What is Academic Bank of Credit:

• Virtual storehouse
• Keep records of academic credits secured by a student.
• Drafted on the lines of the National Academic Depository
• Function as a commercial bank where students will be the customers and ABC will offer several services to these students.
• The academic accounts of students will have credits awarded by higher education Institutes to students for the courses they are pursuing.
• Will not accept any credit course document directly from the students, and its institutes that will make the deposits in students’ accounts.
• Benefits for students
  • The participating HEIs in the ABC scheme will enable students to build their degrees as per their choices.
  • As per UGC guidelines, the higher education institutes will have to allow students to acquire credits 50-70% of credits assigned to a degree from any institute.
  • Students, depending upon their needs can take this opportunity.
  • UGC will ensure that students secured the minimum credits to be secured in the core subject area.

What is Glue Grant scheme :

• Announced in this 2021 budget
• Institutions in the same city would be encouraged to share resources, equipment and even allow their students to take classes from each other
• First step for multidiciplinarity
• Institutions need not duplicate work by developing the same capacities, but would able to build on each other’s expertise.

What is in news : Forty Central universities will kick off implementation of innovative measures such as the academic credit bank and the glue grant meant to encourage multidisciplinarity