Rural Electrification Corporation Current Affairs - 2019

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P V Ramesh appointed as the director-general of the National Archives of India

The Appointment Committee of the Cabinet has approved the appointment of P V Ramesh appointed as the director-general of the National Archives of India. Currently, he is serving as the Chairman and Managing Director (CMD) of Rural Electrification Corporation.

National Archives of India

The genesis of National Archives of India can be traced to the traced to the report of  Sandeman, the Civil Auditor who had stressed the need of relieving the offices of congestion by the destruction of the papers of routine nature and transfer of all valuable records to a ‘Grand Central Archive’.

In 1889 Professor G.W. Forrest of Elphinstone College, Bombay entrusted the job of examining the records of the Foreign Department of the Government of India made a strong plea for transferring all records of the administration of East India Company to a Central Repository

This led to the establishment of Imperial Records Department (IRD) on 11 March 1891 in the Imperial Secretariat Building at Calcutta (Kolkata).

In 1911 the IRD was shifted to Delhi. After the Independence, the government of India rechristened IRD as the National Archives of India with Director of Archives as its head and in the year 1990 the office of the Director of Archives was redesignated as Director General of Archives.

At present National Archives of India is an attached office under the Ministry of Culture and has a Regional Office at Bhopal and three Records Centres at Jaipur, Puducherry and Bhubaneswar.

CCEA approves strategic sale of Rural Electrification Corporation

Cabinet Committee on Economic Affairs (CCEA) has given its in principle approval for strategic sale of Central Government’s existing 52.63% of total paid up equity shareholding in Rural Electrification Corporation (REC) to Power Finance Corporation (PFC) along with transfer of management control. Both REC and PFC are Central Public Sector Enterprises under the Ministry of Power.

Significance

The acquisition intends to achieve integration across Power Chain, create economies of scale, obtain better synergies and have enhanced capability to support energy access and energy efficiency by improved capability to finance power sector.  It may also allow for cheaper fund raising with increase in bargaining power for combined entity.

Rural Electrification Corporation (REC)

It is public Infrastructure finance company in India’s power sector. It finances and promotes rural electrification projects across India. It provides loans to Central/ State Sector Power Utilities, State Electricity Boards, Rural Electric Cooperatives, NGOs and Private Power Developers. It was founded in July 1969 and is headquartered in New Delhi.