REC Limited Wins ICAI Award for Excellence in Financial Reporting FY 2022-23

REC Limited, a prominent Maharatna Public Sector Unit and a leading Non-Banking Financial Company (NBFC) under the Ministry of Power, has been honored with the prestigious ‘Plaque’ at the ICAI Awards for Excellence in Financial Reporting. The recognition is in the ‘Financial Services Sector (Other than Banking and Insurance)’ category for the financial year 2022-23.

Criteria for Selection

The Institute of Chartered Accountants of India (ICAI) bestowed the award based on rigorous evaluation criteria, including the company’s accounting practices, disclosure policies, presentation of financial statements, adherence to Indian Accounting Standards, statutory guidelines, and regulations.

Previous Recognitions

This accolade follows REC’s recent achievements, including the ‘Golden Peacock Award’ for exceptional performance in risk management conferred by the Institute of Directors (IOD). Additionally, REC was honored with the ‘Best Central PSU’ Award in the Financial Services category at the Dun & Bradstreet PSU Awards 2023.

Important Takeaways For All Competitive Exams

About ICAI Awards: The ICAI Awards for Excellence in Financial Reporting, organized by the Institute of Chartered Accountants of India’s Research Committee since 1958, aim to recognize and promote excellence in the preparation and presentation of financial and non-financial information in annual reports across diverse sectors.

About REC Limited: Established in 1969, REC Limited is a premier NBFC focused on Power Sector Financing and Development throughout India. With over fifty years of operations, REC provides financial assistance to various entities in the power sector, including state electricity boards, governments, power utilities, independent power producers, and more. The company’s funding spans projects in Generation, Transmission, Distribution, Renewable Energy, and has recently expanded into the infrastructure and logistics sector. REC’s significant impact is evident in illuminating every fourth bulb in India. As of the first quarter of the current financial year, REC’s Loan Book stands at Rs. 4.74 Lakh Crore.

Important Questions Related to Exams

1. What award did REC Limited receive at the ICAI Awards for Excellence in Financial Reporting?
2. Under which category did REC Limited win the ICAI Award for Financial Reporting?
3. What criteria were considered for selecting REC Limited for the award?
4. What recent recognition did REC Limited receive from the Institute of Directors (IOD)?
5. In which category did REC Limited win the ‘Best Central PSU’ Award at the Dun & Bradstreet PSU Awards 2023?

Kindly share your responses in the comment section!!