State Bank chairman Rajnish Kumar has welcomed the first sovereign ratings upgrade by Moody's in 13 years as a positive measure that will make foreign funds cheaper for both corporates as well as his bank.


Kumar described the move as a "re-affirmation of how the world views India, which has been long pending and a thumbs up to the various reform measures," and added as a result, "the cost of foreign borrowings will automatically come down, which in itself is a big benefit for the country."

-- PTI