New Delhi, Jun 25 (PTI) State-owned Power Finance Corporation (PFC) on Thursday said it sanctioned loans over Rs 1 lakh crore for power projects during the 2019-20 financial year.

Out of the Rs 1 lakh crore, it successfully disbursed Rs 68,000 crore loans during the last financial year, PFC said in a statement.

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PFC, under the administrative control of the Ministry of Power, is the largest non-banking financial corporation (NBFC) in power sector in India.

"PFC ended FY 2019-20 on a strong note despite numerous challenges, including outbreak of COVID-19 virus. The institution delivered a sound financial performance with loan sanctions of more than Rs 1 lakh crore along with loan disbursements of about Rs 68,000 crore in the last financial year," it said.

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The company said it disbursed Rs 11,000 crore during the last week of March, when the country was under a nationwide-lockdown to contain the spread of COVID-19 pandemic.

PFC further said its net non-performing assets (NPAs) reduced to 3.8 per cent in 2019-20 from 4.55 per cent in the preceding fiscal.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)