The Union HRD ministry has decided to appoint Canara Bank as the promoter for setting up of Higher Education Financing Agency (HEFA), that would provide much needed funds to boost research oriented infrastructure for premiere institutions like IITs, NITs and IIMs.
Sources said that the ministry had invited 'Expression of Interest' for identifying a joint venture partnership partner and after examining the proposals, Canara Bank was chosen.
Senior Canara Bank officials made a presentation today before HRD minister Prakash Javadekar as well, it is learnt.
Earlier, this month, the Union Cabinet, chaired by Prime Minister Narendra Modi, gave its nod to a proposal of the HRD ministry for creation of HEFA.
The HRD ministry had then announced that HEFA would be formed as a SPV within a PSU Bank/ Government-owned-NBFC (Promoter) and 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 institutions like IITs, IIMs and NITs, etc.
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