seems to have worked in maintaining peace, he said.

"I was 10 years old when we came to this locality from Uttar Pradesh's Meerut in 1982. There were riots in 1984 and tension in 2002, but even then our area remained peaceful. We have always been united and that is the way we have helped each other," Singh, who is now in his 50s, told PTI.

Faisal, a businessman in his 30s, said after two days of major violence, there was palpable tension in the area. "Nobody could sleep in the neighbourhood even on Wednesday and Thursday when the situation was brought under control," he said.

Faisal said around 4 am on Wednesday, three to four miscreants had torched a car, but were chased away by vigilant residents. They raised an alarm and others gathered, saving other vehicles parked nearby from being damaged, he added.

On the idea of not keeping sticks while guarding B-Block, Singh said, "Violence begets violence, crowd begets crowd. We thought if somebody would see sticks or rods in our hands from a distance and large crowds standing guard, it is likely they would want to come prepared. This could fuel violence."

"Now, if there is some young man returning late in the night, we identify if he belongs to our area. If not, we normally inform him about the situation and guide him to his destination, if required," he added.

Seventy-year-old V K Sharma said people in his colony never had any trouble with each other, as he blamed "outside elements" for the violence in north-east Delhi.

"Some people have some problem with symbols. If they find a particular religion's symbol on a shop, home or a car, they vandalise it.

"This is on both sides, Hindus as well as Muslims. But not all people in all religion are like that. There are good people who outnumber these handful people involved in violence," he said.

The violence happened for two days but it would take months for fear to subside, Sharma said, as he took out his two granddaughters, aged nine and two, out for ice cream.

"I cannot reduce the tension outside my home, but at least I can make these kids feel good by reducing their craving for ice cream,” he added.

Colony resident Shiv Kumar, a property consultant, and Wasim, a government official, said they too were members of this voluntary guards' team of the colony which stays up at night to fend off miscreants.