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REC (formerly Rural Electrification Corporation Limited), a Maharatna public sector undertaking (PSU) company under the Ministry of Power, has signed a Memorandum of Understanding (MoU) with the National Informatics Centre Services Inc. (NICSI). They will collaborate on a range of information and communications technology (ICT) and digital transformation services.
The MoU is expected to enhance the REC ecosystem by enabling the exploration of cutting-edge technologies like IoT, artificial intelligence (AI), machine learning, data analytics, blockchain, cyber security, and more.
Through this partnership with NICSI, REC will be able to offer comprehensive end-to-end services for the deployment, hosting, core roll-out, technical support, security, system administration, and more related to NIC/NICSI software products, creating a one-stop solution.
REC Limited, established in 1969, is a non-banking financial company (NBFC) with a primary focus on financing and promoting the development of the power sector throughout India. With over five decades of experience in its field, REC offers financial support across the entire power sector value chain. This assistance encompasses a wide range of projects, including those related to power generation, transmission, distribution, and renewable energy.
REC is actively embracing sustainability responsible practices as well as launching several technology-based projects to improve its services. In May, in a transition to electric vehicle (EV) mobility REC deployed its first fleet of EVs at the REC World Headquarters in Gurgaon. It launched a fast-charging station, which is powered by an approximately 1 MW rooftop solar plant. Consequently, the EV fleet will operate on clean, green power, making a significant contribution to a pollution-free environment. REC aims to replace all conventional staff vehicles with electric vehicles by the year 2024-25.
The REC Control Room was also inaugurated. It serves as a single-point service provider, catering to the needs of REC employees. It will streamline and coordinate communication between various departments within the corporation, reducing the workload on employees while optimising productivity and output. It will provide paperless services encompassing transportation, health, general maintenance, administration, and among other concerns.
More recently, REC introduced a dedicated mobile application designed exclusively for current and prospective investors in REC’s 54EC Capital Gain Tax Exemption Bonds. This app, known as ‘SUGAM REC,’ is intended to provide investors with comprehensive information regarding their investments in REC 54EC Bonds. Section 54EC Bonds are a type of fixed-income financial instrument that offers tax exemptions on capital gains to investors under the provisions of Section 54EC of the Income Tax Act.
Through the app, investors will be able to download their e-bond certificates, apply for fresh investments, download important forms for KYC updates, and connect with REC’s Investor Cell via phone or email. This mobile app is available for free download on both Android and iOS platforms.
REC said that it recognises the vital role of the infrastructure sector in advancing India towards becoming a developed nation, and it remains resolute in its dedication to contributing to India’s development. It was recently honoured with the title of the ‘Best Central PSU’ in the Financial Services category at the Dun & Bradstreet PSU Awards 2023. The company aims to increase its exposure in the renewable energy space by tenfold by 2030.
