Fitch stabilizes Indian bank outlook

Fitch Ratings said it revised the outlooks of six Indian banks to stable from negative. The banks are State Bank of India, Bank of Baroda, Bank of India, Canara Bank, Icici Bank Ltd. and Axis Bank Ltd.

The actions follow the revision of the outlook on the Indian sovereign to stable from negative on Friday. The revision reflects diminished risks to India's medium-term growth highlighted by its rapid economic recovery and easing financial-sector weaknesses, the agency said.

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