According to the survey compiled by S&P Global, the HSBC final India Services Purchasing Managers' Index, fell to 60.8 in April from 61.2 in March, confounding a preliminary estimate for a rise to 61.7.
S&P Global credit analyst Geeta Chugh said: “India’s regulator has underscored its commitment to strengthening the financial sector.”
The report further said that the State Bank of India and the leading private-sector banks have largely addressed their asset-quality challenges.
The rating agency also revised downward its assessment of the stand-alone credit SACP of Indian Bank by one notch to 'bb+'.
