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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 16: Chief Justice of India Sharad Arvind Bobde on Monday said that rules for preventing overcrowding in the courts to avoid the spread of coronavirus cannot be relaxed for journalists alone on the basis of profession.

"Can't make an exception on the basis of profession," CJI Bobde said while asking journalists to share information and notes and suggesting that a system can be put in place to facilitate daily media briefing by Secretary-General.

Video conferencing facility being contemplated may be brought into place but not sooner than one week from now and reporters may take turns to attend hearings, CJI Bobde said.

He said that the court does not wish to prevent any reportage.

Attorney General KK Venugopal and Solicitor General Tushar Mehta informed the Chief Justice of India about the crowded corridors on account of restricted entry inside courtrooms.

CJI Bobde said that he himself wishes to assess and take stock of the situation and may do so tomorrow at 10.30 am.

This comes after the top court introduced several precautionary measures to prevent the spread of coronavirus and allowed only restricted entry of lawyers, litigants, and journalists in the courtroom.

Thermal-screening of the lawyers, litigants, and media persons were also conducted in the Supreme Court on Monday amid coronavirus fears.

May 7: Accusing the BJP government in Karnataka of "medieval barbarism" and treating migrants as worse than "bonded labourers", CPI(M) general secretary Sitaram Yechury on Wednesday hit out at the state's decision to stop workers from returning to their homes in different parts of the country citing requirements of the construction sector.

The Karnataka government has withdrawn its request to the railways to run special trains to ferry migrant labourers to their home states, hours after builders met Chief Minister B S Yediyurappa to apprise him of the problems the construction sector will face in case they left.

"This is worse than treating them as bonded labour. Does the Indian constitution exist? Are there any laws in the country? This BJP state government is throwing us back to medieval barbarism. This will be stoutly resisted,” Yechury said in a tweet.

The railways is running Shramik Special trains to ferry to their home towns migrants who were stranded at their places of work during the lockdown.

So far, it has run more than 115 such trains.

The Principal Secretary in the Revenue Department N Manjunatha Prasad, who is the nodal officer for migrants, had requested the South Western Railways on Tuesday to run two train services a day for five days except Wednesday, while the state government wanted services thrice a day to Danapur in Bihar. However, later, Prasad wrote another letter within a few hours that the special trains were not required. Several migrants in the city were desperate to return home as they were out of jobs and money.

Yechury also lashed out at the central government over reports that it owed states and industry Rs 3 trillion and accused the centre of shifting the burden of fighting the pandemic to the state governments.

“While shifting the entire burden of fighting the pandemic on to the State governments, Modi government is not even paying their legitimate dues. After November 2019, Centre has not paid the GST compensation dues for the rest of the financial year, i.e., March 2020.

“Modi government has the right to loot while crores of people & States are left with nothing but the right to starve?,” he tweeted.