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Question

69. Consider the following statements about Higher Education Finance agency
1. It is a Non-Banking Financial company (NBFC) to provide an alternative source of funding to institutions to meet their financial requirements.
2. It will be funded by Madhyamik and Uchchtar Shiksha Kosh (MUSK) where all proceeds of “Secondary and Higher Education Cess” is credited.
3. It is a joint venture between Government of India and UNICEF
Which of the above statement(s) is/are correct?
  1. Only 1
  2. Only 3
  3. Only 1 and 2
  4. Only 2 and 3


Solution

The correct option is A Only 1
The Government has signed an agreement with Canara bank to set up non-banking financial company (NBFC) called the Higher Education Finance Agency (HEFA). It will be a joint venture between the HRD ministry and the bank. NBFC will raise funds from the market and also mobilize CSR funds from PSUs/Corporates and lend to government-run higher educational institutions for promoting research and innovation. It is formed to give a major push for creation of high quality infrastructure in premier educational institutions

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