Waiving bank guarantees not desirable


20 March 2020 |

MNRE is understood to be in advanced stages of waiving requirements for bank guarantees by project bidders. As per a news report, MNRE is proposing that instead of bank guarantees, the developers may provide letters of comfort from one of the three government owned financial institutions – Power Finance Corporation (PFC), Rural Electrification Corporation (REC) and Indian Renewable Energy Development Agency (IREDA). The move is motivated by a desire to free up banking lines of credit for the developers and improve ‘ease of doing business’ in the sector.. ..


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