PNB fraud: Centre doesn’t want independent investigation, deportation of Modi

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, Mar 11: Congress leader Rahul Gandhi on Wednesday accused Prime Minister Narendra Modi of “destabilising” the elected Congress government in Madhya Pradesh.

Gandhi also said the PM may have “missed” noticing the 35 per cent crash in global oil prices and asked him to pass on the benefit to Indians by slashing petrol prices.

“Hey @PMOIndia, while you were busy destabilising an elected Congress Govt, you may have missed noticing the 35 per cent crash in global oil prices.

“Could you please pass on the benefit to Indians by slashing #petrol prices to under 60 per litre? Will help boost the stalled economy,” the former Congress chief said on twitter.

Congress' prominent youth leader Jyotiraditya Scindia quit the party on Tuesday and appeared set to join the BJP amid a rebellion in Madhya Pradesh by his supporters, pushing the 15-month-old Kamal Nath government to the brink of collapse.

On Tuesday morning, as much of India was celebrating Holi, Scindia met senior BJP leader and Union Home Minister Amit Shah, following which he called on Prime Minister Narendra Modi at his 7, Lok Kalyan Marg residence.

Mumbai, May 14: The Shiv Sena on Thursday raised questions over the Centre's Rs 20 lakh crore stimulus package announced to revive the COVID-hit economy, and asked if India is not a "self-reliant" country at present.

An editorial in Sena mouthpiece 'Saamana' wondered how Rs 20 lakh crore will be raised, and opined that an environment needs to be created where industrialists, trade and business sectors are encouraged to invest.

On the path of new self-reliance, India cannot afford industrialists running away, and for that "political institutions like the ED and CBI need to be put in lockdown for some time," it said.

Prime Minister Narendra Modi on Tuesday announced new financial incentives on top of the previously announced packages for a combined stimulus of Rs 20 lakh crore, saying the COVID-19 crisis has provided India an opportunity to become self-reliant and emerge as the best in the world.

The Sena said the country is being told that the package will be beneficial for MSMEs (micro, small and medium enterprises), poor labourers, farmers and the tax-paying middle class.

"The package (as per the Centre) will reach 130 crore Indians and the country will become self-reliant. Does this mean India is not a self-reliant country at present?" the Marathi daily asked.

It is good that PPE kits and N95 masks are now being manufactured in India, it said.

"Any country progresses ahead while learning from crisis and through struggle. Before Independence, not even a needle was manufactured in India but in 60 years, India became self-reliant in science, technology, agro business, defence, manufacturing and atomic science," it said.

An institution like the Indian Council of Medical Research (ICMR), which is helping in the manufacturing of PPE kits, is part of the self-reliant India, it noted.

Wondering how Rs 20 lakh crore, as announced in the central package, will be raised, the Sena said an "environment needs to be created where industrialists, trade and business sectors will be encouraged to invest".

"India, on path of new self-reliance, cannot afford industrialists running away, and for that political institutions like the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) need to be put in lockdown for some time," the paper said.

Despite announcing the 'lockdown-4' and the economic package, why its impact has not been reflected in the share market? it asked.

"Investors are in a dilemma. The prime minister and chief ministers must show them trust and support," it said.

"Earlier it was Pandit Nehru and now it is Modi. If (former prime minister) Rajiv Gandhi had not laid the foundation of a digital India, there wouldn't be video conference of PM, CMs and bureaucracy in times of coronavirus," the Uddhav Thackeray-led party said.

It agreed with Modi that coronavirus will stay for long, and lives need not revolve around it.

"We need to get back on our feet again," the Sena said.