Public sector banks have registered a robust growth due to global financial crisis. If we look at the data of July-September, we will find that Deposit Accretion for the period of July-September for State Bank of India went up by 68% to 57,861 Crore, Whereas Punjab bank showed a greater increase in Deposits by 80% to 13,241 Crore. Other public Sector Banks like Bank of Baroda and Corporation Bank also registered a growth in Deposits by 29% and 20% respectively. whereas ICICI Bank registerd a loss of -346% which means that deposits were taken out fron the bank the amount of deposit taken out was 11,058Crore. This trend analyses the fact that people consider Public Sector Banks to be a safer place for their money.

Prime Minister Manmohan Singh today said that despite the global turmoil, Indian economy may grow by 7 to7.5% .

Fitch retains India's sovereign rating

Even while retaining the sovereign credit rating of India, Fitch today downgraded the ratings for four emerging market economies (EMEs) -- Bulgaria, Kazakhstan, Hungary and Romania -- in the aftermath of the global financial meltdown.

The rating outlook, which expresses the possibility of a change in the near future, has been lowered for countries like South Korea, Mexico, Russia, South Africa, Chile and Malaysia, says international credit rating agency Fitch.
Fitch maintained India's long-term foreign currency Issuer Default Rating (IDR) at 'BBB-' with a 'stable' outlook. It also reiterated its long-term local currency rating for India at 'BBB-' with a 'negative' outlook.
'BBB-' is an investment grade rating reflecting low to moderate credit risk. A 'negative' outlook means that there is a high chance of the actual credit rating being downgraded.
Fitch, one of the three major international credit rating agencies, said in a statement today's action followed a review of the sovereign ratings of 17 major investment-grade EMEs.
"The profound shift in the global economic and financial outlook poses significant real economy and policy challenges for emerging markets," said David Riley, head of Fitch's Global Sovereign Ratings Group.
The long-term foreign currency IDRs of Bulgaria and Kazakhstan have been cut to 'BBB-' from 'BBB'. The credit rating for Hungary has been cut to 'BBB' from 'BBB+' and for Romania it has been lowered to 'BB+' from 'BBB'.
The outlook on the long-term foreign currency ratings for South Korea, Mexico, Russia and South Africa has been cut to 'negative' from 'stable'. The outlook on Chile and Malaysia has been lowered to 'stable' from 'positive'