IREDA gets Infrastructure Finance Company status from RBI

IREDA gets Infrastructure Finance Company status from RBI

Daily Current Affairs   /   IREDA gets Infrastructure Finance Company status from RBI

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Category : Business and economics Published on: March 16 2023

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  • State-owned Indian Renewable Energy Development Agency (IREDA) has received Infrastructure Finance Company status from the Reserve Bank of India.
  • It was earlier classified as an 'Investment and Credit Company (ICC)'.
  • The IFC status will also help the company to access wider investor base for fund mobilisation, resulting in competitive rates for fund raising.
  • The grant of IFC status is a recognition of IREDA’s 36 years of infrastructure financing and development with focused development of Renewable Energy. 
  • With IFC status, IREDA will keep contributing towards Govt. of India’s target of 500 GW installed capacity of non-fossil fuels by 2030.
  • Indian Renewable Energy Development Agency (IREDA) was incorporated as a Public Limited Company in the year 1987 as a 'Non-Banking Financial Institution'.
  • It is a Miniratna (Category 1) type company functioning under the administrative control of 'Ministry of New and Renewable Energy, Government of India.
  • It has been notified as a 'Public Financial Institution' under section 4'A' of the 'Companies Act, 1956'.
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