NEW DELHI – In a ceremony marked by gratitude and nostalgia, the Power Finance Corporation (PFC) officially bid farewell to two of its long-serving veterans, Shri Raj Kumar Malhotra and Shri Ishwar Singh, on February 4, 2026.
The duo concludes their journey with the Maharatna PSU after 32 years of distinguished service, having joined during the formative years of the organization and witnessing its rise to becoming India’s largest non-banking financial company (NBFC).
A Legacy of Strategic Leadership
Both executives held pivotal roles that shaped the financial and operational backbone of PFC:
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Shri Raj Kumar Malhotra (Executive Director): Played a critical role in PFC’s market borrowing strategies and the execution of high-value thermal and renewable energy project financing.
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Shri Ishwar Singh (Chief General Manager): Instrumental in overseeing PFC’s corporate governance frameworks and internal operations, ensuring the company maintained its stellar credit rating and administrative discipline.
“Their contributions have significantly shaped the organization’s operations and long-term vision. Their efforts will continue to inspire the next generation of leaders within PFC,” the corporation said in an official statement.
Context: PFC in 2026
The retirement of these veterans comes at a time of massive structural change for the power-sector lender.
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Strategic Merger: As of February 3, 2026, the Government of India has officially begun evaluating a merger between PFC and REC Limited to eliminate operational overlaps and scale up for India’s energy transition goals.
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Management Transition: To fill the void left by such retirements, the PESB has recently recommended Shri Rajesh Kumar Agarwal (Executive Director, Finance) for the board-level position of Director (Finance), ensuring continuity in leadership.
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Financial Milestone: PFC recently launched its third public issue of Zero Coupon Bonds, aiming to raise up to ₹5,000 crore, a testament to the robust financial health these retiring leaders helped build.
Current Leadership Landscape (Feb 2026)
| Designation | Current Official |
| CMD | Smt. Parminder Chopra |
| Director (Finance) | Shri Sandeep Kumar (with Rajesh Kumar Agarwal recommended) |
| Director (Projects) | Shri Rajiv Ranjan Jha |
| Director (Commercial) | Shri Manoj Sharma |
