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REC gets ‘No Objection Certificate’ from RBI to set up subsidiary in Gujarat

04 May 2024 Evaluate

REC has received ‘No Objection Certificate’ dated May 3, 2024 from the Reserve Bank of India (RBI) for setting up a wholly owned subsidiary in International Financial Services Centre (IFSC), Gujarat International Finance Tec-City (GIFT), Gandhinagar, Gujarat. 

REC is engaged in providing financial assistance to state electricity boards, state government departments and rural electric cooperatives for rural electrification projects as are sponsored by them.


Peers
Company Name CMP
Power Finance Corpn. 344.40
REC 308.00
NHIT 171.00
Satin Creditcare Net 214.80
IFCI 76.96
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