Q. Which public sector bank has signed MoU with the Ministry of Human Resource Development (MHRD) to start higher education financing agency?
Answer: Canara Bank
Notes: The Canara Bank has signed a Memorandum of Understanding (MoU) with the Ministry of Human Resource Development (MHRD) to operationalise the Higher Education Financing Agency (HEFA). HEFA has been formed as a special purpose vehicle. It would leverage the equity to raise up to Rs. 20,000 crore for funding projects for infrastructure and development of world class Labs in IITs/IIMs/NITs and such other institutions. HEFA would also mobilise CSR funds from PSUs/corporates, which would in turn be released for promoting research and innovation in these institutions on a grant basis. The purpose of the HEFA is to create high quality infrastructure/capital assets in premier educational institutions. All the centrally funded higher educational institutions would be eligible for joining as members of HEFA.
