REC & PNB sign MoU to Co-Finance Infrastructure Project Debts

Current Context: REC Limited, a Maharatna CPSE under the Ministry of Power, and Punjab National Bank (PNB), a Public Sector Bank, have signed an MoU to jointly explore the possibility of funding projects in the Power Sector and Infrastructure & Logistics Sector under a consortium arrangement.

• REC and PNB will associate with each other to co-finance loans amounting to Rs. 55,000 crores over the next three years.
• The MoU was signed on Tuesday, September 26, 2023, in Gurugram by Shri T.S.C Bosh, Executive Director (Infra & Logistics), REC, and Shri Rajeeva, CGM (Corp. Credit Division), PNB, in the presence of Shri Ajoy Choudhary, Director (Finance), REC; Shri V K Singh, Director (Projects), REC and other senior officials from REC and PNB.
• The MoU aims to leverage the strengths of both the entities for financing projects in the power sector and infrastructure & logistics sector, which are crucial for the development of the country.
• PNB is one of the largest Public Sector Banks in the country with Global Gross Business at 22,14,741 Crore. It has a worldwide presence and is involved in banking business across the country including funding the infrastructure projects

Question:

Q.1 Which CPSE under the Ministry of Power has signed an MoU with PNB to co-finance infrastructure projects?
a. NTPC
b. NHPC
c. REC
d. PGCIL