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Support Ratings of Banks Upgraded

Fitch Ratings recently upgraded the Support Ratings of five nationalised banks — Corporation Bank, Indian Bank, Andhra Bank, Vijaya Bank and Dena Bank to ‘3' from the earlier rating ‘4'. The Support Rating of Vijaya Bank was removed from ‘Rating Watch Positive'.

Oct 13, 2010 15:14 IST

Fitch Ratings recently upgraded the Support Ratings of five nationalised banks — Corporation Bank, Indian Bank, Andhra Bank, Vijaya Bank and Dena Bank to ‘3' from the earlier rating ‘4'. The Support Rating of Vijaya Bank was removed from ‘Rating Watch Positive'. The Indian government’s strong propensity and commitment towards maintaining healthy financial profiles for government-owned banks was evident from the up gradation. The government through an infusion of Rs 16500 crore in common equity or hybrids aims to ensure a minimum Tier-I ratio of eight per cent for government-owned banks by end-March 2011.