The Power Finance Corporation ltd (PFC) signed its performance-based Memorandum of Understanding (MoU) with the Ministry of Power, Government of India for the financial year 2015-16. It was signed by PK Sinha, secretary (power) and MK Goel, CMD, PFC in the presence of RN Chaubey, special secretary (power), BN Sharma, joint secretary (power), Pradeep Kumar, joint secretary (F&A) from Ministry of Power, R Nagarajan, director (finance) and AK Agarwal, director (projects) from PFC.
The key performance parameters for ‘Excellent Category’ under the MoU for the financial year 2015-16 include ‘loan Disbursements’ of Rs44,440 crore ‘Gross Operating Margin’ of Rs25,030 crore and Profit After Tax of Rs11.32 crore. Target of Gross NPAs of loan Assets has been kept as one per cent. In addition other parameters relating to IPDS, HRM have also been included in the MOU. The monitoring of performance vis-à-vis MoU targets would be carried out quarterly during the Performance Review Meetings (PRMs).