REC accorded with 'Maharatna' company status

Daily Current Affairs / REC accorded with 'Maharatna' company status

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Category : Business and economics Published on: September 26 2022

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REC Ltd has been accorded the status of a 'Maharatna' central public sector enterprise (CPSE).
Incorporated in 1969, REC is a non-banking finance company (NBFC), focussing on power sector financing and development across India. It comes under the aegis of Power Ministry.
REC is the 12th company to secure Maharatna status.
The grant of Maharatna status to REC will give the company's board greater powers in making financial decisions.
The PSU is currently playing the role of nodal agency for Revamped Distribution Sector Scheme (RDSS), for revamping the distribution sector to alleviate the financial and operational issues.

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REC accorded with 'Maharatna' company status