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Jan 11, 2018 01:11 PM IST | Source: Moneycontrol.com

Bank of Baroda plans to sell stake in Nainital Bank to raise capital

Bank of Baroda holds 98.6 percent stake in the 97-year-old Nainital Bank after the Reserve Bank of India directed it 1975 to manage the affairs of the bank.

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Public lender Bank of Baroda plans to sell its stake in Nainital Bank in an attempt to strengthen its balance sheet, according to a report published in Mint.

The report said the bank will need approval from the Reserve Bank of India (RBI) to sell its stake in the Nainital bank.

In August last year, the bank said it was looking to raise Rs 2,000 crore in FY18 through the sale of non-core assets.

Bank of Baroda holds 98.6 percent stake in the 97-year-old Nainital Bank after the Reserve Bank of India directed it 1975 to manage the affairs of the bank.

Nainital Bank has 135 operating branches spread across in five states - Uttarakhand, Uttar Pradesh, Delhi, Haryana and Rajasthan, as per the bank website.

Nainital Bank reported total assets of Rs 7,700 crore as of March 2017 and reported net profit of Rs 48.46 crore for the year. The bad-loan ratio stood at 5 percent of the total compared to 9.6 percent for the banking system in the country.
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