Academic Bank of Credit Scheme

On July 29, 2021, marking the completion of one year of the New Education Policy (NEP), Prime Minister, Narendra Modi launched various schemes and initiatives contributing to transform and innovate the education system. Among these schemes he launched the Academic Bank of Credit scheme for higher education of students. Under this scheme the Academic Bank of Credits will be set to deposit and measure the credits earned by the student course wise. This scheme aims at giving flexibility in course completion as well as stream selection. It enables the student to switch in between the streams as well as institutions of choice as per requirement. This multi-exit and multi entry option under this scheme will help the student who could not complete his course and had to dropout due to financial or other difficulty. It will also help the working professionals to enhance their skills. This scheme thereby aims to reduce the dropout rates by providing flexibility in course completion to the students in difficult.

Overview:

Scheme Objectives & Benefits:

• The main objective of the scheme is to reduce the dropout rates of the students due to financial or other difficulty
• It tends to help the students with the option of multi entry and exit in different streams and institutions over a specified period
• Academic bank of credit will accumulate and keep a track of the credits earned by the students in a particular course/ higher education institution
• It aims at enabling blended learning mode
• All the regular under graduate and post graduate college students, students studying in online mode, students undergoing skill courses will be covered
• It aims to reduce the dropout rates thereby providing assistance to the students in course completion
• It aims to provide course flexibility and takes into consideration that no year of a student is wasted even in case of dropouts

Key Points:

• Prime Minister Narendra Modi launched Academic bank of credit scheme on July 29, 2021 thereby marking the completion of one year of New Education Policy
• The New Education Policy was approved and announced on July 29, 2020. It aims at bringing a much-needed transformation in the education system
• Academic bank of credit scheme contributes to the same motive thereby helping the students pursuing higher studies
• All the regular under graduate and post graduate college students, students studying in online mode, students undergoing skill courses will be covered
• This scheme aims to provide a flexibility of multiple entry & exits to the students
• In case the student wish to change the stream or institute, this scheme allows the student for the switch
• Under this scheme the academic bank of credit will accumulate the credits earned by the students
• These credits will be taken from the higher education institute wherein the student is studying
• No documents will be accepted directly from students for credit related matters
• In case of dropout the student can use his/her academic credits accumulated over time for starting back exactly from the point where he left his studies
• This scheme will help the students with poor financial background to complete their studies as feasible
• Working professionals can take up courses to sharpen their skills
• It aims at encouraging the students to complete their courses
• It will lead to maximum enrollment and reduced dropout rates of the students