Higher Education Financing Agency (HEFA)
- Higher Education Financing Agency (HEFA) is a joint venture of MHRD Government of India and Canara Bank for financing creation of capital assets in premier educational institutions in India as part of rising 2022 HEFA’s scope is greatly expanded to cover school education, educational institutes under Ministry of health etc.
- HEFA is registered under Section 8 [ Not-for-profit] under the Companies Act 2013 as a Union Govt company and as Non–deposit taking NBFC (NBFC-ND-Type II) with RBI.
- HEFA incorporated on 31st May 2017, is a joint venture of Ministry of HRD, GOI and Canara Bank with an agreed equity participation in the ratio of 90.91% and 09.09% respectively.
- HEFA’s role is hugely expanded to cover all educational institutions under higher education, school education and institutions under the Ministry of Health.
- Target – All the projects sanctioned by HEFA are to get completed before 2022.
- To develop 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.
- financing the building of educational infrastructure, R&D infrastructure and thereby enabling the institutions to reach top rankings globally.
- To provide timely finance at competitive interest rates for capital assets creation in India’s educational institutions and supplement it with grants by channelizing CSR funds from the corporate and donations from others.