SBI buys loans worth Rs 27,000 cr from non-banking financial cos in FY19

Flush with funds, SBI in October 2018 had tripled its target to buy good quality retail asset portfolio from finance companies to Rs 450 billion from earlier target of Rs 150 billion

State Bank of India has acquired retail loans worth Rs 27,000 crore including Rs 10,000 crore worth of micro-finance loans from non-banking finance entities in 2018-19.

India's largest lender SBI in October 2018 had indicated it would acquire up to Rs 45,000 crore from finance companies that are facing a liquidity crunch after IL&FS group entities defaulted on repayments. This provided much-needed funding support to finance companies. 

P K Gupta, managing director (digital and retail banking) said the bank has sanctioned  Rs 27,000 crore of loans which were to be bought from finance companies. Of this, work for over Rs