Entry gate at Motera stadium collapses ahead of Trump’s visit

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."

Thiruvananthapuram, Apr 26: Kerala Chief Minister Pinarayi Vijayan on Saturday urged media houses not to resort to layoffs and pay cuts while the whole community is facing the COVID-19 pandemic.

The Chief Minister said the state government will also take necessary steps to test the media personnel in the state to ensure they have not contracted the deadly virus.

He also pointed out that the pandemic has severely impacted the media sector with many newspapers even reducing the number of pages.

"Journalists are among those who have been affected the most. Journalists on the field are also in danger. We have come to know about the reporters affected with coronavirus in other states. The government will take necessary precautions including testing to ensure that journalists don't contract the disease," Vijayan said.

He said the newspapers were not receiving advertisements these days because there are no social or public events resulting in less commercial activities in the society.

"I would like to urge the media houses not to engage in layoffs or salary cuts during this pandemic. Journalists are working shoulder to shoulder with health workers. During this pandemic, scribes are out in the field collecting news, despite the threat of disease and it was admirable," Vijayan said.

The chief minister said the government has asked the PRD to release the dues to various media houses.

New Delhi, May 10: The Delhi government has asked district magistrates to release 2,446 Tablighi Jamaat members from quarantine centres and ensure that they do not stay in any other place except their homes.

The district magistrates will explore the possibility of sending those Tablighi members, who belong to other states, in buses to their designated places in accordance with social distancing norms and other protocols, DDMA Special CEO K S Meena said in a letter to deputy commissioners (administration).

As man as 567 foreign attendees of the congregation held in Delhi's Nizamuddin area in March, will be handed over to the police, Meena said.

"They (foreign Jamaat attendees) will be handed over to police in connection with several violations like visa violation," a government official said on Saturday.

Delhi Home Minister Satyendar Jain had recently ordered the release of Tablighi members who have completed their required quarantine period in centres and tested negative for COVID-19.

"Out of such people belonging to Delhi, who could be released as per prescribed guidelines should be issued passes to travel from the quarantine centres.

"Under no circumstances, the aforesaid persons should be allowed to stay in any other places including mosques," Meena said in the letter.

In respect of those Tablighi members belonging to other states, it should be ensured by the nodal officer and the area ACP that such people reach their place of residence, he also said.

"The DC should also inform the respective resident commissioner of their states in respect of each and every movement of such persons from Delhi," the Delhi Disaster Management Authority (DDMA) Special CEO said.

Thousands of Tablighi Jamaat members had been taken out of its Markaz (centre) in Nizamuddin, where they had gathered for a religious congregation, and quarantined as the area became a major hotspot after a number of members tested positive for coronavirus.

On March 31, the Delhi Police's Crime Branch had lodged an FIR against seven people, including Maulana Saad Kandhalvi, on a complaint by Station House Officer, Nizamuddin, for holding the congregation.