REC With Punjab National Bank To Lend Up To₹55,000 Crore To Power, Infra Projects

Current Affairs, Agreements

  • State-owned REC has unveiled a memorandum of understanding (MoU) with Punjab National Bank (PNB) to jointly finance loans amounting to ₹55,000 crore for projects spanning the electricity, infrastructure, and logistics sectors over an upcoming three-year period.
  • While REC primarily extends credit to the power sector, it has received clearance from the Power Ministry to also cater to the infrastructure domain.
  • As of now, REC’s loan portfolio has surpassed ₹4,54,393 crore.
  • For the fiscal year FY23, the non-power infrastructure and logistics segment constituted 32% of the company’s total sanctioned loans.

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