Higher Education Financing Agency

Higher Education Financing Agency

Subject :Government schemes

Context:

• Recently, the Union Ministry of Education has shared the details of funding patterns of special loans for higher education.

More about the news:

• Recently,the Union Ministry of Education has shared the details of funding patterns of special loans for higher education.
• In an official statement shared with The Indian Express, the Union Ministry of Education attributed the shortfall to Covid-19, which broke out in 2020, and a revision in the funding pattern during the same year for the shortfall of the loan.

What is Higher Education Financing Agency:

• Higher Education Financing Agency (HEFA) is a joint venture of MoE Government of India and Canara Bank for financing creation of capital assets in premier educational institutions in India as part of rising 2022.
• HEFA is registered under Section 8  asNot-for-profit under the Companies Act 2013 as a Union Govt company and as Non–deposit taking Systemically Important (NBFC-ND-SI) with RBI.
• HEFA incorporated on 31st May 2017, is a joint venture ofMoE, GOI and Canara Bank with an agreed equity participation in the ratio of 90.91% and 09.09% respectively
• The main aim of HEFA is for the development of India’s top-ranked institutions like IIT’s, IIIT’s, NIT’s, IISCs, AIIMS into globally top ranking institutions through improvement in their academic and infrastructure quality.

HEFA are particularly interested in financing the building of educational infrastructure, R&D infrastructure and thereby enabling the institutions to reach top rankings globally.