Money & Banking

Canara Bank, HRD Ministry tie up

Our Bureau Mumbai | Updated on January 13, 2018 Published on February 17, 2017

Canara Bank said it has signed a memorandum of understanding with the Ministry of Human Resource Development (MHRD) to operationalise the Higher Education Financing Agency (HEFA). In September 2016, the Union Cabinet had approved establishment of HEFA to give a major push for creation of high-quality infrastructure/ capital assets in premier educational institutions. The HEFA has been jointly promoted by the MHRD and Canara Bank with authorised capital of ₹2,000 crore. HEFA has been formed as a special purpose vehicle and would leverage the equity to raise up to ₹20,000 crore for funding projects for infrastructure and development of world-class laboratoties in IITs/IIMs/NITs and other such institutions.

Published on February 17, 2017
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