REC launches mobile app 'Sugam REC' for investors of 54EC bonds

Rural Electrification Corporation (REC) Limited, a Public Sector Enterprise under the Union Ministry of Power, has launched a mobile application named 'Sugam REC' for existing and prospective investors in 54EC Capital Gains Tax Exempt Bonds of REC.

• This mobile app named 'Sugam REC' will provide investors with complete details of their investments in REC 54EC bonds.

You will be able to avail many features through Sugam REC App:

• Through this app, investors will be able to apply for their new investments, download e-bond certificates, download important forms related to updating KYC and will also be able to connect with REC's investor cell through call/email/Whatsapp.
• The mobile application can be downloaded for free on Android and iOS platforms.
• ‘Sugam REC’ is one of the many digital initiatives of REC.

What are Section 54EC bonds?

• Section 54EC bonds are a type of fixed income financial instrument that offers tax exemption under capital gains to investors through Section 54EC of the Income Tax Act.

Rural Electrification Corporation (REC) Limited:

• Established: 1969
• The 54th Annual General Meeting (AGM) of REC Limited was held on 08 September 2023.
• Rural Electrification Corporation (REC) has been granted the status of 'Maharatna' Central Public Sector Enterprise in September 2022.
• REC Limited is a Non-Banking Financial Company (NBFC), focused on financing and development of the energy sector across the country.
• It provides financial assistance to State Electricity Boards, State Governments, Central/State power utilities, independent power producers, rural power cooperatives and private sector utilities.
• Its business activities include financing for a variety of projects across the entire energy sector value chain, including generation, transmission, distribution and renewable energy.
• In this context, it is believed that REC funding lights every fourth bulb in India.
• Recently REC has also ventured into financing the infrastructure and logistics sector.
• Chairman and Managing Director: Vivek Kumar Dewangan.