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RBI granted approval to REC to set up subsidiary in GIFT city
REC Limited, a NBFC and Maharatna Central Public Sector Enterprise under the Ministry of Power has been granted the approval from the Reserve Bank of India to set up a subsidiary in GIFT city, Gujarat.
No Objection Certificate:
RBI had granted a ‘No Objection Certificate’ (dated May 3, 2024) to REC Limited for setting up a wholly owned subsidiary in International Financial Services Centre (IFSC), Gujarat International Finance Tec-City (“GIFT”), Gandhinagar, Gujarat.
More facts:
This approval from RBI to set up a wholly owned subsidiary strengthens the power of REC Limited to diversify its portfolio and provides it a chance to explore new avenues for growth and development because GIFT-CITY in India is a flourishing hub for financial services.
The subsidiary of REC Limited will engage in various financial services such as lending, investment, and other financial services.
About REC Ltd:
Founded: July 1969
Former name: Rural Electrification Corporation Limited
Company type: Subsidiary of Power Finance Corporation
Headquarters: Delhi
CMD: Vivek Kumar Dewagan
Conclusion:
GIFT City in India, is crucial for several reasons. It’s envisioned as a global financial hub, fostering economic growth, attracting foreign investment, and promoting innovation in finance and technology. It aims to provide a conducive environment for businesses, offering world-class infrastructure, connectivity, and regulatory framework.
Important Questions;
- Which Maharatna company got RBI nod to set up a subsidiary in GIFT city?
- Describe the importance of IFSC.
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