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PFC eyes bank stake

Power Finance Corporation (PFC),which has loan assets of over Rs 1.6 lakh crore,has said that having management control

Written by Press Trust Of India | New Delhi |
June 15, 2013 1:22:13 am

Power Finance Corporation (PFC),which has loan assets of over Rs 1.6 lakh crore,has said that having management control in a bank would help in bolstering its payment security mechanism by lowering dependence on third party bankers.

The state-owned entity,that primarily lends to the power sector,is looking to buy stake in a public sector bank. The proposal has already been send to the power ministry.

The company is concerned that escrow accounts maintained on its behalf by third-party bankers could get compromised. “It is better to have that account in a bank in which we have management control,” company CMD Satnam Singh told investors.

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