RBI grants no objection certificate to REC for PFC merger
Business
Big news in finance: The Reserve Bank of India has given a No Objection Certificate (NoC) to REC for its proposed merger with PFC, two major government-backed lenders.
Both companies had already agreed to join forces back in June 2026, but now they'll need a few more green lights from shareholders, creditors, and other regulators before everything's final.
REC PFC merger 11L/cr, 100:88 swap
Once merged, REC and PFC will create a financial giant with a combined loan book of over ₹11 lakh crore.
For shareholders: if you own 100 REC shares, you'll get 88 shares of PFC after the merger.
Deloitte Touche Tohmatsu India is the Transaction and Tax Advisor, and Cyril Amarchand Mangaldas is the Legal Advisor to both PFC and REC.