The government-owned financial institution focused on power sector, Power Finance Corporation Ltd is said to be considering a diversification from its core financing business to the banking business for its long-term sustainability.The Union Minister of State for Power Bharatsinh Solanki on Friday said that the company has initiated the process to appoint a consultant to diversify its operations to banking as well. "Power Finance Corporation (PFC) is exploring the possibility of diversification into banking business for its long-term sustainability and continuous growth," the minister informed the Lok Sabha today.
In 2009-10, PFC had sanctioned Rs 59,228 crore and Rs 24,487 crore was disbursed as loan during the same period, he said.
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