Government has announced the creation of HEFA which will create infrastructure for top institutions ...........

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Government has announced the creation of HEFA which will create infrastructure for top institutions like IITs. What does HEFA stand for?

Higher Education Financing Agency

Higher Education Finance Association

Higher Education Financial Amalgamation

None of the above

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Explanation:

First option is correct.

Higher Education Financing Agency (HEFA) is a proposed not-for-profit agency with initial capital base of Rs. 1000 Crore. It was announced in Union Budget 2016-17.
The HEFA will be set up with joint participation by the government and philanthropic donors. It would be set up under Companies Act and will be registered with RBI has Non-banking Finance Company (NBFC). It will be headed by a banker and will have a board with five donors and five institutions selected on rotation basis. All centrally funded higher educational institutions will automatically be added as members.