The Union Cabinet has approved the creation of HEFA.What does stands for HEFA

2016

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	Higher Education Financing Agency
B	High Equipment Financing Agency
C	High Education Finance Association
D	Higher Education Financing Association

Explanation:

Detailed explanation-1: -Higher Education Financing Agency (HEFA) is a joint venture company of Canara Bank and Ministry of Education GoI. HEFA provides financial assistance for creation of educational infrastructure and R&D in India’s premier educational Institutions.

Detailed explanation-2: -HEFA incorporated on 31st May 2017, is a joint venture of Ministry of HRD, GOI and Canara Bank with an agreed equity participation in the ratio of 90.91% and 09.09% respectively. HEFA is registered under the Companies Act 2013 as a Union Govt company and as Non–deposit taking NBFC with RBI.

Detailed explanation-3: -The primary objective of HEFA is to leverage funds from the market and provide low-interest loans to universities for infrastructure and R&D.

Detailed explanation-4: -According to the HEFA funding pattern, the varsity will have to repay the loan in 20 half-yearly instalments in 10 years. The borrowing from HEFA will come with an interest rate of 7 per cent per annum.

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