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Moody’s has lowered its outlook for India's GDP growth to 4.5 per cent for 2013-14 from 5.5 per cent.
This reflects the recent depreciation of the rupee, which will exacerbate inflationary pressures, keep domestic interest rates relatively high, and hinder a recovery in domestic demand growth.
“Such weak conditions will negatively affect the asset quality, profitability, and capital of public sector banks, including SBI,” Moody’s said in a statement.
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