REC, PNB to co-finance Rs 55K cr power & infra projects

The Maharatna Central Public Sector Enterprises, Rural Electrification (REC) Ltd signed an agreement with Punjab National Bank (PNB) on 26 September 2023 to co-finance power, infrastructure and logistics projects.

According to the memorandum of agreement, the two companies will jointly provide loans worth Rs 55,000 crore over next three years.

The memorandum of agreement was signed between TSC Bosh, Executive Director (Infra & Logistics), REC, and PNB Chief General Manager Rajeeva in the presence of other senior officials of the two companies.

Rural Electrification Corporation limited (REC Limited) 

Rural ElectrificationCorporation is registered as a Non-Banking Finance Company under the Union Ministry of Power.

It was set up in 1969.

It is the 12th Central Public Sector Enterprises to be accorded the Maharatna status. It was Maharatna status in 2022.

It provides long-term loans and other financial products for the power infrastructure sector, comprising generation, transmission, distribution, and renewable energy.

Its headquarters is in New Delhi.

Chairman and Managing Director: Vivek Kumar Dewangan

Punjab National Bank (PNB)

The third largest public sector bank after State Bank of India and Bank of Baroda, the Punjab National Bank was set up as a private bank in 1894. 

The bank commenced its operation in 1895.

It is the first bank to set up with Indian capital.

The famous freedom fighter, Lala Lajpat Rai, was the first to open the account.

It was nationalised in 1969, and presently, the government of India has a majority stake.

Managing Director (MD) and Chief Executive Officer (CEO): Atul Kumar Goel

Headquarters: New Delhi 

Tagline of the Bank: A name you can bank upon.