My Bday Offer- Use Code MYBDAY30

Register Now

RBI approved setting up REC Limited subsidiary in Gift City, Gujarat

Published on May 07, 2024
Current Context: The Reserve Bank of India (RBI) has given a ‘No Objection Certificate’ to REC Limited, a leading Non-Banking Financial Company (NBFC) under the Ministry of Power, for setting up a wholly owned subsidiary.
RBI approved setting up REC Limited subsidiary in Gift City, Gujarat
  • The subsidiary is to be set up in the International Financial Services Centre (IFSC), Gujarat International Finance Tec-City (GIFT), Gandhinagar, Gujarat and this was approved on May 3, 2024.
  • The proposed subsidiary will engage in a range of financial activities as a finance company within GIFT, including lending, investment, and other financial services.
  • The decision to expand operations into GIFT, a burgeoning hub for financial services in India, comes as REC continues to diversify its portfolio and explore new avenues for growth.
  • The news was publicly announced on May 5, 2024.

Question:

Q.1 What is the purpose of REC Limited setting up a subsidiary in GIFT City?
a. To diversify its portfolio and explore new growth avenues
b. To provide financial services to rural areas
c. To comply with a new regulation by the RBI
d. To acquire another company
ebook store

About us

ramandeep singh

Ramandeep Singh, your guide to banking and insurance exams. With 14 years of experience and 5000+ selections, Ramandeep understands the path to success, having transitioned himself from Dena Bank and SBI. He's passionate about helping you achieve your banking and insurance dreams.

  • Follow me:
Close Menu
Close Menu