Question
With reference to the Indian Renewable Energy Development Agency Limited (IREDA), which of the following statements is/are correct?
1. It is a Public Limited Government Company.
2. It is a Non-Banking Financial Company.
Select the correct answer using the code given below:
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Answer:
C
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Explanation:
he Indian Renewable Energy Development Agency Limited (IREDA) is a Public Limited Government Company. It was established as a non-banking financial institution in 1987 under the Ministry of New and Renewable Energy (MNRE), Government of India. IREDA plays a crucial role in promoting and financing renewable energy projects in India.
It is a Non-Banking Financial Company: IREDA is also classified as a Non-Banking Financial Company (NBFC). NBFCs are financial institutions that provide banking services like loans and advances, acquisition of shares, debentures, etc., but do not have a banking license. IREDA focuses on providing financial assistance and support for renewable energy projects, making it a specialized NBFC in the renewable energy sector.