Q. Consider the following statements regarding the Higher Education Financing Agency (HEFA):
1.It is a statutory body under the Ministry of Education.
2.It provides finance at competitive interest rates to educational institutions and supplements it with grants by channelizing CSR funds.
Which of the statements given above is/are correct?

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: B
Notes:
  • Statement 1 is incorrect.Higher Education Financing Agency (HEFA) is a joint venture of Ministry of Education, Government of India and Canara Bank.
    • HEFA 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.
  • Statement 2 is correct.HEFA Vision: 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 Infra.
    • HEFA Mission: To provide timely finance at competitive interest rates for capital assets creation in India’s educational institutions and supplement it with grants by channelizing CSR funds from the corporate and donations from others.