State-owned Power Finance Corporation (PFC) has raised its borrowing limit to Rs 1.18 lakh crore for the ongoing financial year.

“The borrowing plan for 2020-21 has been revised from Rs 90,000 crore to Rs 1,18,000 crore to accommodate the moratorium granted to borrowers according to the RBI guidelines,” a statement issued by PFC on Friday said.

The decision was taken by the company’s board on Wednesday, it said.

The company now plans to raise a maximum of Rs 83,000 crore from long-term borrowing, Rs 15,000 crore from long-term foreign currency borrowing, Rs 5,000 crore from short-term borrowing and Rs 15,000 crore from commercial papers, it said.

PFC further said it does not see any challenges in raising the borrowing amount, which is being used to lend to various power sector projects in the country. PFC, under the administrative control of the ministry of power, is the largest NBFC in the power sector in India.