State-owned Power Finance Corporation (PFC) announced on Thursday that it has sanctioned loans over Rs 1 lakh crore for power projects during the financial year 2019-20. Out of the Rs 1 lakh crore, Rs 68,000 crore loans were successfully dispersed during the last financial year, PFC said in a statement.
PFC is the largest non-banking financial corporation (NBFC) in the power sector in India under the administrative control of the Ministry of Power.
“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 locked-down to contain the spread of the COVID-19 pandemic.
PFC further stated that its net non-performing assets (NPAs) decreased from 4.55% in the previous fiscal year to 3.8% in 2019-2020.
