REC loan disbursements cross Rs one lakh mark for the first time in a year

New Delhi: State-owned non-banking finance firm REC Limited on Friday said that the company has crossed loan disbursement of Rs 1 lakh crore during April-November this fiscal against Rs 46,075 crore in the same period a year ago.

"For the first time, REC crossed disbursement of Rs 1,00,000 crore in a year. In the corresponding period of eight months of FY 2022-23 the disbursement was Rs 46,075 crore," a regulatory filing stated.

The REC, earlier known as Rural Electrification Corporation, is a Maharatna CPSE established in 1969, under the Ministry of Power. The company provides long-term loans and other finance products for power infrastructure sector.

More recently REC diversified into the non-power Infrastructure sector comprising of roads & expressways, metro rail, airports, IT communication, social & commercial infrastructure, ports and electro-mechanical (E&M) works in respect of various other sectors like Steel, Refinery, etc.

The loan book of REC exceeds Rs 4,74,275 crore, a statement issued by the company on November 23, 2023, stated.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)