REC LIMITED

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Picture Courtesy: pib.gov.in

Context: REC Limited, a leading public sector enterprise (PSE) in India, has been awarded the prestigious Scope Excellence Award in the category of Special Institutional Category (Digitalization).

Key Highlights

• REC Limited received the Scope Excellence Award in the Special Institutional Category (Digitalization). The award is recognition of REC's commitment to digitalizing its workplace and promoting best practices for establishing a paperless office. The award was presented by the Vice President of India, Shri Jagdeep Dhankhar.
• The accomplishment emphasizes REC Limited's dedication to technological advancements and fostering a culture of innovation within the organization.

SCOPE (Standing Conference of Public Enterprises)

• SCOPE was established in 1973 as an apex body of Public Sector Enterprises (PSEs). It is dedicated to promoting competitiveness and excellence within the PSE sector.
• The Scope Excellence Award is designed to recognize and commemorate exemplary performances of Public Sector Enterprises.

About REC Limited

• REC Limited is a Maharatna CPSE under the Ministry of Power. It is registered with the Reserve Bank of India (RBI) as a Non-Banking Finance Company (NBFC) and Infrastructure Financing Company (IFC).
• REC finances the entire Power-Infrastructure sector, covering Generation, Transmission, Distribution, Renewable Energy, and emerging technologies like Electric Vehicles, Battery Storage, Pumped Storage projects, Green Hydrogen, and Green Ammonia projects.
• REC Ltd. provides loans of various maturities to State, Central, and Private Companies for the creation of infrastructure assets in the country.

Key Roles in Government Schemes

• REC plays a crucial strategic role in the flagship schemes of the Government for the power sector.
• It has been the nodal agency for schemes like Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGAYA), Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY), and National Electricity Fund (NEF) Scheme, contributing to the strengthening of the last-mile distribution system, achieving 100% village electrification, and household electrification in the country.
• REC has also been designated as the nodal agency for certain States and Union Territories for the Revamped Distribution Sector Scheme (RDSS).

Conclusion

• REC Limited's activities span a broad spectrum, from financing power infrastructure to diversifying into non-power sectors, playing pivotal roles in government schemes, and contributing significantly to the development and electrification of the country. The organization's commitment to innovation and digitalization has been recognized through the prestigious Scope Excellence Award.

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PRACTICE QUESTION Q. How has the power sector contributed to the economic growth and development of India, and what challenges and opportunities does it currently face in ensuring a reliable and sustainable energy supply for the country's expanding economy?