IREDA may be converted into a Green Bank

IREDA, the state run Indian Renewable Energy Development Agency can be converted into a Green Bank to enable its access funding from overseas banks. But this will be done without any  alteration in its basic structure. After conversion into Green Bank, it would be entitled to avail of certain benefits supported by the Union Power Ministry. 

Presently, IREDA, but later to be converted as Green Bank, is an arm of the Indian government. It is a public entities created to work with the private sector to increase investment in clean energy and bring clean energy financing into the mainstream. They are innovative and new tools that have been successful in the United Kingdom, Australia, Japan, Malaysia and several US.

A green bank could offer lower interest charges than traditional banks and tap into international capital to finance solar and wind projects to help India power its cities and rural communities.


So let’s discuss some questions related to this post :
1. IREDA may be converted into which entity ?
2. What is the main function of IREDA ? 

Courtesy : Times Of India

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