REC & BoB sign MoU to Finance Power, Infra and Logistics Projects

Current Context: REC Limited, a Maharatna CPSE under the Ministry of Power, Govt. of India, and Bank of Baroda, one of India’s leading public sector banks, have signed a Memorandum of Understanding (MoU) on January 3, 2024 in New Delhi.

• This agreement will facilitate joint sanctions of loans to fund power, infrastructure, and logistics projects in the country over the next three years.
• The MoU was signed in the presence of Shri Vivek Kumar Dewangan, IAS, Chairman and Managing Director, REC Limited and Shri Debadatta Chand, Managing Director & CEO, Bank of Baroda along with Shri Lalit Tyagi, Executive Director, Bank of Baroda.
• This landmark agreement signifies a collaborative effort to accelerate the realization of pivotal projects crucial to the nation’s progress.

Question:

Q.1 What is the purpose of the MoU between REC Limited and Bank of Baroda?
a. To fund power, infrastructure, and logistics projects
b. To fund agricultural projects
c. To fund educational projects
d. To fund healthcare projects