The rating agency revised the outlook for Export-Import Bank of India (EXIM), SBI, Bank of Baroda, Bank of Baroda (New Zealand), Bank of India, Canara Bank, Punjab National Bank, ICICI Bank, Axis Bank while affirming their ratings. At the same time, Fitch has affirmed IDBI Bank Ltd's (IDBI) rating, while maintaining the outlook at negative. "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." "SBI is highly likely to receive extraordinary state support, if required, due to its very high systemic importance," it said. "The probability of extraordinary state support for the two large private banks will be lower than for large state banks, which are likely to have priority due to the sovereign's constrained finances," the agency said.

Source: The Telegraph June 22, 2020 07:41 UTC