Home > Practice > Current Affairs > May - 2024 > May 06, 2024
1. Which organization received RBI approval to establish a subsidiary in GIFT City?
REC Ltd., a company under the Ministry of Power, recently gained approval from the Reserve Bank of India (RBI) to establish a subsidiary in Gujarat International Finance Tech-City (GIFT City), located in Gandhinagar. This approval, dated May 3, 2024, is significant as it allows REC to expand its operations into a prominent financial hub within India, known for its modern infrastructure and conducive environment for financial services.