UGC rolls out regulations for Academic Bank of Credit. Check out how you can use it here

Following the official announcement of an Academic Bank of Credit (ABC) to aid the "flexible education" goal of the National Education Policy (NEP), the University Grants Commission (UGC) on Saturday released a gazetted notification, laying down the guidelines for how the proposed "bank" will function. The ABC will offer functions such as credit verification, credit accumulation, credit transfer or redemption and authentication of academic awards, said the notification.

Students will have accounts under their names, and in these accounts, all academic credits they earn over multiple courses, years and levels of education will be accumulated and counted for the degree they eventually earn. This can either be an undergraduate, post-graduate or diploma certificate.

In a letter addressed to the Vice-Chancellors of universities and the principals of autonomous colleges, the UGC said that the ABC will also help curtail the dropout ratio and improve enrollment ratios.

The multiple entries and exit points of the NEP will be facilitated by the ABC, as students will be allowed to design their degree themselves, said the UGC in the notification. "The norms in respect to the curriculum content, curriculum transaction, educational technologies for the  courses  offered,  their  timing, continuous  evaluation  methods,  attendance  and novel  methods  of assessment  shall  be  as  decided by  the  Registered  Higher  Educationa Institution," said the notification, adding that these are to be consistent with the "holistic education" goals of the NEP.

Courses taken up online via national schemes such as SWAYAM and NPTEL will also be considered for the transfer and accumulation of credits in the ABC.