Rajya Sabha MP Sanjay Singh, suspect in 1988 Syed Modi murder, quits Cong to join BJP

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."

London, Feb 19: Indian universities had a good performance year within the emerging economies of the world as a record 11 made it to the top 100 Times Higher Education's (THE) Emerging Economies University Rankings 2020.

Only China has more universities than India in the top 100 at 30 from a total of 47 countries and territories included in the analysis released in London on Tuesday evening.

A total of 56 Indian universities appear in the full ranking of a total of 533 universities across emerging economies of the world.

The Indian Institute of Science (IISc), ranked 16th, is India’s top-ranked institution followed by the Indian Institute of Technologies (IITs).

"There has long been a debate about the success of Indian universities in world rankings, and for too long they have been seen as underperforming on the global stage," notes Phil Baty, Chief Knowledge Officer for the THE.

"The Emerging Economies University Rankings 2020 suggests that real progress is being made by a number of institutions in a number of metrics across our robust methodology, and could mark an exciting turning point for Indian higher education, enabled in part by the Institutes of Eminence scheme," he said.

The Indian government’s Institutes of Eminence scheme was established in 2017 and one of its participating universities, Amrita Vishwa Vidyapeetham, has entered the top 100 for the first time, moving up a huge 51 places from joint 141st in 2019.

The other universities included in the Institutes of Eminence scheme that appear in the top 100 mark the biggest improvers in the ranking with IIT Kharagpur moving up 23 places to 32nd, IIT Delhi improving by 28 places to joint 38th and IIT Madras climbing 12 places to joint 63rd.

The Institutes of Eminence scheme provides participating universities with government funding and greater autonomy with the aim of moving them into the top 100 of the world university rankings, including Times Higher Education’s World University Ranking, over time.

The expectation is that this will be achieved through a number of changes including an increase in foreign students and staff, offering online courses and encouraging academic collaboration with other top universities around the world.

This year marks only the second time that 11 Indian institutions have held top 100 positions since the ranking began in 2014, when much fewer universities took part in the ranking globally.

Feb 2: The Supreme court on Monday decided to hear on March 4 a plea seeking registration of FIRs against politicians for hate speeches which allegedly led to violence in the national capital.

A bench headed by Chief Justice S A Bobde agreed to hear the plea filed by riots victims.

The petition was mentioned for urgent listing by senior advocate Colin Gonsalves, appearing for the riots victims.

Gonsalves said that the Delhi High Court has deferred for four weeks the matters related to riots in the national capital despite the fact that people are still dying due to the recent violence.