What Is The Academic Bank Of Credits (ABC)?

"Academic Bank of Credits" means an academic service mechanism as a digital/virtual/online entity established by University Grants Commission to facilitate students to become its academic accounts holder, thereby paving the way for seamless students’ mobility between or within degree granting HEIs through a formal systems of credit recognition, credit accumulation, credit transfer and credit redemption to promote distributed and flexible teaching learning.

ABC is a bank for academic purposes on the patterned of commercial banks for financial purposes with students as academic account holders to whom ABC shall provide a variety of services including credit verification, credit accumulation, credit transfer or redemption and authentication of academic awards.

Functions Of Academic Bank Of Credit (ABC)

The Academic Bank will be accountable for opening, closing, and validating the academic accounts of students.
It will carry out tasks such as credit accumulation, credit verification, credit transfer/redemption of students.
The courses include online and distance mode courses offered by the government and institutes.
The validity of these academic credits earned by students will be up to seven years and students can redeem these credits.
The credits can be redeemed and students can seek admission directly in the second year at any university.
The validity will be up to seven years, hence, students will have to rejoin within seven years.

Importance Of Academic Bank Of Credit (ABC)

Increases the student’s freedom in choosing their courses and academics.
Enables the student to drop out in any year and then exchange the credits earned so far with a certificate/diploma if they are eligible.
They can redeem the credits and rejoin the same or any other institute in the future and continue their education.
The institutes cannot keep the students in the courses against their will to earn money

How Does The Academic Bank Of Credits Work?

As I mentioned to you earlier, the Academic Bank of Credits (ABC) would act as a reference point for faculty to check the credit records of students. The students need to follow the given guidelines to be a part of the ABC.

#1: Opening The ABC Account

First and foremost, the students need to open an Academic Bank Account.

They might require details like their name, address, certificates, course details, etc to create the ABC account.

A unique ID & password will be created from where students can log in at any given point to check their earned credits.

#2: Credits Information As Per Courses

As per the courses, a credit structure will be created by the Government.

When a student pursues any course and clears exams, credits will be automatically awarded to them. Institutions need to fill out the details and upload the deposits in the students’ Academic Credit Bank’s account on the digital portal.

#3: Evaluation & Verification Of Credits

Any kind of credit evaluation & verification will be carried out by the Academic Credit Bank at regular intervals.

If students want to transfer the credits, they need to approach the ABC for further process.

It will help in regulating the processes with ultimate authenticity.