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Fitch affirms ratings on 9 Indian banks

The Long-Term Issuer Default Ratings (IDR) on State Bank of India, Bank of Baroda, Bank of Baroda (New Zealand), Punjab National Bank, Canara Bank, IDBI Bank, ICICI Bank and Axis Bank have been affirmed at 'BBB-'.

"We have cut our deposit rates by 0.20-0.50 per cent across tenors. The revision will be effective tomorrow," a senior official from the bank told PTI.
Systemically important banks are perceived as banks that are 'Too Big To Fail' that creates an expectation of government support for these banks at the time of distress.
Earlier, the bank cut its base rate by 15 bps on June 17, 2015.  Base rate is the rate below which a bank cannot lend.
Payments banks can annually free up a whopping Rs 14 trillion in incremental credit for the fund-starved infrastructure sector, says a SBI Research report.
Goldman Sachs (Shenzhen) Financial Leasing Co, operating out of China's Shenzhen city, claims to be one of the city's largest financial leasing firm on its website.
However, the system will operate for full days on other Saturdays of a month, RBI said in a notification.
The strike will be to protest against the anti-trade union and worker policies of the central government.
The rate cut will be effective on loans and advances from September 3, 2015.
For the year ended March 2015, gross NPAs stood at 4.4 per cent of the system, while in the quarter ended June 2015, the same rose to 4.7 per cent.