PM Modi strongly disapproves vandalism of statues

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 2: With 2,293 new cases in the last 24 hours, the highest number of cases in a single day, India's COVID-19 tally reached 37,336 on Saturday, including 1,218 deaths, according to the Ministry of Health and Family Welfare.
As many as 71 deaths were reported in the last 24 hours.

Out of the total number, 9,951 people have been cured/discharged/migrated.

In the state of Maharashtra, the number of coronavirus positive cases has crossed the 10,000-mark with at least 485 deaths.

The positive cases in Maharashtra has reached 11,506, including 1,879 discharged cases.

After Maharashtra, Gujarat has the most number of COVID-19 cases (4,721). The state has reported 236 deaths, while 735 people have been discharged.

The Centre on Friday extended the ongoing nationwide lockdown for two more weeks with effect from May 4 till May 17 while allowing different sets of relaxations in red, orange and green zones.

New Delhi, Jan 7: A fringe right-wing group calling itself the Hindu Raksha Dal has purportedly taken responsibility for the attack on students of Jawaharlal Nehru University (JNU) in a video posted on social media.

The video, which was posted on social media on Monday and has gone viral since then, shows a man identifying himself as Pinki Chaudhary saying that those who resort  to “anti-national activities” will be treated in the same way that JNU students and faculty were.

He later told news channels that others involved in "anti-national activities" would face similar attacks.

There was no immediate reaction from the police on Chaudhury's claims.

“For several years, JNU has been a bastion of communists and we will not tolerate it. Hindu Raksha Dal, Bhupendra Tomar, Pinki Chaudhury take the responsibility of what has happened in JNU...all of them were our volunteers. Those who cannot do such work for Mother India don't have the right to live in this country,” Chaudhary is seen saying in the video.

“We are always ready to sacrifice our lives for Mother India. We will not tolerate anyone who speaks against the religion,” he added.

Efforts to reach the man were unsuccessful: his phone was switched off.

More than 35 students were injured Sunday when a masked mob went on the rampage, attacking students and professors and vandalising property. The JNUSU has accused the RSS-affiliated ABVP volunteers of attacking the students.