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Consolidation in Indian banking sector risky: Moody's
The multiple downside risks in the proposed consolidation in the Indian public sector banking (PSB) space far outweighs the potential benefits, said global credit rating agency Moody's Investors Sevice.
In a statement issued on Tuesday, Moody's said the proposal to consolidate the country's public sector banks (PSBs) creates risks that -- in the current weak economic environment -- could offset the potential long-term benefits.
"India's banking system has witnessed an increase in stressed assets since 2012, with the result that no PSB currently has the financial strength to assume a consolidator role without risking its own credit standing post-merger," Moody's Vice President and Senior Analyst, Alka Anbarasu said.
"Barring significant government support to boost the banks' capitalisation, we believe the risks arising from the potential consolidation currently outweigh the potential longer-term benefits," added Anbarasu.
Moody's has released a report on Indian banks entitled 'Banks -- India: Consolidation of Public Sector Banks Will Face Challenges Under Current Conditions'.
Referring to Union Finance Minister Arun Jaitley's budget speech, Moody's said the consolidation in the Indian PSB space is gaining policy momentum.
Recently, the State Bank of India (SBI) announced its decision to merge six banks with itself-including five of its associate banks.
"From a credit perspective, industry consolidation would strengthen the banks' bargaining power, help save costs and improve supervision and corporate governance across the banking system," Moody's said.
These potential benefits, however, are outweighed by multiple downside risks, the rating agency added.
According to Moody's, the banks' weakened metrics since 2012 and weak performance mean that many have difficulties meeting minimum regulatory requirements without regular capital injections from the government.
As a result, few public sector banks have the excess capital required to acquire meaningfully sized peers.
Adding to this financial pressure, all listed PSBs are trading at a significant discount to their book value, limiting their ability to attract external capital to support acquisitions.
"Therefore, Moody's believes government support will be a crucial driver of the credit outcome of potential mergers, particularly in the form of the equity capital required to shore up capital buffers," the rating agency said.
As to the challenges in consolidation in the PSB sector Moody's cited the potential opposition from employee unions, which could hamper merger efforts and drive up costs.
For example, SBI estimates that its merger with the associate banks will cost up to Rs 30 million due to differences in employee pension schemes.
The Indian government's ultimate aim is to reduce the number of PSBs to about eight to 10 from the current 27.
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.



In Texas Decision, the US Supreme Court Delivers Sweeping Win for Abortion Rights

Back in January, 2016 looked to be a watershed year for reproductive rights 2014 and a potentially harrowing one for advocates of abortion and access to contraception. The main reason: two blockbuster Supreme Court cases.


Now, as the Supreme Court ends its 2015201316 term, it's clear that the prognosticators were both right and wrong. This has been one of the most important years for reproductive rights in memory 2014 but contrary to what many expected, it is the side defending abortion rights and contraception access that has won.


Monday's 5-3 ruling in Whole Woman's Health v. Hellerstedt, striking down strict regulations on Texas abortion clinics and requirements that abortion doctors have admitting privileges at local hospitals, is the court's most significant abortion ruling in more than 20 years and is likely to reverberate well beyond the state's borders. The decision means that so-called Targeted Regulation of Abortion Providers, or TRAP, laws in 23 states besides Texas, and admitting privileges laws in 11 states are "presumptively unconstitutional," said Nancy Northrup, president and CEO of the Center for Reproductive Rights.


Northrup called the ruling "a complete and total victory" that "renews the promise of Roe v. Wade for the next generation." Texas Lt. Gov. Dan Patrick, a Republican who strongly opposes abortion, called the ruling "a devastating blow" to efforts to protect women's health and safety.


In his majority opinion, Justice Stephen Breyer rejected arguments that Texas law H.B. 2 was needed to safeguard women, concluding that the state had "no significant health-related [abortion] problem for the new law to cure." More significantly, Breyer reiterated the principle that states may not unduly burden the ability of women to exercise their constitutional rights under Roe. "[N]either of these provisions offers medical benefits sufficient to justify the burdens upon access that each imposes," Breyer wrote.


Stephanie Toti, the attorney who led the challenge to the Texas law, called the ruling "sweeping" and "decisive" for how it clarifies and strengthens the two-decade-old undue burden standard (which ProPublica wrote about here). Breyer's reasoning "applies to all abortion restrictions across the board," she said, and will be used to challenge other types of abortion laws that have recently gained momentum.


In the past year, for example, state lawmakers have introduced a barrage of bills that would bar a common second-trimester abortion procedure, ban abortion after 20 weeks or for specific reasons (such as fetal anomaly or sex selection), increase waiting periods and raise new barriers for teenagers seeking to terminate a pregnancy, and target the funding of Planned Parenthood and other groups that perform or refer patients for abortion.


Cecile Richards, president of Planned Parenthood, which has been under attack since last summer over videos purporting to show an illicit trade in fetal body parts for research, said the Hellerstedt victory will energize abortion-rights group that have been on the defensive for the last six years. "We now will take this fight state by state to challenge and repeal other laws across the country," she vowed.


One thing that remains unclear, however, is how many of the 20 or so Texas abortion clinics that shut down since H.B. 2 was passed in 2013 will be able to reopen. "The rebuilding of that infrastructure is going to take some time," Amy Hagstrom Miller, founder and CEO of Whole Woman's Health, said on a media call. "We've had to let our leases go in the facilities. We've had to sell our buildings. We've had to sell the equipment. Our staff has been laid off. Our physicians have gotten new jobs."


The other important reproductive rights case of the Supreme Court term, Zubik v. Burwell, a religious challenge to the Affordable Care Act's contraception mandate, ended in a tie in May that ultimately has favored the repro-rights side. Instead of the expansive religious-liberty ruling many SCOTUS-watchers had predicted, the justices sent the case back to the lower courts to try to hammer out a compromise that would allow women to receive birth control as envisioned by the ACA without impinging on the rights of religiously affiliated institutions.


Zubik would probably have turned out differently but for the death of Antonin Scalia in February, which turned what had been a 520134 conservative majority into an evenly divided court. That split has affected a number of controversial cases, although not, it seems, Hellerstedt 2014 Justice Anthony Kennedy, who had been seen as the swing vote, sided with the court's four liberals without comment.


Scalia's death set up an epic political battle over the direction of the Supreme Court for the next generation and made the court a key issue in the 2016 presidential race2014points hammered home today by groups on both sides of Texas case. Marjorie Dannenfelser, president of the anti-abortion Susan B. Anthony List, called the Hellerstedt ruling "tragic," adding: "The stakes for the 2016 election could not be higher. 2026 Only with a pro-life Congress and White House can we begin to address the havoc wrought by the Supreme Court on America's unborn children and their mothers."


Ilyse Hogue, president of NARAL Pro-Choice America, doesn't agree with Dannenfelser on much, but on this point they concurred: When it comes to reproductive rights, Hogue said, the match-up between Hillary Clinton and Donald Trump promises to be "the most important election of our lifetime."


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