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HEFA - Higher education institutions
December 1 , 2017
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- The newly formed Higher Education Funding Agency (HEFA) has approved over Rs. 2000 crore interest free loans for six Indian higher education institutes to boost research and academic infrastructures.
- It is a non-banking financial company (NBFC) formed to give a major push for creation of high quality infrastructure in premier educational institutions.
- It is registered as a Section – 8 Company under the Companies Act.
- It will be a joint venture between the HRD ministry and Canara bank.
- It will raise funds from the market and also mobilize CSR (corporate Social Responsibility) funds from PSUs/Corporates and lend to government-run higher educational institutions for promoting research and innovation.
- It would finance research and infrastructure projects through a 10-year loan.
- RBI has granted a license under the RBI Act for HEFA to operate as Non-Banking Financial Company (NBFC) and to leverage the equity to mobilise money from market as per the requirements of the institutions.
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