15 more universities being considered for HEFA loans: MHRD to Panel

NEW DELHI: Fifteen universities are under consideration for loans from the Higher Education Financing Agency, set up by the Ministry of Human Resource Development in 2017.

These include Jawaharlal Nehru University (JNU), Jamia Millia Islamia University (JMI), the Central University of Rajasthan, Central University of Tamil Nadu, Pondicherry Central University and Maulana Azad National Urdu University. The total amount borrowed by these 15 will be Rs 2664.508 crore, the Ministry of Human Resource Development’s Department of Higher Education told the Parliamentary Standing Committee on HRD in February this year. The committee submitted its report on the budget for higher education on March 6.

Over two dozen public institutions, including several Indian Institutes of Technology (IIT), National Institutes of Technology (NIT), Indian Institutes of Science Education and Research (IISER), Indian Institutes of Management (IIM) and Kendriya Vidyalayas (KVs) are powering their expansion through HEFA loans.

These are the institutions and the amounts under consideration:

The HEFA is a non-banking finance company established by MHRD in collaboration with Canara Bank in 2017. It offers infrastructure loans to public educational institutions replacing, in many cases, government capital grants. The ministry repays the principal as well as the interest for new institutions while old and established ones are expected to repay the principal amount with “internal accruals”.

Also read:

• HEFA released Rs 5,828 cr to educational institutions by December 2019
• Union Cabinet expands scope of funding under HEFA to medical, schools sector

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