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Union Cabinet approves establishment of Higher Education Financing Agency

Union Cabinet approves establishment of Higher Education Financing Agency
13 September 2016 Current Affairs: The Union Cabinet has approved the creation of the Higher Education Financing Agency (HEFA) on 12 September 2016 .

The HEFA will be established to give a major push for creation of high quality infrastructure in premier educational institutions.

Highlights of the HEFA : The HEFA will be jointly promoted by the identified Promoter and the Ministry of Human Resource Development (MHRD) with an authorised capital of 2000 crore rupees. The Government equity will be 1000 crore rupees.The HEFA will be formed as a SPV within a PSU Bank/ Government-owned-NBFC.  It will leverage the equity to rise up to 20000 crore rupees for funding projects for infrastructure and development of world class Labs in IITs/IIMs/NITs and such other institutions.

It will also mobilise CSR funds from PSUs/Corporates, which will in turn be released for promoting research and innovation in these institutions on grant basis.The HEFA will finance the civil and lab infrastructure projects through a 10-year loan.

All the Centrally Funded Higher Educational Institutions will be eligible for joining as members of the HEFA.For joining as members, the Institution should agree to escrow a specific amount from their internal accruals to HEFA for a period of 10 years. This secured future flows will be securitised by the HEFA for mobilising the funds from the market.

Each member institution will be eligible for a credit limit as decided by HEFA based on the amount agreed to be escrowed from the internal accruals.


March 2017 Current affairs
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25 MAR
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February 2017 Current affairs
28 FEB
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January 2017 Current affairs
31 JAN
NEWS
30 JAN
NEWS
28 JAN
NEWS
27 JAN
NEWS
25 JAN
NEWS
24 JAN
NEWS

December 2016 Current affairs
31 DEC
NEWS
30 DEC
NEWS
29 DEC
NEWS
28 DEC
NEWS
27 DEC
NEWS
26 DEC
NEWS

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
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26 NOV
NEWS
25 NOV
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24 NOV
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