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Power Finance Corporation (PFC) To Start a Bank

Power Finance Corporation (PFC) has revealed that the board is very keen in setting up banking institution in the country and will very soon be applying for the license as the RBI’s guidelines and norms for setting up commercial banks which were issued last week have been already met by the lending agency.

PFC Logo Power FInance Corporation

PFC – Power Finance Corporation

Satnam Singh, Managing Director and Chairman of Power Finance Corporation said that as the RBI’s guidelines have been made clear and PFC qualifies and fulfills all the requirements, the board may either opt for setting up a bank or they may convert their company into a bank. He also added that the board will start discussion over the matter soon.

Last week, RBI with its new norms and guideline made it clear that only through a wholly-owned non- operative financial holding company (NOFHC), any public or private sector entity will become eligible to set up a bank.

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