PFC sanctions over Rs 1 lakh cr loans for power projects in FY20

New Delhi: State-owned Power Finance Corporation (PFC) on Thursday said it sanctioned loans over Rs 1 lakh crore for power projects during the 2019-20 financial year. Out of the Rs 1 lakh crore, it successfully disbursed Rs 68,000 crore loans during the last financial year, PFC said in a statement.

PFC, under the administrative control of the Ministry of Power, is the largest non-banking financial corporation (NBFC) in power sector in India.

“PFC ended FY 2019-20 on a strong note despite numerous challenges, including outbreak of COVID-19 virus. The institution delivered a sound financial performance with loan sanctions of more than Rs 1 lakh crore along with loan disbursements of about Rs 68,000 crore in the last financial year,” it said.

The company said it disbursed Rs 11,000 crore during the last week of March, when the country was under a nationwide-lockdown to contain the spread of COVID-19 pandemic.

PFC further said its net non-performing assets (NPAs) reduced to 3.8 per cent in 2019-20 from 4.55 per cent in the preceding fiscal.

[Source – Economic Times]


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