Introduction
The Academic Bank of Credit referred to as ABC in short, is a virtual mechanism that will deal with the credits earned by students of Higher Education Institutes in India and which are recognized by the University Grants Commission (UGC). It is a credit facility originally envisioned by the Government of India in the National Education Policy (NEP) 2020. The scheme has the provisions of creating a digital infrastructure that will store the academic credits earned by the students of various higher education institutes within the country. The ABC will be entrusted with the responsibilities such as opening, closing, and verifying the individual academic accounts of students. It’ll also be responsible to gather the academic credits earned by the students from their respective higher education institutions, verify the credits, store the credits, transfer or redeem such credits, and promote them as and when required among its stakeholders. Students will have to manually open an account with the Academic Bank of Credit of India and abide by the standard operating procedures as communicated to them by the ABC along with a unique ID that identifies a student’s account with the ABC. Committee aware, helps students to create ABC account.
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