May consider rating upgrade if reforms come through: Moody's

Policies like relaxation of thresholds for FDI and a change in the monetary policy framework that fosters credibility will contribute to more stable economic environment

Global rating agency Moody's Investors Service on Sunday said it could consider India for a rating upgrade if the government is successful in introducing more growth enhancing economic and institutional reforms.

Policies like relaxation of thresholds for foreign direct investment (FDI) and a change in the monetary policy framework that fosters credibility will contribute to more stable economic environment, said Marie Diron, senior vice-president (Sovereign Risk Group), Moody's Investors Service.

"Evidence that India's policymakers are likely to be successful in their efforts to introduce growth-enhancing and growth-stabilising economic and institutional reforms would lead to the rating being considered for an upgrade," he said.
 

SBI merger with associates, BMB exempt from CCI approval

State Bank of India (SBI) will not need fair trade regulator Competition Commission of India (CCI)'s approval for merging five associates and Bhartiya Mahila Bank with itself, a move that will create a global sized bank with an asset base of Rs 30 lakh crore.

The acquisition is exempt from the approval of CCI under the Competition Act 2002, sources said. As per the amendment to the Competition Act, consolidation in the banking sector space is exempt from the approval of CCI, sources added.

Last week, the board of SBI approved scheme of merger of five associate lenders State Bank of Bikaner & Jaipur, State Bank of Mysore, State Bank of Travancore and Bharatiya Mahila Bank with itself while protecting the interest of the existing staff

Ganga above danger mark in Bihar, West Bengal and UP

The Ganga on Sunday crossed the danger mark in West Bengal, Bihar and neighbouring districts of Uttar Pradesh where Yamuna river is also in spate, while heavy rainfall has created a flood-like situation in some parts of Rajasthan where six persons have died.

However, the weather was hot and dry in the national capital and other northern states of Punjab and Haryana. In UP, Ganga is flowing above the danger mark at Fafamau (Allahabad), Mirzapur, Varanasi, Ghazipur and Ballia while Yamuna is flowing above the red mark at Chillaghat (Banda) and Naini (Allahabad) and Mohna (Jalaun).

Similarly, Sharda river is flowing above the danger mark at Palliakalan (Kheri). In western areas, the weather was dry even as light to moderate rains occurred at isolated places.