About Us

OVERVIEW

Higher Education Financing Agency (HEFA) is a joint venture of MoE Government of India and Canara Bank for financing creation of capital assets in premier educational institutions in India as part of rising 2022 HEFA’s scope is greatly expanded to cover school education, educational institutes under Ministry of health etc.

 

HEFA is registered under Section 8 [ Not-for-profit] under the Companies Act 2013 as a Union Govt company and as Non–deposit taking Systematically Important (NBFC-ND-SI) with RBI.

 

HEFA incorporated on 31st May 2017, is a joint venture of MoE, GOI and Canara Bank with an agreed equity participation in the ratio of 90.91% and 09.09% respectively

 

Ours is a journey towards developing India’s top-ranked institutions like IIT’s, IIIT’s, NIT’s, IISCs, AIIMS into Globally top ranking institutions through improvement in their academic and infrastructure quality. We are particularly interested in financing the building of educational infrastructure, R&D infrastructure and thereby enabling the institutions to reach top rankings globally.

VISION/MISSION

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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.

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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.

OUR STORY

India’s premier educational institutions with high level of intellectual capital needs to be supported by adequate infrastructure.

 

We need to channelize their capabilities into meaningful research and innovation. Presently there is no Indian institution in global top 100 rankings.

 

To revitalize infrastructure and systems in higher education, their needs to be new investments in research and related infrastructure.

 

HEFA is established by GoI after taking note of all the above facts through a Budget announcement in 2016-17 that “We have decided to set up a Higher Education Financing Agency (HEFA). The HEFA will be a not-for- profit organisation that will leverage funds from the market and supplement them with donations and CSR funds. These funds will be used to finance improvement in infrastructure in our top institutions and will be serviced through internal accruals.”

 

HEFA would incentivise better internal resource generation and at the same time allow substantial investments through market borrowings that can be repaid over a longer period.

 

RISE 2022

 

“Revitalising Infrastructure and Systems in Education (RISE) by 2022”, is a major initiative launched by GOI in the FY 2018-19 budget.

 

BUDGET ANNOUNCEMENT

Finance Minister in the Budget speech of 2016-17 announced that:

 

“We have decided to set up a Higher Education Financing Agency (HEFA) with an initial capital base of Rs.2,000 crores. The HEFA will be a not-for- profit organisation that will leverage funds from the market and supplement them with donations and CSR funds.These funds will be used to finance improvement in infrastructure in our top institutions and will be serviced through internal accruals.”

HEFA’s role is hugely expanded to cover all educational institutions under higher education, school education and institutions under Ministry of Health.

 

The equity contribution is proposed to increase to Rs.10,000 crore and the balance requirement of Rs. 90,000 crore will be raised by HEFA through market borrowings and issue of bonds including government guaranteed/government serviced bonds.

 

OUR PROMOTERS

MoE – GoI

Ministry of Education, GoI looking after all higher education in India.

CANARA BANK

HEFA is Managed by Canara Bank which has over 110 years of banking experience.

BOARD OF DIRECTORS

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Amit Khare
Secretary , Ministry of Education, GOI
Chairman
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Debashish Mukherjee
Executive Director, Canara Bank
Vice Chairman
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Jayakumar C
Managing Director & CEO
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Rajesh Bhushan
Secretary, Ministry of Health & Family Welfare, GOI
Nominee Director
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Chandra Shekhar Kumar
Joint Secretary , MoE, GOI,
Nominee Director
Darshana M Dabral
Joint Secretary, Financial Advisor, MoE, GOI
Nominee Director
Dr Bhaskar Ramamurthi
Dr Bhaskar Ramamurthi
IIT Madras – Director
Nominee Director
Dr Rishikesha Thiruvenkata Krishnan
Dr Rishikesha Thiruvenkata Krishnan
Professor IIM Bangalore, GOI
Nominee Director
Dr Virander Singh Chauhan
Dr Virander Singh Chauhan
UGC Member
Independent Director
Dr Ashok Misra
Dr Ashok Misra
Independent Director

MANAGEMENT TEAM

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Anand Kumar
Chief Risk Officer
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Shailesh Jadhav
Chief Financial Officer
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Santosh Kumar Barik
Company Secretary