Context

• REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power and a leading NBFC, has been awarded the prestigious SCOPE Excellence Award in the category of Special Institutional Category (Digitalization).

Key Points

• The award was presented by the Vice President of India, Shri Jagdeep Dhankhar at a ceremony held at Vigyan Bhawan, New Delhi on January 18, 2024.
• The award reflects REC Limited's commitment to promoting best practices in digitising its workplace and establishing a paperless office.

What is the scope?

• SCOPE was established in 1973 as an apex body of Public Sector Enterprises (PSEs) and is dedicated to promoting competition and excellence within the PSE sector.
• SCOPE Excellence Awards recognizes and honours the exemplary performance of public sector enterprises.

About REC Limited

• REC is a 'Maharatna' CPSE under the Ministry of Power and is registered with the RBI as a Non-Banking Finance Company (NBFC) and Infrastructure Financing Company (IFC).
• REC finances the entire power-infrastructure sector including generation, transmission, distribution, renewable energy and new technologies such as electric vehicles, battery storage, pumped storage projects, green hydrogen and green ammonia projects.
• Recently, REC has also diversified into the non-power infrastructure sector, including roads and expressways, metro rail, airports, IT communications, social and commercial infrastructure (educational institutions, hospitals), ports and electro-mechanical  Works, steel and various other sectors like refinery.

IMPORTANT FACTS FOR EXAM

NBFC

• It is a financial institution through which a promoter/promoter group is allowed to set up a new bank.

Functions of NBFC

• It provides bank related financial services, such as investment, risk pooling, contractual savings and market brokerage facilities etc.

Examples of NBFC

• Insurance firms, pawn shops, cashiers' check issuers, check cashing locations, payday lending, currency exchanges and microloan organisations are examples of non-banking financial institutions.