What is the agreed participation ratio of MHRD and Canara bank in Higher Education Financing Agency ...........

Economic and Social Issues Social Infrastructure

The Department of Higher Education of the Ministry of Human Resource Development has come out with an five-year vision plan named Education Quality Upgradation and Inclusion Programme (EQUIP). The ten Expert Groups drawn from senior academicians, administrators and industrialists, have suggested more than 50 initiatives that would transform the higher education sector completely. EQUIP, an overarching program has been conceived by the Department of Higher Education, Ministry of Human Resource Development which sets out to deliver further on the principles of access, inclusion, quality, excellence, and enhancing employability in higher education. EQUIP aims at ushering transformations in India’s higher education system by implementing strategic interventions in the sector over five years (2019 – 2024). Ten expert groups have been constituted to design and formulate an Action Plan on Higher Education titled Education Quality Upgradation and Inclusion Program (EQUIP) encompassing ten critical areas of Indian higher education.

What is the agreed participation ratio of MHRD and Canara bank in Higher Education Financing Agency (HEFA)?

90% and 10% respectively

85% and 15%

91% and 9%

95% and 5%

92% and 8%

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Explanation:

Higher Education Financing Agency (HEFA) was incorporated in 2017 as a joint venture of MHRD and Canara Bank with agreed equity participation in the ratio of 91% and 9% respectively. The HEFA is a novel method of funding the premier institutions by using the instrument of ‘securitising the future flows’. Under this, each institution agrees to escrow a specific amount from their internally earned resources (not govt grants) to HEFA. This forms basis for a credit line which can be used by the institution for creating the required capital and research assets. The Principal portion is repaid from the escrowed amount and the interest is met by Govt. For the institution, this is an interest-free amount and gives facility to the institution to build the required research infrastructure of world class.