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Bank of Baroda to buy 60B rupees of assets from nonbanking financial companies

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Bank of Baroda to buy 60B rupees of assets from nonbanking financial companies

Bank of Baroda expects to buy around 60 billion Indian rupees worth of assets from nonbanking financial companies in the current quarter ending Sept. 30, the Press Trust of India reported Aug. 26, citing the bank's executive director, Papia Sengupta.

The bank is in talks with nonbanking financial companies such as PNB Housing Finance Ltd. and Indiabulls Housing Finance Ltd., among others regarding potential asset purchases.

The bank will buy some of the assets under the government's partial guarantee scheme, for which the bank will need permission from the government, Sengupta said.

The bank had bought 35 billion rupees of loans from nonbanking financial companies in the quarter ended June 30, after purchasing 100 billion rupees of assets from such companies in the fiscal year ended March 31.

Bank of Baroda is also looking at disbursing 10 billion rupees in loans under a co-origination model between banks and nonbanking financial companies in the current quarter, Sengupta added.

As of Aug. 26, US$1 was equivalent to 71.81 Indian rupees.