Know what is Academic Bank of Credit UGC and its benefits.

Know what is Academic Bank of Credit UGC and its benefits

What is Academic Bank of Credit UGC: It’s been a year since the cabinet adopted a new education policy in 2020.

For the first time since 1986, after 34 years, the country’s education policy has changed.

There have been many changes in the new education policy from elementary school to taking admission in higher education.

Taking this change a step further, Prime Minister Narendra Modi on Thursday launched the ‘Academic Bank of Credit‘ scheme.

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The benefit of this scheme will be given to those students who have to leave their studies midway due to any reason.

The year will not deteriorate if you leave your studies in the middle: The record of every student will be safe in the Academic Bank of Credit (ABC).

Let us know how this scheme is beneficial for the students.

What is an Academic Bank of Credit?

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It is a virtual storehouse, which will record the data of each student.

Colleges and universities will need to register with the Academic Bank of Credit Scheme to do so.

After this, the data of every student studying there will start being stored.

If a student leaves in the middle of a term, he will receive a certificate, diploma, or degree based on the time period.

The certificate will be awarded on passing the first year, diploma on passing second year and degree on completion of three years or courses.

It will work like a commercial bank. Students will be its customers.

How will Academic Bank Credit work?

Student’s accounts will be opened in an academic bank.

After this, he will have to follow a special ID and Standard Operating Procedure (SOP).

Students from higher education institutions will be awarded credit for the courses they are pursuing on their academic accounts.

Will all credits come from the same institution?

Students of any institute can take advantage of this scheme.

The only condition is that the institute has got its registration done under this scheme.

Not all courses are offered in different institutes, so any institute is allowed to join it.

The student will get the certificate, degree or diploma on the basis of the credit being deposited in the bank.

How to get re-entry once you leave your studies?

This scheme has been brought to make the new education policy flexible.

This will allow the student to complete his studies on his own.

If the student has old records stored in ABC, then he can start again at any time after leaving his studies.

That is, students will have the option of multiple entries and exit the college.

In this, the documentation has been kept on the basis of 3 to 4 years for graduation.

Certificate in one year, Advance Diploma in 2 years, Graduate degree in 3 years and Graduation degree with research after 4 years.

What will be the period for making store credit?

Store credit in ABC will have a maximum shelf life of 7 years.

After that, it will not be beneficial. If the institution has different rules, then students can get the benefit of it.

What will be the functions of ABC?

The credits granted by the registered institute will be credited to the students’ accounts by ABC.

It will also verify the credit according to UGC criteria and standards.

The bank will only accept the credits given to the institutes and not to the students.

Which courses will be covered in ABC ?

It will cover all UGC approved Higher Institute courses as well as Engineering, Medical, Dental, Law and other professional courses.

However, many of these courses will be regulated by different professional bodies.

For the credit bank plan, their permission will be sought.

Apart from this, government e-learning platforms like SWAYAM, NPTEL, or any university courses will also be considered for transferring and storing credits.

Summary

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Reference: UGC

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