Canara Bank signs MoU with HRD Ministry to start higher education financing agency
Posted on:18 Feb 2017 09:27:20
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18 February 2017 Current Affairs: Bangalore based Public sector Canara Bank has signed a Memorandum of Understanding (MoU) with the Human Resource Development (HRD)Ministry on February 17, 2017 to operationalize the Higher Education Financing Agency (HEFA).
The establishment of the Higher Education Financing Agency (HEFA) was approved by the Union Cabinet in September 2016.
Through this MoU, HRD Ministry and Canara Bank will jointly promote the HEFA with an authorised capital of Rs. 2,000 crore.
The objective behind the establishment of HEFA is to enhance and create high quality capital assets and infrastructure in the premier educational institutions.
All the centrally funded higher educational institutions would be eligible for joining as members of HEFA. HEFA would finance the civil and lab infrastructure projects through a 10-year loan.
HEFA would leverage the equity to raise up to Rs. 20,000 crore for funding infrastructure and development projects for world class Labs in IITs/IIMs/NITs and such other institutions.
HEFA would also mobilize CSR funds from PSUs and corporate and use it for promoting research and innovation in these institutions on a grant basis.
The principal portion of the loan will be repaid through ‘internal accruals’ which is earned through fee receipts, research earnings etc. by the institutions. The interest partwould be paid by the Government through regular Plan assistance.
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