REC accorded with 'Maharatna' company status

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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