educationNew Delhi: From the coming academic session, leading educational institutions like IITs will be able to get funds from the Higher Education Financing Agency (HEFA) which is being set up, HRD Minister Prakash Javadekar said today.
    
He was speaking at the signing of a Memorandum of Understanding (MoU) between his ministry and Canara Bank, which has been roped in to manage the HEFA funds.

Javadekar said an amount of Rs 300 crore has already been sanctioned to set up the HEFA, adding that more money will be provided for the purpose.
    
He said institutions of higher education will be able to apply for funds under the HEFA, adding that their proposals would be evaluated before the funds were sanctioned.

The government has plans to raise up to Rs 20,000 crore to fund infrastructure projects and development of world class laboratories in IITs, IIMs, NITs and other such institutions, added Javadekar.
    
The HEFA would also mobilise CSR funds from PSUs or corporates, which would in turn be released to promote research and innovation in these institutions on grant basis, he said.
    
All the centrally-funded higher educational institutions would be eligible to join the HEFA as members, added the HRD Minister.