PNB and REC Ltd. enter into a strategic partnership

Mumbai, 26 September 2023: In a significant development aimed at bolstering the country’s economy and infrastructure, Punjab National Bank (PNB), nation’s leading public sector bank, has entered into a Memorandum of Understanding (MoU) with REC Ltd., a Maharatna company under the administrative control of the Ministry of Power and registered with RBI as a non-banking finance company (NBFC), Public Financial Institution (PFI) and Infrastructure Financing Company (IFC).

Through this MoU, PNB and REC Ltd. will work closely to identify and facilitate lending opportunities in sectors of paramount importance. Additionally, this collaboration emphasises both brands’ commitment to the country’s economic growth and development.

The MoU was signed in the presence of Mr. Rajeeva, PNB Chief General Manager-Corporate Credit, and Mr. T.S.C. Bosh, REC Ltd Executive Director -BD&M/I&L, along with other senior officials from both organisations.