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Higher Education Financing Agency (HEFA)

Context:

Recently, a Parliamentary panel has asked the Ministry of Education to make more efforts to ensure the “speedy disbursal” of sanctioned loans by the Higher Education Financing Agency (HEFA).

Relevance:

GS II: Polity and Governance (Regulatory Bodies)

Dimensions of the Article:

  1. About Higher Education Financing Agency:
  2. Objectives

About Higher Education Financing Agency:

  • HEFA was established on 31st May 2017.
  • It is registered under Section 8 as a Not-for-profit under the Companies Act 2013 as a Union Govt company and as Non–deposit-taking Systemically Important (NBFC-ND-SI) with RBI.
  • It is a joint venture of the Ministry of Education, GoI and Canara Bank with agreed equity participation in the ratio of 90.91% and 09.09% respectively.
Objectives:
  • HEFA provides financial assistance for the creation of capital assets in premier educational institutions in India.
  • The main aim is to improve the academic and infrastructure quality of India’s top-ranked institutions like IITs, IIITs, NITs, IISCs, and AIIMS, and enable them to become globally top-ranking institutions.
  • HEFA is particularly interested in financing the building of educational infrastructure and R&D infrastructure

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