Fitch: Indian banks unaffected by tsunami

Fitch Ratings said that while the tsunami that hit the southern parts of India had a devastating affect on certain sections of society, its affect on the financials of Indian banks is expected to be muted.

"With industrial activity not being affected in any significant manner, banks' exposure to the corporate sector is unlikely to deteriorate as an after-affect of the tsunami. Loans to distressed individuals could turn non-performing, but this will only be a small part of the total credit portfolio. Fitch's outstanding ratings on Indian banks will, therefore, not be affected by the tsunami," said Fitch's Ananda Bhoumik.

Fitch said banks operating in the affected areas have been spared any damage to their infrastructure, barring the loss of three branches in the Nicobar islands reported by State Bank of India.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.