What does REC mean in COMPANIES & FIRMS
Rural Electrification Corporation (REC) is a leading power sector finance company in India that was established by the Government of India in 1969. The main goal of REC is to serve as a financial intermediary for rural electricity projects and programmes. Apart from arranging finance, REC also provides various services and support programs for the implementation of rural electrification projects across the country.
REC meaning in Companies & Firms in Business
REC mostly used in an acronym Companies & Firms in Category Business that means Rural Electrification Corporation
Shorthand: REC,
Full Form: Rural Electrification Corporation
For more information of "Rural Electrification Corporation", see the section below.
Essential Questions and Answers on Rural Electrification Corporation in "BUSINESS»FIRMS"
What is Rural Electrification Corporation?
Rural Electrification Corporation (REC) is an Indian public sector enterprise providing financial assistance for rural electrification projects all over India. REC provides loans to State Government departments, Rural Electric Cooperatives, and private power developers for Rural Electricity Infrastructure projects.
Where does Rural Electrification Corporation get its funding from?
REC gets its funds from government sources such as bonds, debentures, and loans from other organizations such as the World Bank and Asian Development Bank (ADB). It also earns revenue from other services such as energy trading, tax collection, consultancy services, etc.
What kind of services are provided by RURAL ELECTRIFICATION CORPORATION?
REC provides a range of services related to rural electrification. These include loan financing for rural electricity infrastructure projects, energy trading between various stakeholders in the power sector, technical assistance in project planning and design of grids/networks/systems, tax collection for electricity charges imposed by state governments on consumers etc.
How does Rural Electrification Corporation ensure sustainability?
REC takes multiple steps to ensure sustainability in the rural electrification projects it finances. Some of these measures include focus on green energy sources, promoting sustainable development through efficient use of resources and adoption of renewable energy technologies where applicable. The organization also works with banks and other institutions to develop innovative financing mechanisms for renewable energy-based projects.
How can I apply for funds from the Rural Electrification Corporation?
Applicants are required to submit a detailed project proposal along with supporting documents like bank details, land records etc., which will be reviewed by the concerned department at REC. Depending on eligibility criteria set by REC for each project category or purpose, applicants may be given loans or grants after due diligence process is completed successfully.
Is there any upper limit on the amount that can be obtained as loan from Rural Electrification Corporation?
Yes there is an upper limit beyond which any specific proposal will not be eligible for consideration under normal circumstances without special approval from higher authorities. The amount disbursed depends upon various factors like repayment capacity of applicant(s), nature of the project etc.
What kind of documents are required when applying for fund from RURAL ELECTRIFICATION CORPORATION?
The exact list of documents required varies depending upon type of loan being applied for but generally speaking applicants need to provide proof identity & address documents like pan card/driving license/ voter id card etc., Land possession proof if applicable – title deed / lease deed / NOC etc., audited balance sheet & profit & loss account statement along with latest bank statements among other relevant documents depending upon purpose behind seeking loan
Final Words:
In conclusion, Rural Electrification Corporation (REC) plays an important role in promoting development of electrification infrastructures all over India, particularly in rural areas where access to reliable electricity could be a great boon for economic growth and human development indices. The corporation has taken many initiatives towards this end since its inception such as financing of suitable projects, raising awareness about renewable energy sources among consumers etc., making it an essential part of our journey towards economic progress.
REC also stands for: |
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| All stands for REC |