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Moody's ups rating outlook for 3 banks to be stable

6 November, 2017 3:27 PM
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Moody's ups rating outlook for 3 banks to be stable

Moody's Investors Service today said it has revised the rating outlook on three Public Sector Undertaking (PSU) lenders -- Bank of India, Union Bank and Oriental Bank of Commerce -- to stable from negative.

The upgrade in outlook follows the government's announcement last month to infuse an unprecedented Rs 2.1 lakh crore into public sector banks over two years.

"Moody's changed the outlook to stable from negative for BoI (Bank of India) and its London and Jersey branch, Union Bank and its Hong Kong branch, and OBC (Oriental Bank of Commerce)," Moody's said in a statement.

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Source: moneycontrol.com

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