Canara Bank has signed a memorandum of understanding (MoU) with Union Ministry of Human Resource Development (MHRD) to operationalise the Higher Education Financing Agency (HEFA).
It will allow MHRD and Canara Bank to jointly promote HEFA with an authorised capital of INR. 2,000 crore.
HEFA is a special purpose vehicle that aims to give a major push for the creation of high quality infrastructure and capital assets in premier educational institutions.
It will leverage equity to raise up to INR. 20,000 crore for funding infrastructure and development projects for setting up world class Labs in IITs/IIMs/NITs and such other institutions.
It will also mobilise CSR funds from corporates/PSUs which will in turn be released for promoting research and innovation in these institutions on a grant basis. Read more: HEFA??
