REC Ltd Receives RBI Approval for Subsidiary in GIFT City

Under the Ministry of Power, REC Ltd has received clearance from the Reserve Bank of India (RBI) to establish a subsidiary in Gujarat International Finance Tech-City (GIFT) in Gandhinagar, Gujarat.

The subsidiary will engage in various financial activities within GIFT, including lending, investment, and other financial services, as part of REC’s efforts to diversify its portfolio and research new avenues for growth.

RBI NOC for REC Ltd in GIFT City: 

REC Ltd has received a “No Objection Certificate” (NOC) from the RBI for setting up the subsidiary, indicating regulatory clearance for its operations within GIFT.

REC’s decision to expand into smart City is motivated by the city’s status as a burgeoning hub for financial services in India. It offers a conducive environment and world-class infrastructure for international lending activities.

Statement by Vivek Kumar Dewangan: 

Vivek Kumar Dewangan, CMD of REC Ltd, expressed confidence in the potential of smart City, emphasizing the advantages it offers for the firm to establish a presence in the global market and carve out a niche for itself.

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