IDBI Bank de­posits down­graded

The Hindu Business Line - - FRONT PAGE - COGENCIS

Moody’s In­vestors Ser­vice has down­graded the lo­cal and for­eign cur­rency bank de­posit rat­ings of IDBI Bank to B1 from Ba2, cit­ing weak stand­alone credit pro­file. Lower cap­i­tal in­fu­sion by the govern­ment into the bank also played a part in the rat­ing ac­tion, the agency said in a re­lease to­day. Since May, when Moody’s ini­ti­ated its re­view of the bank for down­grade, IDBI Bank re­ceived ₹1,860 crore of cap­i­tal from the govern­ment and ₹390 crore from Life In­sur­ance Corp of In­dia.

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