The HRD ministry and Canara Bank have signed a deal to set up a Higher Education Financing Agency (HEFA), which is expected to take over the financial powers of the University Grants Commission (UGC). Union HRD minister Prakash Javadekar said institutions like IIMs that would soon get more autonomy would get funding from HEFA and UGC will only act as a body for certification. HEFA will start funding higher educational institutions before the start of the next academic session, he added.
