Thursday 28th, March 2024
canara news

NIT-K Surathkal gets interest free loan approved by HEFA

Published On : 30 Nov 2017   |  Reported By : canaranews network


Mangaluru: In a great news National Institute of Technology – Karnataka (NIT-K), Surathkal, is among six institutions in the country to which the Higher Education Funding Agency (HEFA) approved Rs 2,066.73 crore interest free loan on Wednesday.

The funding would be for research and related infrastructure in addition to grants being given to these institutions. The approval was given in the second meeting of the HEFA Board on November 29. The other five institutes are the Indian Institutes of Technologies (IITs) of Mumbai, Delhi, Chennai, Kharagpur and Kanpur.

These funds would be used to improve the research infrastructure in these institutions to further improve their standing at the global level. As per the scheme, HEFA would mobilise Rs 20,000 crore through market borrowing and would release the same to the government institution as interest- free loans.

The HEFA is a novel method of funding premier institutions through securitising the future flows. Each institution agrees to escrow a specific amount from their internally earned resources (not government grants) to HEFA. The HEFA has registered as a Section – 8 Company under the Companies Act on May 31, 2017. Canara Bank has been identified as the partner for setting up the Company. Government has released Rs 250 crore equity and the Canara Bank has given Rs 50 crore equity in the HEFA.







More News

Blessing of altar and sanctuaries of St Monica chapel
Blessing of altar and sanctuaries of St Monica chapel
GOLDEN REUNION - BCOM BATCH of 1974 OF ST AGNES COLLEGE
GOLDEN REUNION - BCOM BATCH of 1974 OF ST AGNES COLLEGE
ST AGNES ORGANISES AASHIYANA - A FUNDRAISING SHOW
ST AGNES ORGANISES AASHIYANA - A FUNDRAISING SHOW

Write your Comments

Disclaimer: Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. canaranews.com will not be responsible for any defamatory message posted under this article.

Please note that under 66A of the IT Act, sending offensive or menacing messages through electronic communication service and sending false messages to cheat, mislead or deceive people or to cause annoyance to them is punishable. It is obligatory on CANARANEWS to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using canaranews will be purely at your own risk, and in no way will canaranews.com be held responsible.