REC and Bank of Baroda Sign MoU

  • REC Limited signed a Memorandum of Understanding (MoU) with Bank of Baroda
  • To jointly sanction loans to fund power, infrastructure and logistics projects.
  • Over the next three years.

REC Limited:

  • A Maharatna Central Public Sector Enterprise.
  • Established in 1969, under Ministry of Power.
  • Provides long-term loans and other finance products for Power-Infrastructure sector comprising Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage and Green Hydrogen.
  • It has diversified into the Non-Power Infrastructure sector comprising Roads & Expressways, Metro Rail, Airports, IT Communication, Social & Commercial Infrastructure (Educational Institutions, Hospitals), Ports and Electro-Mechanical (E&M).
  • Founded on 20th July, 1908 by Sir Maharaja Sayajirao Gaekwad III.

Bank of Baroda:

  • One of the leading commercial banks in India.
  • At 63.97% stake, it is majorly owned by the Government of India.
  • Spread across 17 countries in five continents.
Posted in Current Affairs.