Academic Bank of Credit

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In news- The Prime Minister launched the Academic Bank of Credit on the first anniversary of the National Education Policy (NEP).

About Academic Bank of Credits(ABC)-

• According to the University Grants Commission, ABC means an academic service mechanism as a digital or virtual or online entity established by the Commission with the approval of the Central government.
• It will be a bank for academic purposes, in the pattern of commercial banks for financial purposes, with students as academic account holders to whom it shall provide a variety of services including credit verification, credit accumulation, credit transfer or redemption and authentication of academic awards.
• The purpose of this bank would be to digitally store the academic credits earned from various recognized Higher Educational Institutes by a student in any course. 
• Through this, Higher Educational Institutes(HEIs) would be able to award degrees, taking into account the credits earned by the students.
• It has been rolled out for students in over 290 top institutions from the current academic year 2021-22 onwards. 
• It is a major instrument for facilitating multidisciplinary and holistic education and multiple entry and exit in higher education.
• The ABC will enable students to select the best courses or combination of courses to suit their aptitude and to tailor their degrees or make specific modifications or specialisations rather than undergoing the rigid, regularly prescribed degree or courses of a single university.
• It will also permit students to choose a pace for their studies along with the associated logistics and costs.
• They can choose to study one course in a year in one institution and switch to another one the next year.
• All institutions in the top 100 of the National Institutional Ranking Framework as well as those who have achieved an ‘A’ grade under the National Assessment and Accreditation Council will be allowed to participate in the credit transfer system.

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