Fitch Ratings has affirmed a stable outlook for public sector banks in India it rates, with the rating action underlined by India's robust mediumterm growth potential supported by expectation of a GDP growth of 7 per cent in 2024 and 6.5 per cent in 2025 and investment prospects.
"The economy remains resilient as healthy business sentiment, buoyant financial markets and the government's capital spending buffered global economic headwinds and inflation.
These factors are conducive for banks to sustain profitable business, provided risks are well-managed," the Fitch report points out.
The ratings of Canara Bank, State Bank of India, Union Bank of India and Punjab National Bank among others are driven by criteria ranging from government support, strong operating environment, dominant presence, double digit loan growth, strong profitability and dominance of deposits and modest capital buffers.
The score of 'bb+' given on operating environment (OE) of the State Bank of India is precisely because of this view of India's robust medium-term growth potential.
According to Fitch, the State Bank of India has the highest probability of extraordinary state support among Indian banks, if required. This takes into consideration SBI's market position as the largest Indian bank, the state's 56.9 per cent controlling ownership and its broader policy role than peers.
The rating agency has also given a stable outlook on the international depository receipt (IDR) which is a negotiable certificate issued by a bank, representing ownership of a number of shares of stock in a foreign company that the bank holds in trust.
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Denne historien er fra April 17, 2024-utgaven av The Business Guardian.
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BJP's Purvanchali leader Anil Jha joins AAP
The BJP's Purvanchali leader and two-time former MLA from Kirari, Anil Jha, joined the Aam Aadmi Party (AAP) in the presence of party supremo Arvind Kejriwal on Sunday.
Two men arrested for cheating in fake currency exchange scheme
According to the officer, the duo would use genuine dollars initially to gain the victims' trust before handing over bundles of paper disguised as cash in exchange for money.
KAILASH GAHLOT RESIGNS AS DELHI TRANSPORT MINISTER, QUITS AAP
AAP leaders said Gahlot was facing ED probe and had no option but to join the BJP
BJP forms 12-member committee for assembly polls manifesto
BJP has announced the formation of the election manifesto committee to prepare a vision document and list promises for the upcoming assembly elections in Delhi.
Pressure from ED, CBI forced Gahlot to quit: AAP
AAP's national chief spokesperson Priyanka Kakkar alleged that the ongoing investigations against Gahlot and his family had left him with no choice but to join the BJP
Crime Branch arrests sharpshooter of Neeraj Bawania gang
An alleged sharpshooter of the Neeraj Bawania gang who was involved in a double murder in Delhi's Subhash Place area in 2014, was arrested from Sonepat in Haryana, police said on Sunday.
Delhi Assembly elections a ‘dharamyudh’ like Mahabharata, says Kejriwal
AAP national convener Arvind Kejriwal compared the upcoming Delhi Assembly elections to a 'dharamyudh'--a righteous battle akin to the one in the Mahabharata.
Kerala High Court: Assessing Authority Cannot Reassess Prior Years Without Inquiry While Determining Relevant Year's Assessment [Income Tax]
The Kerala High Court in the case Kings Infra Ventures Ltd. v. The Assistant Commissioner of Income Tax observed and has stated that while determining the assessment of relevant years assessing authority cannot determine the assessment for earlier years without enquiry.
Himachal Pradesh High Court Upholds Levy Of GST On Mining Royalty Payable Under Mining Concession Granted By State
The Himachal Pradesh High Court in the case M/s Lakhwinder Singh Stone Crusher v. Union of India & ors. observed and has dismissed a writ petition challenging notifications issued by the Central government for levy of GST on Royalty paid by a Mineral Concession Holder for mining concession granted by the State.
SC Issued Notice To Delhi Tree Authority And Officers: 'What Procedure Followed In Tree Felling?'
The Supreme Court in the case MC Mehta versus The Union Of India And Ors observed and has issued notice to the Tree Authority and the Tree Officers who are being appointed under the Delhi Preservation of Trees Act, 1994, in a petition filed seeking to prevent the Delhi government in order to permit tree felling under the Act without prior permission from the court.
