JNU gets aid from Higher Education Funding Agency(HEFA)

News: Jawaharlal Nehru University(JNU) has secured a financial assistance of Rs 455 crore from the Higher Education Funding Agency(HEFA) for construction of new academic buildings, hostels and research centres.

Facts:

• Higher Education Financing Agency(HEFA): It was formed in 2017 as a joint venture of the Canara Bank and Ministry of Human Resource Development (now renamed as Ministry of Education).
  • It is registered under Section 8 [ Not-for-profit] under the Companies Act 2013 as a Union Govt company and as Non–deposit taking NBFC with RBI.
• Aim: To enable India’s premier educational institutions to excel and reach the top in global rankings by financing building world class infrastructure including R&D Infrastructure.
• Approach: It provides timely finance at a competitive interest rate for capital assets creation in India’s educational institutions and supplements it with grants by channelizing CSR funds from the corporate and donations from others.
• Eligibility: All the Centrally Funded Educational Institutions in Higher Education, School Education and Medical Education sectors are eligible to avail of loans through HEFA.

Additional Facts:

• Revitalising Infrastructure and Systems in Education(RISE) by 2022: It was launched by the Government of India in the FY 2018-19 budget.
• Objectives: The objectives of RISE by 2022 are:
  • Qualitatively upgrade the research and academic infrastructure in India to global best standards by 2022.
  • Make India into an education hub by making available high quality research infrastructure in Indian higher educational institutions.
  • To allow access of HEFA funding to institutions like Central Universities, AIIMS, IISERs without creating any additional burden to the students.
  • To bring greater accountability and speed in execution of infrastructure projects.
  • To cater to the requirements of the Kendriya Vidyalayas and Navodaya Vidyalayas and medical institutions like AIIMSs in a faster time frame.