Modi has staged 'fake encounter' with facts: Chidambaram

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, Jan 1: Union Minister Prakash Javadekar launched a scathing attack on the Aam Aadmi Party and the Congress for allegedly inciting violence in Delhi against the Citizenship (Amendment) Act. Mr Javadekar said the violence over the amended citizenship law that broke out in areas like Jamia Nagar, Seelampur and Jama Masjid "cannot be forgiven".

"In Jamia, the Congress' Asib Khan and AAP's Amanatullah Khan delivered inciting speeches. They spread disinformation. The law is to give citizenship to people and not take citizenship away," Mr Javadekar told reporters.

He said the people of India understand the plans of the Congress and the AAP and both parties should apologise.

"We will bring out the truth. The fight is between anarchists and those who oppose them. Our agenda would be wholesome development of Delhi. The AAP strangulated municipal corporations' attempt on development. Rs 900 crore was not given. Today, the people of Delhi are surprised that the AAP slept through all these 4.5 years and in the remaining six months they have launched schemes," Mr Javadekar said.

"The work is done by someone else and the credit is taken by a different individual," the Union Minister said, referring to allegations that the government led by Chief Minister Arvind Kejriwal took credit for work done by BJP-ruled municipal agencies.

"Who did fogging in dengue season? Our corporations organised an awareness drive against water accumulation and dengue cases went down. During corporation polls, Kejriwal said don't choose BJP as dengue will claim lives. Now he is also claiming credit for decrease in dengue cases because of the work done by these corporations," Mr Javadekar said.

"I am an environment minister. We worked on pollution control. There is no limit to their (AAP's) lies. About unauthorised colonies, the AAP says we have not regularised it. We made a law signed by the President, yet they spread lies," Mr Javadekar said.

The election in Delhi will be held before the end of February.

Thiruvananthapuram, Jun 24: Kerala on Tuesday was among those honoured for tackling the Covid-19 pandemic when the United Nations celebrated the Public Service Day.

The function, held on a virtual platform, saw the participation of UN Secretary General Antonio Guterres and other top UN dignitaries who applauded all the leaders which included state Health Minister K.K. Shailaja for effectively tackling Covid-19.

Speaking on the occasion, Shailaja noted that the experiences of tackling Nipah virus and the two floods - 2018 and 2019 - where the health sector played a crucial role, all helped in tackling Covid-19 timely.

"Right from the time when Covid cases got reported in Wuhan, Kerala got into the track of the WHO and followed every standard operating protocols and international norms and hence, we have been able to keep the contact spread rate to below 12.5 per cent and the mortality rate to 0.6 per cent," she said.