Parminder Chopra appointed as CMD of Power Finance Corporation (PFC): Power Finance Corporation (PFC) has appointed Parminder Chopra as Chairman and Managing Director (CMD); she becomes the first woman to lead India’s largest NBFC. Chopra took over as CEO of the power sector lender on August 14, 2023. She previously served as CMD with effect from June 1, and as Director (Finance) with effect from July 1, 2020. She also played a key role in the successful implementation of a Rs 1.12 lakh crore Liquidity Infusion Scheme (LIS) for the power distribution sector, which was rolled out as part of the Atmanirbhar Bharat initiative.
Daily Current Affairs Quiz: August 2023
Career and experience of Parminder Chopra
Chopra has worked in the power and financial sectors for over 35 years. At PFC, she has headed key finance functions, including resource mobilisation (domestic and international markets), banking, treasury, asset liability management and stressed asset resolution.
Her prior experience includes stints in power sector majors such as NHPC and Power Grid Corporation of India.
Under her leadership, PFC has increased funding to clean energy projects, including funding of electric vehicles, bio-fuels, hybrid renewables like Round The Clock, renewable equipment manufacturing, and recently signed MoUs with clean energy developers worth Rs 2.40 lakh crore, to emerge a principal financier of clean energy projects.
Educational and Professional Background
Parminder Chopra holds a Bachelor’s degree in Commerce from Delhi University, a testament to her solid academic foundation. Her credentials also include being a certified Cost and Management Accountant, demonstrating her skill in financial management. To enhance her managerial skills, she also possesses a Post Graduate Diploma in Business Management.
About the Power Finance Corporation (PFC)
Power Finance Corporation (PFC) is a financial institution based in India that specializes in providing funding and financial assistance for various power and energy-related projects. Established in 1986, PFC plays a crucial role in supporting the development of the power sector in the country.
PFC’s primary objective is to ensure the availability of funds for the expansion, modernization, and development of power generation, transmission, and distribution projects. It offers financial solutions to both public and private sector entities involved in the power industry.