REC Sanctions Record Rs 3.59 Lakh Crore Loan in FY24

New Delhi, Apr 8 (PTI) State-owned REC has made record loan sanctions worth Rs 3.59 lakh crore during 2023-24, posting a year-on-year rise of 33.66 per cent.

It had sanctioned Rs 2.68 lakh crore as loan during the preceding 2022-23 fiscal, the company said in an exchange filing.

Of the total Rs 3.59 lakh crore, Rs 1.36 lakh crore were "renewable energy sanctions", higher from Rs 21,371 crore sanctioned for green projects a year ago.

"REC Ltd has continued its growth trajectory and posted...strong operational performance with highest ever loan sanctions at Rs 3.59 lakh crore and the highest ever loan disbursements at Rs 1.61 lakh crore during the year 2023-24," it said.

The disbursements were 66.72 per cent higher as compared to Rs 96,846 crore worth of loans disbursed in FY23.

As of March 31, 2024, the company's loan book was at Rs 5.09 lakh crore, higher 17.13 per cent as against Rs 4.35 lakh crore in FY23.

REC, under Ministry of Power, is a non-banking finance company (NBFC) focusing on power sector financing in India.