India News | PFC-REC Make Further Reduction in Lending Rates

New Delhi [India] January 19 (ANI): State-owned non-banking financial companies, Power Finance Corporation (PFC) and REC Limited have further reduced their lending rates across all types of loans by 40 Bps.

Union Minister for Power and New and Renewable Energy RK Singh expressed satisfaction at the continued efforts by both companies to reduce rates and remain competitive.

Also Read | Union Budget 2022-23: Gem and Jewellery Export Promotion Council Seeks Import Duty Cut on Gold, Silver, Platinum.

Singh said that continued reduction of lending rates by REC and PFC will help Power Utilities to borrow at competitive rates and invest in improving the power sector infrastructure, thereby benefitting the consumer by way of reliable and cheap power.

In the last about one year, both the organisations have reduced lending rates cumulatively by upto 3 per cent.

Also Read | Apple iPhone SE+ 5G Likely To Be Launched in 2023.

In order to give a boost to Renewable Energy, where long term funding is required, the rates have been revised to as low as 8.25 per cent.

The reduction in rates has been possible due to the lower cost of borrowings by these organisations, in the past year or so.

It is pertinent that PFC and REC are already providing short term loans at interest rates as low as 6.25 per cent. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)