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ICRA downgrades rating of IDBI Bank’s debt instruments

Credit rating agency ICRA has downgraded various debt instruments of state-run IDBI Bank on the back of weak profitability and deteriorating asset quality, which have resulted in erosion of its capital. The agency has also kept the lender’s ratings under watch with negative implications.

The rating downgrade takes into account the bank’s substantially weak operating and financial performance during fourth quarter of fiscal 2017 and in fiscal 2017 overall, which has resulted in a significant erosion of its capital (CET-I).

IDBI Bank is the youngest, new generation public sector universal bank that rides on a cutting edge Core Banking platform with strong service orientation.

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