Sh. Vivek Kumar Dewangan, CMD, REC, participated in a dynamic panel discussion on ‘NBFCs: Coming out of the shadow of banks’ along with key players from the industry at the Business Standard BFSI Summit in Mumbai today.
REC CMD stressed on the role of NBFCs in financing niche sectors that are overlooked by traditional banks. “In response to sector-specific challenges, REC has developed flexible financing models to support renewable energy and greenfield projects, and REC tailors financing to fit the long gestation periods required in power projects. This kind of customization sets NBFCs apart from traditional banks. REC has developed specific products for new emerging technologies like Pumped Storage, E-vehicles, Green Ammonia, Green Hydrogen etc.,” he said.
He closed his remarks by highlighting the potential of NBFCs in transforming India not by replicating banks but by offering complementary services, sectoral expertise, and flexibility.
