Higher Education Financing Agency
26-08-2023
11:19 AM
1 min read
Overview:
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).
About Higher Education Financing Agency:
- Higher Education Financing Agency provides financial assistance for the creation of capital assets in premier educational institutions in India.
- 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 was established on 31st May 2017 and 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
- What are the objectives? The main aim of HEFA is for the development of India’s top-ranked institutions like IITs, IIITs, NITs, IISCs, and AIIMS into globally top-ranking institutions through improvement in their academic and infrastructure quality.
- It is particularly interested in financing the building of educational infrastructure, and R&D infrastructure and thereby enabling the institutions to reach top rankings globally.
Q1) What are capital assets?
Capital assets are assets that are used in any institute/company's business operations to generate revenue over the course of more than one year.
Source: Speed up disbursal of loans sanctioned by HEFA: panel to Education ministry
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