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"PFS is to inform that it has been specified as Financial Institution by the Government under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002," the company said in a release.
The notification on the status has been released by the Financial Services Department in the Finance Ministry.
"With this, PFS would take appropriate steps under SARFAESI Act wherever circumstances specific to such assets so require," PFS Managing Director and CEO Ashok Haldia said.
This is an important notification which would help a long way in enabling large infrastructure finance companies like PFS to take effective measures in dealing with non-performing assets and in relation to recovery of dues/loan amount and restoration of economic value of the stressed assets, he said.
"This would help in reducing the non-performing/stress assets," he added.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)