PFC Chairman and Managing Director Recruitment 2026

PFC Chairman and Managing Director Recruitment 2026: Overview

The Public Enterprises Selection Board (PESB) of the Department of Personnel and Training is looking for the next Chairman and Managing Director (CMD) of Power Finance Corporation Limited (PFC). The post falls vacant on 1 May 2027, and whoever is chosen becomes the chief executive of the company, answerable to its Board of Directors, the Government and its shareholders.

PFC was set up in 1986 to channel money into the power sector, and today it is a Schedule 'A' Maharatna CPSE in financial services under the Ministry of Power. Its registered and corporate offices are in New Delhi, and the Government of India holds 55.99% of its shares. The job description puts unusual weight on change management: the new CMD is expected to lead integration and blend different organisational cultures, and PFC's own website currently lists a consultant tender for merger integration with REC Limited.

This is a board-level leadership role. It suits senior executives already on the Board of a large PSU or company, Group 'A' officers at Additional Secretary level, and very senior officers of the armed forces. People with experience in power sector or infrastructure finance get preference.

Service Conditions and Caveats

• Regular post needed: You must hold a regular job, not a contract or ad-hoc one, on the day you apply and again on the interview day.
• Turnover test: If you come from a State PSU, private company, joint venture or cooperative federation, its average audited turnover must be Rs. 10,000 crore or more. Private-sector applicants from listed companies are preferred, and these applicants are ranked by their employer's turnover.
• Board-level standing: State PSU, private, JV and federation applicants must already be at Board level; bank and financial institution officers need one year at Board level; Group 'A' officers must hold an Additional Secretary-level post on a substantive basis; armed forces officers must be of Lt. General rank or equivalent.
• No NFU route: Drawing the eligible pay only through non-functional upgradation or the Next Below Rule does not make you eligible.
• Immediate absorption: Central Government, armed forces, All India Services and public sector bank or financial institution officers are considered only on immediate absorption basis, not on deputation.
• Undertaking to join: Your application must include an undertaking that you will join if selected. Backing out after the interview or after the offer bars you from Board-level posts in CPSEs for two years, with no relaxation.
• Tenure: The appointment runs for five years from joining, or until superannuation, or until further orders, whichever comes first.
• Vigilance clearance: Applications are forwarded only for candidates who are clear from the vigilance angle, along with the CVC's 13-point vigilance profile.

Application Submission Notes

You fill the form online on the PESB website against this job description. Your nodal officer or competent authority then forwards it online: Group 'A' officers through their cadre controlling authority, bank and autonomous-body officers through their administrative ministry, CPSE board members through their ministry, below-board CPSE officers through their own CPSE, and State PSE directors through the State Government. Private company applicants apply directly to PESB.

Forwarding authorities have a separate cut-off of 5:00 PM on 9 November 2026. Applications sent on paper or by email are rejected. Letters go to the Secretary, Public Enterprises Selection Board, Public Enterprises Bhawan, Block No. 14, CGO Complex, Lodhi Road, New Delhi-110003.

• Lead PFC as its chief executive and deliver its corporate objectives and performance targets
• Set the strategic vision and explore new business avenues for the company's growth
• Prepare short-term and long-term business strategies and operating plans
• Monitor operating and financial results against agreed plans and budgets
• Engage with internal and external stakeholders, including the Board, Government and shareholders
• Oversee timely implementation of Government of India power sector initiatives and schemes handled by PFC
• Strengthen management through recruitment, training, delegation and skill building
• Drive organisational change and integrate different organisational cultures