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REC Ltd records its highest ever 9 months profit at Rs 10003 crore

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LO Bureau
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Maharatna PSU REC Ltd reported a 13.5% increase in its consolidated net profit, reaching Rs 3,308.42 crore for the quarter ending December 2023, driven by higher revenues compared to Rs 2,915.33 crore in the same quarter of 2022. The total income rose to Rs 12,071.54 crore from Rs 9,795.47 crore YoY.

Due to improving asset quality, increased lending rates, and effective financing cost management, REC achieved its highest-ever 9-month profit of Rs 10,003 crore. The annualized earning per share (EPS) as of December 31, 2023, rose to Rs 50.65 per share compared to Rs 40.79 per share at the same time in 2022.

The Net Worth increased to Rs 64,787 crore as of December 31, 2023, marking an 18% YoY growth. The loan book showed a 21% increase to Rs 4.97 lakh crore from Rs 4.11 crore as of December 31, 2022. Notably, Net Credit-impaired assets reduced to 0.82%, and the Provision Coverage Ratio reached 70.41% on NPA assets as of December 31, 2023.

The Capital Adequacy Ratio (CRAR) stands at a comfortable 28.21% as of December 31, 2023. Additionally, the board approved the incorporation of a project-specific special purpose vehicle as a wholly-owned subsidiary of REC Power Development & Consultancy Limited for the Eastern Region Expansion Scheme-XXXIX project. It also approved the sale and transfer of the entire shareholding of six subsidiaries held by REC Power Development and Consultancy Limited to successful bidders selected through a tariff-based competitive bidding process.

CSS Forum urges PM for timely submission and implementation of Cadre Review Report

By
LO Bureau
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The Cadre CSS Forum, representing officers from the Central Secretariat Services (CSS) Cadre, is actively urging the attention of the Prime Minister’s Office (PMO) to expedite the submission and implementation of the crucial Cadre Review Report. In a formal letter addressed to the PMO, the Forum has also expressed its earnest desire for a meeting with the Prime Minister to elucidate the importance of their cause.

Acknowledging the imperative for additional manpower in light of numerous new developmental schemes and projects, the Central Government constituted a Cadre Review Committee (CRC) on October 27, 2022. The CRC’s primary task was to assess the need for additional personnel. The CSS Forum’s letter emphasizes that the CRC had solicited input on additional manpower from various ministries and departments, with a deadline at the end of December. While most departments had submitted their requirements in the first half of 2023, the committee concluded its deliberations some time ago. However, the formal submission of the CRC Report is still pending.

In its letter, the Forum underscores the critical nature of timely submission of the CRC Report to alleviate stagnation at certain grades. Officers often find themselves stagnant for extended periods despite being eligible for promotion due to a lack of available vacancies. The Forum argues that once the CRC Report is submitted, new positions will be created across various ministries and departments. This, in turn, will open avenues for the promotion of numerous CSS Cadre officers who have faced career stagnation due to the absence of promotional opportunities despite their eligibility.

In essence, the CSS Forum is advocating for prompt action to alleviate the bottleneck, ensuring that the career progression of CSS Cadre officers aligns with their eligibility and aspirations.

REC Ltd designated Nodal Agency for PMSY, aims to install one crore Rooftop Solar Systems

By
LO Bureau
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On January 23, REC Ltd announced its commitment to provide financial assistance of up to Rs 1,20,000 crore for the implementation of rooftop solar panels under the Pradhan Mantri Suryoday Yojana. This statement was issued by REC’s Chairman and Managing Director (CMD), Vivek Kumar Dewangan, a day after Prime Minister Narendra Modi unveiled his decision to launch the rooftop solar installation scheme for one crore households upon returning from Ayodhya’s Ram temple consecration ceremony.

Dewangan disclosed that a one-year target has been set for the installation of rooftop solar panels in one crore households as part of this initiative. The Ministry of New and Renewable Energy (MNRE) is actively working on formulating guidelines for the scheme, which are expected to be released soon.

Designating REC as the overarching program implementation agency for the rooftop solar scheme, the MNRE has empowered the company to issue a Line of Credit to eight central public sector undertakings (CPSEs), each receiving approximately Rs 15,000 crore. These CPSEs, including NTPC, NHPC, EESL, PowerGrid, SECI, THDC, SJVN, and NEEPCO, will play a proactive role in rooftop solar installations under the Renewable Energy Service Company (RESCO) model.

REC has been entrusted with a target of obtaining sanctions for 40 GW of rooftop solar installations until 2026. With the recent announcement of the rooftop solar scheme for households by PM Modi on January 22, REC anticipates achieving over 10 GW of this target within the next year.

Despite acknowledging the challenges in coordinating with various stakeholders such as rooftop owners, distribution companies, vendors, and financing entities, Dewangan expressed confidence in meeting the set target. REC Ltd, aiming to expand its renewable energy loan portfolio to Rs 300,000 crore by 2030, has already sanctioned about Rs 125,000 crore.

As of January 23, REC Ltd reported a net profit of Rs 3,269.3 crore for the quarter ending December 2023, reflecting a 13.6 percent increase compared to the corresponding period in the previous year. The company’s net profit in the third quarter of the previous fiscal year stood at Rs 2,878 crore.

Telangana: Former DGP M Mahender Reddy recommended for TSPSC Chairmanship

By
LO Bureau
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The Telangana government, in a proactive move, has empowered a search committee to expedite the appointment of a new chairman for the Telangana State Public Service Commission (TSPSC). The committee has recently shortlisted the name of M Mahender Reddy (Retd IPS:1986:TG), a retired Director General of Police, signaling a determined effort to swiftly finalize the appointments and enhance the functioning of the TSPSC.

The committee, led by Chief Secretary A Santhi Kumar (IAS:1989:TG) along with Law Secretary Tirupati and GAD Secretary Nirmala Devi, meticulously reviewed the applications received for the positions of chairperson and members of the TSPSC. Out of the 371 applications received, 50 were exclusively for the chairman post.

Following a thorough scrutiny, a singular name, that of M Mahender Reddy, has been shortlisted and forwarded to the Governor for approval. Once the Governor provides clearance for the appointment, a panel of additional members will be submitted for further approval.

M Mahender Reddy, having previously served as the Director General of Police in Telangana for four years, retired in December 2022. If appointed as the TSPSC chairman, he would hold the position for 11 months, as the maximum age limit for the chairman and members of TSPSC is set at 62 years.

Tamil Nadu: IPS Balveer Singh’s suspension revoked

By
LO Bureau
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The Tamil Nadu government has revoked the suspension order imposed on IPS officer Balveer Singh (IPS:2020:TN), who faced accusations of subjecting detainees, including minors from marginalized communities, to torture during his tenure as the Assistant Superintendent of Police (ASP) in Ambasamudram. Singh was alleged to have tortured approximately 15 suspects across three different police stations—Kallidaikurichi, Vikramasingapuram, and Ambasamudram.

The suspended officer has been charge-sheeted by the CB-CID in all four cases.

An FIR was lodged against Balveer in April of the previous year, invoking sections 324 (causing hurt by weapons), 326 (grievous hurt by dangerous weapons), and 506/1 (Punishment for criminal intimidation) of the Indian Penal Code. Notably, the accusation against the IPS officer that led to his booking under the Scheduled Castes & Scheduled Tribes (Prevention of Atrocities) Act has been dismissed. Three days after the initial FIR, the case was transferred to the CB-CID.

MP: Aseem Shrivastava likely to be next HoFF

By
LO Bureau
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0

Senior IFS officer Aseem Shrivastava (IFS:1988:MP) is anticipated to assume the role of the next Head of the Forest Force (HoFF) at the rank of Principal Chief Conservator of Forests (PCCF) in the state. The incumbent HoFF, Abhay Kumar Patil (IFS:1986:MP), is scheduled to retire on January 31. If appointed, Aseem Shrivastava’s tenure as the Forest Force Chief will extend until July 2025.

The race for the position involves five officers from the 1988 batch of the Indian Forest Service. Atul Srivastava oversees the work planning branch, RK Yadav is in charge of Administration-I, PK Singh leads the research and extension branch, while Kamlesh Chaturvedi and BK Ambede are currently on deputation in Delhi.

Traditionally, the Forest Department has followed the practice of appointing the most senior officer as the Chief of the Forest Force. In this context, Aseem Shrivastava’s name is prominently considered for the coveted position.

D/o Sports Director Jatin Narwal repatriated to parent cadre

By
LO Bureau
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0
Indian Police Service

Jatin Narwal (IPS:2006:AGMUT), Director in the Department of Sports, has been prematurely repatriated to his parent cadre. According to an order issued by the Department of Personnel and Training (DoPT) on Tuesday (23.01.2024), the competent authority has approved proposal of the D/o Sports to repatriate Mr. Narwal to the parent cadre to avail the benefit of promotion.

IPS Abhishek Goyal appointed Special Director, ED

By
LO Bureau
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IPS officer Abhishek Goyal (IPS:2005:KN) has been appointed to the post of Special Director of Enforcement in the Directorate of Enforcement in Delhi. According to an order issued by the Department of Personnel and Training (DoPT) on Monday (22.01.2024), the Appointments Committee of the Cabinet has approved the proposal for appointment of Mr. Goyal to the post on deputation basis.

Ashu Mathur and Pawan Kumar empanelled for Chief Advisor positions in ICoAS

By
LO Bureau
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0

The proposal of the Department of Expenditure for the empanelment of two officers for promotion to the grade of Chief Advisor (Cost) in the Indian Cost Accounts Service (ICoAS) at level 17 of the Pay Matrix for the panel year 2024 has been approved by the Appointments Committee of the Cabinet.

It is noteworthy that Ashu Mathur, currently empanelled in the regular panel, is set to retire at the end of this month. Following his retirement, Pawan Kumar, who is presently empanelled in the extended panel, is considered as the officer next in line. Pawan Kumar is currently serving as the Additional Chief Adviser in the Department of Public Enterprise (DPE), Government of India.

MP: 12 IAS officers shifted, Sanjay Dubey posted as Principal Secretary, Home

By
LO Bureau
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0

In a significant development, the Madhya Pradesh government on Monday (22.01.2024) effected a major reshuffle involving the transfer of 12 IAS officers. This move saw key officials taking on new responsibilities within the administration.

The names of the officers and their posting are as follows:

  1. Dr. Rajesh Kumar Rajora (IAS:1990:MP), Additional Chief Secretary (ACS), Home; ACS, Religious Trusts and Endowments Department; Director, MP Tribal Research and Development Institute and ACS, Transport Deptt. (additional charge), has been transferred and posted as Vice Chairman of the Narmada Valley Development Authority; ACS, Narmada Valley Development Deptt. and MD, Narmada Basin Project Company Limited and OSD-cum-Member (Rehabilitation), Narmada Valley Development Authority and ACS, Water Resources Deptt. He retains his additional charge as ACS of the Transport Department.
  2. SN Mishra (IAS:1990:MP), Vice Chairman, Narmada Valley Development Authority; Additional Chief Secretary (ACS), Narmada Valley Development Deptt.; Managing Director, Narmada Besin Project Compony and OSD-cum-Member (Rehabilitation), Narmada Valley Development Authority, Bhopal with additional charges of ACS, Tribal Welfare Department & Scheduled Caste Welfare Department and Agriculture Production Commissioner, has been transferred and posted as Agriculture Production Commissioner with additional charge of ACS, Tribal Welfare Department & Scheduled Caste Welfare Department.
  3. Ajit Kesari (IAS:1990:MP), ACS, Finance Department, has been transferred and posted as Director, MP Tribal Research and Development Institute; ACS, Religious Trusts and Endowments Department; ACS, Backward Classes and Minorities Welfare Department; ACS, Nomadic and Semi-nomadic Tribes Department (additional charge)
  4. Sanjay Dubey (IAS:1993:MP), Principal Secretary, Energy Department; Principal Secretary, New & Renewable Energy and OSD-cum-Commissioner, New & Renewable Energy, has been transferred and posted as Principal Secretary, Home Department and Principal Secretary, Energy Deptt with additional charge of OSD-cum-Commissioner, New & Renewable Energy.
  5. Deepali Rastogi (IAS:1994:MP), Principal Secretary, Commercial Tax Deptt. and Principal Secretary, Women and Child Development Department with additional charge of Cooperative Department, has been transferred and posted as Principal Secretary, Cooperative Department with additional charge of Women and Child Development Department.
  6. Amit Rathore (IAS:1996:MP), Administrative Member, Revenue Board, Gwalior, has been transferred and posted as Principal Secretary, Commercial Tax Department.
  7. Manish Singh (IAS:1997:MP), Principal Secretary, Water Resources Department, has been transferred and posted as Principal Secretary, Finance Department.
  8. Tarun Kumar Pithore (IAS:2009:MP), MD, State Civil Supplies Corporation; Director, Food, Civil Supplies & Consumer Protection with additional charge of MD, MP State Warehousing Corporation, has been transferred and posted as Director, Food, Civil Supplies & Consumer Protection with additional charge of MP State Warehousing Corporation.
  9. Roshan Kumar Singh (IAS:2015:MP), CEO, Smart City, Bhopal, has been transferred and posted as Director, Public Relations.
  10. Guncha Sanovar (IAS:2015:MP), Deputy Secretary, has been appointed as the Additional Commissioner of Land Records and Settlement, Gwalior.
  11. Sheela Dahima (IAS:2015:MP), Additional Secretary at the Board of Secondary Education, has been transferred and posted as Deputy Secretary, Cooperative Department.
  12. Pratap Narayan Yadav (IAS:2016:MP), Deputy Secretary in the Cooperative Department, has been transferred and posted as MD of the State Civil Supplies Corporation.
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