Bio
Shri Ravinder Singh Dhillon is presently Member (Finance) of the Central Electricity Regulatory Commission (CERC), a position he assumed in February 2025. With over four decades of distinguished experience in the power sector, infrastructure finance, and regulatory policy, he brings to the Commission a rare blend of technical expertise, financial leadership, and deep understanding of the electricity value chain. His career reflects strong alignment with India’s clean energy transition goals and a commitment towards the vision to promote affordable power for all.
Prior to joining CERC, as Chairman and Managing Director of Power Finance Corporation Limited (PFC)—the largest NBFC in India, from June 2020 to May 2023, Shri Dhillon led the organisation to achieve several milestones. Under his leadership, PFC was conferred the prestigious ‘Maharatna’ status—recognising it as one of India’s foremost Central Public Sector Enterprises. He successfully diversified PFC’s portfolio beyond power into infrastructure and logistics sectors.
Shri Dhillon also strengthened PFC’s funding base by mobilising capital from diversified domestic and international sources at highly competitive rates. Key initiatives included the company’s maiden public issue of bonds, issuance of EUR 300 million Green Bonds, and a JPY-denominated loan equivalent to USD 875 million—the largest foreign currency loan ever raised by PFC in a single transaction. These initiatives demonstrated strong investor confidence and reinforced PFC’s ESG orientation.
He worked closely with the Ministry of Power, Government of India, on several landmark initiatives. He played a pivotal role in the conceptualisation and rollout of the Revamped Distribution Sector Scheme (RDSS) with an outlay exceeding ₹3 lakh crore, and successfully implemented the Liquidity Infusion Scheme during the COVID-19 pandemic, which helped avert a major liquidity crisis in the power sector, with PFC and REC disbursing over 1 lakh crore. Under his leadership, PFC effectively implemented the Late Payment Surcharge (LPS) Rules, which helped to bring down the outstanding dues of Power distribution companies to generators and transmission companies.
Shri Dhillon’s contribution to the power sector extends beyond his executive roles. He has served on several key national committees, including as Chairman of the Committee on takeover of stalled Hydro projects in Arunachal Pradesh, Member of the Inter-Ministerial Steering Committee for Financing the National Infrastructure Pipeline, Member of the Committee for finalising the National Electricity Plan, and Member of Monitoring Committees for government schemes such as RDSS, IPDS, and DDUGJY. He was also entrusted with additional charge of CMD, REC.
With extensive experience in project financing, Shri Dhillon has led initiatives in business development, credit appraisal, fund disbursal, loan monitoring, and stressed asset resolution. He spearheaded PFC’s renewable energy financing initiatives, achieving a renewable portfolio growth of nearly 46% CAGR over five years. He established a new business unit to address emerging areas such as electric mobility, charging infrastructure, battery storage, and waste-to-energy. He also enhanced internal systems by strengthening the Credit appraisal and Monitoring systems by revamping the Project rating model and introducing online modules for Project monitoring, which delivered enhanced asset quality.
Beyond PFC, Shri Dhillon has served as Non-Executive Independent Director on the Board of GE Power India Ltd., Member of the Advisory Board of MAHAPREIT Alternative Investment Fund, and Senior Consultant to the State Bank of India and McKinsey & Company. Earlier in his career, he served with the Central Electricity Authority (CEA) and Bharat Heavy Electricals Limited (BHEL). At CEA, he conducted power system studies for planning regional transmission networks and evacuation systems for major generating stations. At BHEL, he was involved in design of 210 MW and 500 MW generators and on-site modification of 210 MW generators.
Shri Dhillon holds a M.Tech. in Power Systems from the Indian Institute of Technology Delhi (IIT Delhi) and a B.E. in Electrical Engineering from Thapar Institute of Engineering & Technology, Patiala. These academic credentials provided him a strong technical foundation that complements his extensive experience in financial and corporate management.
In recognition of his contributions to the energy and infrastructure sectors, Shri Dhillon has been conferred with several prestigious honours, including the “SKOCH India Economic Forum Award” for his pioneering energy transition initiatives, and the “CMD Leadership Award (Maharatna)” by Governance Now for his exceptional leadership and contributions to the accelerated development of India’s power sector.