RBI asks PTC Indian Financial Services' CEO Pawan Singh to go on leave

Mahendra Lodha appointed to take over his responsibilities

PTC Indian Financial Services (PFS) has appointed its Director (finance) Mahendra Lodha as managing director and chief executive officer after the Reserve Bank of India (RBI) asked MD & CEO Pawan Singh to go on leave.

“We would like to inform that pursuant to the direction of the RBI, the board in its meeting held on June 20 decided that Lodha will take over the functions and responsibilities of the MD & CEO till the regular MD & CEO is appointed,” PTC Financial in a communication to the exchanges

“Singh, the present MD & CEO, proceeded on leave,” it said.

PFS, a non-banking finance company promoted by PTC India, has been granted the status of an infrastructure finance company by the RBI.

The company offers financial products to infrastructure companies in the entire energy value chain and other infrastructure industries.

In January 2022, three independent directors of PTC India Financial resigned from the board citing instances of alleged serious lapses in corporate governance and compliance.