2024 Named Year Of HRD And Discipline For IREDA's Strategic Expansion

2024 will be named the 'Year of Human Resource Development and Discipline' to create a future roadmap for IREDA in new strategic and geographical areas. On the occasion of the 

New Year 2024, Pradeep Kumar Das, Chief Managing Director of Indian Renewable Energy Development Agency Limited (IREDA) has announced this.

• CMD extended his best wishes to the employees of IREDA and congratulated them for their contribution to the remarkable achievements of IREDA.

There are two different bodies in our country named IREDA and IRDAI. To avoid any kind of doubt between these bodies, a brief description of them has been presented.

Indian Renewable Energy Development Agency Limited (IREDA):

• Established: 1987
• Chief Managing Director of IREDA: Pradeep Kumar Das.
• IREDA Headquarters: New Delhi
• IREDA was incorporated as a public limited company as a ‘Non-Banking Financial Institution’.
• IREDA is a Miniratna (Category 1) type company functioning under the administrative control of ‘The Ministry of New and Renewable Energy’, Government of India.
• IREDA's mission is to promote and financially support projects focusing on new and renewable energy sources.
• IREDA has been notified as a 'Public Financial Institution' under Section 4A of the Companies Act, 1956.
• IREDA is registered as a ‘Non-Banking Financial Company’ under the rules of the ‘Reserve Bank of India’.
• IREDA aims to foster, advance and offer financial aid to projects associated with emerging and sustainable energy sources.
• Some time ago, a loan of US $ 100 million was provided by the World Bank for the development of internal infrastructure of solar parks being prepared by IREDA. It will be provided to solar power park developers through IREDA.

Insurance Regulatory and Development Authority of India (IRDAI):

• Established: 1999
• Chief Managing Director of IRDA: Debashish Panda
• IRDA Headquarters: Hyderabad
• IRDA is a regulatory body established with the aim of protecting the interests of insurance customers.
• It is an entity established by the IRDA Act of 1999 with statutory authority.
• IRDA is working under the Finance Ministry.
• IRDA controls and regulates the development of the insurance industry by monitoring insurance-related activities.
• The powers and functions of IRDA are laid down in the IRDA Act, 1999 and the Insurance Act, 1938.
• It is a 10-member authority. IRDA consists of 1 Chairman, 5 full-time members and 4 part-time members. They are all nominated by the Government of India.