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Home News Power Sector News Power Finance Corporation Says Stressed Assets At 11% Of Loan Book

Power Finance Corporation Says Stressed Assets At 11% Of Loan Book

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PFCState-run Power Finance Corporation Ltd. said 11 percent of its total loan book is stressed, contributed entirely by private sector borrowers.

The private sector comprises 18 percent of the non-banking lender’s total loans worth Rs 2.79 lakh crore, according to a statement by the state-run company. “We are making sincere efforts to make these stressed assets standard in due time,” Chairman and Managing Director Rajeev Sharma told BloombergQuint.

As of March, PFC’s gross and net non-performing assets stood at Rs 20,600 crore and Rs 26,703 crore, respectively. The company said that it expects Rs 4,600 crore of its government NPAs will get an upgrade in the current financial year.

BloombergQuint had reported in March that around Rs 17,000 crore of the non-banking lender’s loans to private companies are at risk of turning bad after the Reserve Bank of India did away with debt-restructuring schemes and set stricter deadlines for the resolution of non-performing assets.

 

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