Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Moody's Upgrades Punjab National Bank's Outlook to Positive

After the merger, PNB will become the second-largest public sector bank (PSB) in India with a deposit market share of 8 per cent, compared to its standalone market share of 5.2 per cent as of March 2019.

PTI

Updated:September 4, 2019, 6:07 PM IST
facebookTwitterskypewhatsapp
Moody's Upgrades Punjab National Bank's Outlook to Positive
Representative image (Reuters)
Loading...

New Delhi: Global rating agency Moody's on Wednesday upgraded the outlook on Punjab National Bank (PNB), which will merge OBC and United Bank of India with itself, to 'positive' from 'stable'.

It also affirmed the local and foreign currency deposit ratings of Canara Bank, OBC, Syndicate Bank and Union Bank at Baa3/P-3.

In a release, Moody's Investors Service also said it has affirmed the local and foreign currency deposit ratings of PNB at Ba1/NP, and affirmed the bank's baseline credit assessments (BCAs).

"The outlooks on Canara Bank, OBC, Syndicate Bank and Union Bank are maintained at stable. "Moody's has changed the outlook on PNB to positive from stable," it said.

The affirmation of PNB's ratings with a positive outlook reflects Moody's view that the bank's BCA will likely improve after the capital infusion from the government, and that its financial metrics will gradually improve, it said.

After the merger, PNB will become the second-largest public sector bank (PSB) in India with a deposit market share of 8 per cent, compared to its standalone market share of 5.2 per cent as of March 2019.

Moody's, however, added that it could lower PNB's BCA and ratings or change the rating outlook to stable if its asset quality, profitability and capital deteriorate on a standalone basis or as a result of the merger.

Moody's could also change PNB's outlook to stable if its post-merger capitalisation does not improve relative to its standalone capital position, the release said. Last month, Finance Minister Nirmala Sitharaman had announced that 10 public sector banks would be merged into four.

With mergers and consolidation of PSBs, the government aims to create few global-sized banks as well as use their synergies to enhance credit flow.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
HDFC Bank 1,264.00 5.37
Axis Bank 719.00 5.68
ICICI Bank 445.00 6.59
Maruti Suzuki 6,966.35 5.68
Larsen 1,543.50 9.35
Company Price Change %Gain
Larsen 1,543.50 9.25
Maruti Suzuki 6,958.85 5.67
ICICI Bank 445.20 6.67
Bajaj Finance 4,014.00 8.32
Yes Bank 55.75 0.54
Top Gainers
Company Price Change %Gain
Larsen 1,543.80 9.37
Asian Paints 1,816.00 8.68
Bajaj Finserv 8,350.15 8.53
Bajaj Finance 4,014.05 8.42
Britannia 3,110.20 8.48
Company Price Change %Gain
Larsen 1,543.20 9.23
Asian Paints 1,817.25 8.66
Bajaj Finance 4,016.30 8.38
ITC 257.65 8.19
IndusInd Bank 1,527.00 7.57
Top Losers
Company Price Change %Gain
Infosys 770.30 -4.31
Dr Reddys Labs 2,735.30 -3.61
TCS 1,999.95 -3.17
Wipro 238.95 -2.85
Zee Entertain 293.45 -2.64
Company Price Change %Gain
Infosys 770.70 -4.27
TCS 2,000.00 -3.18
Tata Motors 130.45 -2.21
NTPC 117.60 -1.92
Power Grid Corp 193.20 -1.60

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results