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:
- About Higher Education Financing Agency:
- 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
