REC, a state-owned financial firm, receives RBI approval to set up a subsidiary in GIFT City, Gujarat, for diverse financial activities.

REC, a state-owned financial firm, has received RBI approval to establish a subsidiary in Gujarat's GIFT City to engage in various financial activities such as lending, investment, and other services. The move aims to create new business opportunities, contribute to the growth of India's energy sector, and enhance REC's presence on the global stage as it continues to diversify its portfolio.