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Uttar Pradesh govt seeks Rs 20,940 cr loan to help discoms

Tuesday, 14 Jul 2020
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The Uttar Pradesh government has requested the Power Finance Corporation (PFC) and the Rural Electrification Corporation (REC) for Rs 20,940 crore as loan to help its power distribution companies.

The government has sought a sizeable chunk of the amount the Central government plans spending to bail out the sector.

The total indicative amount from states for loans under the Atmanirbhar scheme has reached Rs 98,066 crore.

Under the scheme, the Union government-owned power sector lenders PFC and REC give equal loan amounts to states that commit to follow a reform path indicated by lenders. The money is to be used for paying off dues of power-generating companies.

The formal loan applications from all states now total Rs 87,320 crore. The two lenders have so far sanctioned Rs 34,246 crore of which Rs 11,222 crore have been disbursed. While REC has given out Rs 6,436 crore so far, PFC has disbursed Rs 4,786 crore.

Maharashtra was the first state in June 2020 to get Rs 2,500 crore from REC under the Atmanirbhar scheme. PFC disbursed a similar amount to the state.

REC had earlier disbursed Rs 1,650 crore to Andhra Pradesh as the first tranche against sanctioned loan of Rs 3,300 crore. Telangana had also sought Rs 12,652 crore.

REC had sanctioned another Rs 2,000 crore for Punjab and Rs 2,032 crore for Rajasthan. While all the states will get a 10-year loan at 9.5 per cent, Punjab will get five years at nine per cent.

State governments will need to submit guarantees against the loans given to  the discoms. Some of the states are in the process of approving guarantees to avail the money. PFC and REC will disburse loans in equal proportions.

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