Published Jun 30 2012 by

Sovereign downgrade could increase borrowing costs for banks abroad, RBI

India's central bank, the Reserve Bank of India (RBI) has said that a cut in credit rating of the sovereign could increase the cost of borrowing money from international markets for the Indian banks.

The remarks come following downgrades announced by Fitch and Standard & Poor's. Analysts at Fitch have downgraded some of India's largest...

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...more than a year. "A change in the current external rating of the country could have 'cliff effects', impacting both, the availability and the cost of foreign currency borrowing for Indian banks and firms" the RBI said in a report...

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