Question

UPSC Prelims 2015 Question:

With reference to the Indian Renewable Energy Development Agency Limited (IREDA), which of the following statements is/are correct?

It is a Public Limited Government Company.

It is a Non-Banking Financial Company.

Select the correct answer using the code given below.

1. 1 only
2. 2 only
3. Both 1 and 2
4. Neither 1 nor 2

Answer (Detailed Solution Below)

Detailed Solution

Explanation:

Indian Renewable Energy Development Agency Limited (IREDA) is a Mini Ratna (Category – I) Government of India Enterprise under the administrative control of Union Ministry of New and Renewable Energy (MNRE). IREDA is a Public Limited Government Company established as a Non-Banking Financial Institution in 1987 engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation with the motto: “ENERGY FOR EVER”. So, statement 1 is correct.
IREDA has been notified as a “Public Financial Institution” under section 4 ‘A’ of the Companies Act, 1956 and registered as Non-Banking Financial Company (NBFC) with Reserve Bank of India (RBI). So, statement 2 is correct.

Therefore, option (3) is the correct answer.

Subject: Geography | Energy Resources

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