SBI to save NBFCs

Mumbai: State Bank of India (SBI) has come forward to save NBFCs, who are struggling with the crisis of liquidity. Following the lapse in payment of several loans by IL & FS and its subsidiaries, cash crunch in front of NBFC has emerged. It is being told that SBI will buy a good quality account of Rs 45,000 crore from IL & FS. This will help these companies recover from the liquidity crisis.

SBI had earlier decided to buy properties worth Rs 15,000 crore, but now the bank has decided to purchase additional assets of Rs 30,000 crore. According to the bank, this is a good opportunity for the bank to increase its loan portfolio. Assets of NBFCs are available at attractive prices. This will benefit both SBI and NBFCs. Because this will provide liquidity to meet their needs, while the bank’s loan portfolio will be better.

In the statement, the bank said in the statement that the bank had initially set a target of raising Rs 15,000 crore through the purchase of portfolio, which has now been extended. According to the internal estimation of the bank, he will have the opportunity to purchase an additional portfolio of 20,000 to 30,000 crores. National Housing Bank, which regulates non-banking financial companies, has also said that it will increase the refinance facility of NBFC to Rs 30,000 crores. Explain that there is a total loan of Rs 91,000 crore on the IL & FS group. Its major shareholders include the Life Insurance Corporation of India, the State Bank of India and the Central Bank of India.

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