We’re adopting tech-driven monitoring and expanding our reach to underserved districts: Dr. Subodh Agarwal, CMD, RFC

Rajasthan Financial Corporation (RFC) has emerged as a remarkable turnaround story in India’s public finance landscape — transitioning from persistent losses to sustainable profitability. In an exclusive conversation, Dr. Subodh Agarwal, IAS, Chairman & Managing Director of RFC, shares insights on how institutional discipline, state support, and leadership vision have transformed RFC into a trusted partner for MSME growth in Rajasthan. RFC has recorded an inspiring turnaround — from losses in 2019–20 to profitability in 2024–25. How did this transformation take shape?

It has indeed been a journey of revival and resolve. When we look back at RFC’s position in 2019–20, the corporation was facing consistent losses and low confidence among stakeholders. The turnaround was achieved through a mix of fiscal discipline, sharper credit appraisal, proactive NPA management, and cost rationalisation.

We focused on operational efficiency — making sure every rupee lent translated into productive ...