Power sector non-banking financial company (NBFC), REC Ltd has sanctioned Rs 27.9 billion to Jammu Kashmir Power Corp. Ltd (JKPCL). The two parties signed an agreement for the liquidity infusion scheme under the Aatmanirbhar Bharat Abhiyan for the Union Territory of Jammu & Kashmir. The financial assistance under the scheme will allow power distribution companies to fully discharge their dues to generation and transmission companies for the electricity purchased and transmitted. On May 13, the Government of India announced a liquidity infusion of Rs 900 billion to distribution companies through Power Finance Corp. and REC as part of the Aatmanirbhar Bharat Abhiyan. Under this intervention, REC and PFC are extending financial assistance at a concessional rate of interest. Till date, the two have sanctioned Rs 1.08 trillion and released nearly Rs 30,000 billion to distribution companies under the scheme.