The Reserve Bank of India has lowered the country's GDP growth projection for 2011-12 from 8% to 7.6%. In a significant development, global credit rating agency Moody's has lowered its outlook for India's banking sector from stable to negative, citing slowing growth and concerns about asset quality. However, another agency Standard & Poor's has upgraded the sector from group '6' to group '5' in view of stable bank deposits and limited dependence on external borrowing.
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