REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power and a leading NBFC, has been certified with ISO 31000:2018 (Risk management — Guidelines) for its enterprise-wide risk management framework. This significant achievement marks REC as the first Indian Public Sector Non-Banking Financial Company (NBFC) to receive this certification from the British Standards Institution (BSI).
The ISO 31000:2018 is an internationally recognized standard that provides principles and guidelines for effective risk management. This is a testimony to their efforts of having adopted the best-in-class risk management practices to offer significant value to REC on the risk management and mitigation front.
"This ISO 31000:2018 certification is a testament to REC's unwavering commitment to excellence in Enterprise Risk Management," said Mr. Subrata Aich, Chief Risk Officer of REC. "It signifies that REC has a structured, comprehensive, and internationally aligned approach to risk management, which will further enhance the confidence of all our stakeholders, including investors and lenders."
The official certificate was formally handed over to Sh. Subrata Aich by Sh. Shripad Yesso Naik, Minister of State for Power and New & Renewable Energy and Sh. Prateek Rai, India Head – Training (Sales and Operations), BSI, during 56th Foundation Day of REC.
About REC LIMITED
REC is a 'Maharatna' company under the administrative control of the Ministry of Power, Government of India, and is registered with RBI as Non-Banking Finance Company (NBFC), Public Financial Institution (PFI) and Infrastructure Financing Company (IFC). REC is financing the entire Power-Infrastructure sector comprising Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage, Pump Storage projects, Green Hydrogen, Green Ammonia projects etc. More recently REC Limited has also diversified into the Non-Power Infrastructure sector comprising Roads & Expressways, Metro Rail, Airports, IT Communication, Social and Commercial Infrastructure (Educational Institution, Hospitals), Ports and Electro-Mechanical (E&M) works in respect of various other sectors like Steel, Refinery, etc.
REC Limited provides loans of various maturities to State, Central and Private Companies for creation of infrastructure assets in the country. REC Limited continues to play a key strategic role in the flagship schemes of the Government for the power sector and has been nodal agency for Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGAYA), Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY), National Electricity Fund (NEF) Scheme which resulted in strengthening of last mile distribution system, 100% village electrification and household electrification in the country. REC has also been made the nodal agency for certain States and Union Territories for the Revamped Distribution Sector Scheme (RDSS). REC has also been given the responsibility of PM Surya Ghar Muft Bijli Yojna from Central Government.
