Credit rating agency, Moody's Investors Service has placed the ratings of 13 commercial banks in India on review. The names include banking majors -State Bank of India, ICICI Bank, Punjab National Bank, HDFC Bank and Bank of Baroda. Other names in the list include Bank of India, Canara Bank, IDBI Bank, Union Bank of India, Axis Bank, Central Bank of India, Syndicate Bank, and Oriental Bank of Commerce.

The ratings of these banks have been placed for a possible downgrade, considering the global economic meltdown - "The review will look at the extent to which India's ability to provide support to its banking system, if needed, is converging with the government's own debt capacity as a result of the ongoing global economic and credit crisis." The review will be based on the global systemic support indicators for the banking systems, which have been also been placed under the review for downgrade.

Quoting the agency, "The review of the local currency deposit ratings will look at the extent to which India's ability to provide support to its banking system, if needed, is converging with the Government's own debt capacity as a result of the ongoing global economic and credit crisis."

The review will be supported by the Government inputs on credit fundamentals and fiscal policy flexibility. The determinants for the systemic support would be size and stress level of the banking system, the foreign currency obligations of the banking system against the government's own forex resources and political environment of the country.

The agency has also placed the Medium Term Note programmes of the foreign currency subordinated, junior subordinated and perpetual hybrid of SBI, ICICI Bank, Bank of Baroda, Bank of India, Canara Bank, HDFC Bank, Union Bank of India, and Axis Bank under review for downgrade.