Information about Power Finance Corporation Limited
The particulars of its organization, function and duties
Power Finance Corporation Ltd. (a Government of India Undertaking under the administrative control of Ministry of Power, Government of India) was conceived and came into existence in the year 1986 with a view to inter-alia provide a range of fund based and non fund based support to Indian power sector.
Organization – The corporation is run by a Board of Directors which the highest decision is making body. It works through a hierarchy of whole time executives and employees. The number of employees currently employed in managerial capacity including whole time Chairman and Managing Director and Directors stand at 349, while those in non-managerial capacity stand at 110, total being 459. The organogram is enclosed as Annexure A (1 MB)
i. Objects and Functions – The objects and functions of the corporation in relation its customer and clients include providing a range of services and products in the area of:-
a) Financial and fund based services;
b) Institutional Development services; and
c) Others include fee based consultancy services.
The details of these are enclosed as Annexure-B.
ii. The powers and duties of its officers and employees
Adequate institutional arrangements exist to enable the officers and employees of the corporation discharge their duties satisfactorily vis-à-vis various clients, customers and business associates. The scheme of empowerment through the instrument of delegation of power ensures that various issues related to disposal of business and serving clients and customers are addressed with adequate speed thereby ensuring quality service. Instrument of delegation of power broadly flows from top-downwards with Board of Directors in its capacity of being the highest decision making body having powers to dispose off business decision and with the same having been delegated to Chairman and Managing Director, Directors and there below for adequate and speedy decision making. The Roles & Responsibilities are part of the citizen's charter and is enclosed as Annexure C (660 KB)
iii. The rules, regulations, instructions, manuals and records, held by it or under its control or used by its employees
for discharging its functions;
Broadly the following manuals, rules and regulations, instructions, records etc. are held by the corporation and complied with by employees in the course of discharging various functions and responsibilities.
a) Articles of Association and Memorandum of Association
b) Manuals developed for conducting of business and work (i) HR manual, (ii) Procurement manual, (iii) Vigilance manual, (iv) Resource Mobilization Manual (Domestic and International), (v) Servicing Manual (Domestic and International), (vi) Investment Manual, (vii) Risk Management Policy etc.
c) Various presidential directives issued from time to time such as on reservation and concessions available to economically and socially weaker sections of the society such as SC/ST/OBC/PH etc. as also in the context of wage revision and policies etc.
d) Operational Policy Statement (developed by the corporation), policies on grants & Concessional or Interest free loans etc., Standard loan documents, terms of bilateral /multilateral agreement etc.
e) Various guidelines issued by Government of India on subjects, such as, Distribution Reforms Upgrades & Management (DRUM), Accelerated Power Development & Reforms Programme (APD&RP), Accelerated Generation & Supply Programme (AG&SP), terms of memorandum of understanding (MoU) reached with Government of India represented by Ministry of Power and Power Finance Corporation for various financial years, MOUs entered into with other organizations such as training institutions etc
f) Necessary provisions of laws applicable such as Companies Act 1956, Income Tax Act 1961, SEBI Guidelines & other related Acts.
g) Various guidelines issued by Department of Public Enterprises in the matter of service condition, benefits etc. available to various sections of employees. Instructions, guidelines, circulars issued by tax enforcement authority such as Central Board of Direct Taxes, Comptroller and Auditor General Accounts, Ministry of Finance etc.
h) Scheme of delegation of power as evolved and approved by Board of Directors
i) Various circulars, instructions issued by the corporation’s in the matter of disposal of business etc.
The norms set by it for the discharge of its functions.
The functions of the corporation are sought to be discharged in an efficient and effective manner through a variety of norms, rules and guidelines set for the purpose, such as –
a) Adherence to Business ethics,
b) Zeal to Excel and Zest for Change,
c) Focus on Customer requirements,
d) Strict adherence to Commitments,
e) Adherence to Prudential norms of the corporation,
f) Compatibility with national plans and priorities, availability & adequacy of all inputs needed to judge Financial & Techno economic viability as also necessary and appropriate clearances,
g) Integrity and fairness in all matters,
h) Respect for Dignity and Potential of Human beings.
i) Ensure speed of response,
j) Foster Learning, Creativity & Teamwork.
These norms, in general, underscore the necessity of discharging of business and responsibility in an efficient and speedy manner with due adherence to the canons of financial propriety, economy, austerity, fair play, transparency, natural justice etc. in various affairs of the Corporation such as domestic & multilateral & foreign borrowings taxations, evaluations, recovery, disbursement dealing with clients and employees and stakeholders etc. Being a commercial organization, commitment to deliver quality service and product to clients and stakeholders get high priority in the norms and rules for disposal of business.
iv.The particulars of any arrangement that exists for consultation with, or representation by the members of the public in relation to the formulation of its policy or implementation thereof
The corporation has published a detailed Citizen’s Charter that provides for elaborate machinery for consultation with or representation by members of public in relation to formulation of its policy and implementation thereof and a scheme for redressal of grievance if any. A copy of the Citizen’s Charter is enclosed herewith and marked as Annexure-C (660 KB)
v.A statement of the categories of documents that are held by it or under its control
The documents can also be classified in terms of Confidential (which may not be made available to public) and general.
The documents held by the corporation are normally meant for reference within the corporation by the concerned and responsible officer.
i.The following are the general documents which are held by the department for effective & efficient working of its operations:
1.Articles of Association and Memorandum of Association
2.Manuals developed for conducting of business and work.
b)Servicing manual (Domestic and International),
e)Resource Mobilization Manual (Domestic and International),
g)Risk Management Policy etc.
3.Operational Policy Statements.
ii.The Confidential documents, which are exempted from disclosure under section 8 of the Act, are as follows:
1. Minutes of Board Meetings and General Meetings.
2. Legal advice, opinions, and recommendations for the purpose of deliberative processes in the Corporation contained in Intra-departmental & Inter-departmental papers.
3. Confidential Reports relating to performance appraisal of employees.
4. Information including commercial confidence, trade Secrets or Intellectual Property, the disclosure of which would harm the competitive position of a third party.
5. Investigatory records complied for enforcement purposes, but only to the extent that disclosure which would harm any of the following specified interests:
a) enforcement proceedings
b) fair trial or an impartial adjudication
c) personal privacy
d) confidentiality of investigative sources
e) Techniques, procedures, and safety of law enforcement personnel.
6. Information available to a person in his fiduciary position.
7. Information received in confidence from foreign Government.
8. Information, the disclosure of which would endanger the life or physical safety of any person or identify the source of information or assistance given in confidence for law enforcement or security purposes.
9. Information which relates to personal information the disclosure of which has no relationship to any public activity or interest, or which would cause unwarranted invasion of the privacy of the individual.
10. Information specifically exempted from disclosure by statue.
11. Information, disclosure of which would prejudicially affect the sovereignty & integrity of India, Security of the State, Scientific or economic Interest, International Relations or leads to incitement of an offence.
12. Information which has been expressly forbidden to be published by any court of law or tribunal or the disclosure of which may constitute contempt of court.
13. Information, disclosure of which would cause a breach of privilege of Parliament or the State Legislature.
14. Any other document which the management in its sole discretion decides to keep as confidential.
VI.A statement of the boards, councils, committees and other bodies consisting of two or more persons constituted as its part or for the purpose of its advice, and as to whether meetings of those boards, councils, committees and other bodies are open to the public, or the minutes of such meetings are accessible for public;
Details of various boards, councils, committees and other bodies consisting of two or more persons constituted or for various purposes are enclosed herewith and marked as Annexure-D (137 KB). It is confirmed that meetings of these boards, committees and bodies are meant for internal decision making and are generally not open to public and the minutes of the meetings are not accessible for public.
In addition to boards, standing committees referred above certain committees are constituted for a specific purpose and recommendations and cease to exist thereafter. For instance committees constituted for recommending promotion of employees, selection of employees and to give specific advice in the context of a broad issue.
VII.The name, designation and other particulars of the Public Information Officer;
Public Information Officer
|Name||Designation||Address||Telephone No||Fax No.|
|Manohar Balwani||Company Secretary & PIO||Power Finance Corporation Ltd., Urjanidhi' , 1, Barakhamba Lane, Connaught Place, New Delhi-110001||011-23456000 (O)||+email@example.com|
The responsibility of PIO is to provide information to the persons requesting for the information under Right to Information Act, 2005 pertaining to Power Finance Corporation Limited.
|Name||Designation||Address||Telephone No||Fax No.|
|P.K. Singh||ED||Power Finance Corporation Ltd., Urjanidhi' , 1, Barakhamba Lane, Connaught Place, New Delhi-110001||+91-11-23456588 (O)||+firstname.lastname@example.org|
Appellate Authority is constituted to admit appeals against Public Information Officer.
VIII.The procedure followed in the decision making process, including channels of supervision and accountability
Overall management of the Company is vested with the Board of Directors of the Company. The Board of Directors is the highest decision making body within the Company.
As per the provisions of the Companies Act, 1956 certain matters require the approval of the shareholders of the Company in General Meeting.
The Board of Directors is accountable to the shareholders of the Company, which is the ultimate authority of a Company. Power Finance Corporation being a Public Sector Enterprise (PSE), the Board of Directors of the Company is also accountable to Government of India
The day-to-day management of the Company is entrusted on the Chairman and the Functional Directors and other Officers of the Company. The Board of Directors has delegated powers to the Chairman, Functional Directors, and Executives of the Company through Delegation of Powers. The Chairman, Functional Directors and other officers exercise their decision-making powers as per the delegation of powers.
Instrument of delegation of power broadly flows from top-downwards with Board of Directors in its capacity of being the highest decision making body having powers to dispose of business decision and with the same having been delegated to Chairman and Managing Director, Directors and there below for adequate and speedy decision making.
IX.A directory of its officers and employees
Directory of officers and employees along with their names and designation is enclosed herewith and marked as Annexure-E. (114 KB)
The monthly remuneration received by cash or its officers and employees, including the system of compensation as provided in its regulations
The Employees and Officers appointed by the corporation on its permanent roll receive remuneration on a monthly basis. There are certain category of remuneration, however, which are expressed and settled on annualized basis. While the monthly remuneration received by employees and officers includes elements such as Basic Pay, Dearness Allowance, the remuneration expressed and paid on annual basis includes variable compensation based on collective performance of the corporation in terms of employee incentive scheme etc. Detail structure of remuneration received by various categories of officers are furnished herewith and marked as Annexure-F. (14 KB)
The details furnished therein may vary depending on nature and frequency of changes /amendments in rules governing them.
X.The Budget allocated to each of the agency, indicating the particulars of all plans, proposed expenditures and reports on disbursements made
PFC prepares Revenue budgets every year .Expenditure incurred by PFC is governed by these budgets. The total Budget Estimate (BE) under the Revenue Head comprising of Personnel, Administration & Issue expenses etc. proposed for the year 2016-17 is Rs 41,910 lacs. The following are the key expenditure heads :-
(Rs. in lakhs)
|Personnel Expenditure (Salary, Allowances, Lease, PFC etc)||13,040|
|Advertisement and publicity||900|
|Travelling & Conveyance||1,095|
|CSR,Grants & Donation||19,625|
XI.The manner of execution of subsidy programmes, including the amount allocated and the details of beneficiaries of such programmes;
Government of India provides subsidy under its Accelerated Generation and Supply Programme (AG&SP) with a view to reduce interest burden on the loans taken by various state/central power utilities for implementing their identified priority projects. Subsidy under the AG&SP scheme is being provided since IX five year plans and has been continued in the current X five year plan. The subsidy, thus provided, to reduce interest burden is to a maximum of 3% (with additional 1% consideration in respect of states hailing from north-eastern region of the country) restricting it to the difference of effective lending rate charged by Power Finance Corporation and the benchmark rate (rate of interest on 12 year government security for that financial year). The subsidy that is being routed through Power Finance Corporation is in turning passed on to the various beneficiaries, i.e. state/central power sector utilities.
XII.Particulars of recipients of concessions, permits or authorizations granted by it, recipient of the above subsidy (concession) include central / state power sector utilities who are eligible for the purpose.
Recipient of subsidy provided by Government of India under its Accelerated Generation and Supply Programme (AG&SP) with a view to reduce interest burden on the loans taken by various state/central power utilities for implementing their identified priority projects includes Central /State power sector utilities who are eligible for the purpose.
In addition PFC provides grants upto 0.4% of net profit in a financial year to State Sector Utilities including SERCs for eligible studies, which helps in improvement/ economical development of Power Sector. The maximum disbursement limit for grant is Rs. 1 Crore per state per year.
XIII.Details in respect of the information, available to or held by it, reduced in an electronic form;
1.Organization related information
2.List of shareholders & Directors
3.List of products & services offered by the Company
4.List & addresses of its offices
7.Roles & responsibilities of different offices/ departments of the organization
8.Directory of Employees
9.List of borrowers to whom financial assistance has been extended
10.Schemes financed and their details
11.Borrowings made by the company and their details
12.Tender notices & tender documents.
XIV.The particulars of facilities available to citizens for obtaining information, including the working hours of a library or reading room, if maintained for public use;
The citizens may obtain required information about the organization and its various product and services etc through –
a) Corporation’s website i.e. www.pfcindia.com
b) By accessing ‘May I Help You’ counter at the reception located on the Ground Floor of Corporation’s office at 'Urjanidhi, 1, Barakhamba Lane, Connaught Place, New Delhi.
c) Besides, corporation publishes details of its operational result in leading newspapers every quarter/year, which may be accessed.
d) Details of corporation’s performance etc. are also available with Corporate Communication and Public Relation unit at Urjanidhi, 1, Barakhamba Lane, Connaught Place, New Delhi.
e) The Citizen’s Charter published by the corporation, as referred to above, also furnishes list of contact point/public interface in relation to each unit along with their postal address, telephonic contact number and email id, which can be accessed in relation to the respective area of work and business.
f) Library & Information Center as maintained by the corporation is generally available to its employees for and are not maintained for public use.
Note: In the event of any change in organization structure or in functioning necessitated due to change in circumstances, the above information is liable to be changed/modified.