Shares of non-banking financial companies (NBFCs) are surging in trade on Wednesday as investors are betting on reports of banks eyeing portfolio purchases from NBFCs.
State Bank of India (SBI) has come out in support of non-bank lenders, stating there is still opportunity to buy up to Rs 30,000 crore more of their loans.
"The bank had initially planned for a growth of Rs 15,000 crore through portfolio purchase during the current year which is now being enhanced," SBI said in a statement.
"As per the bank's internal assessment, there may be an opportunity to buy additional portfolio in the range of Rs 20,000-30,000 crore," it said.
NBFCs typically sell down a part of their loan portfolios after holding them for a particular amount of time. Banks buy these portfolios to show growth or to meet priority sector lending requirements.
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