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The student-friendly National Education Policy (NEP) 2020 has introduced contemporary concepts to improve the quality of education in India. It is focused on individual development by providing flexibility in the course structure. The academic bank of credit (ABC) proposed in NEP 2020 will offer flexibility to students and executives to promote liberal education, according to draft rules prepared by the University Grants Commission (UGC).

The academic bank of credit, which will be rolled out in a staggered manner from the 2021-22 academic year, will function much like a commercial bank. The students will be account-holders to whom the bank will provide credit accumulation, credit transfer, credit redemption services. These credits can be deposited to student accounts. After the accumulation of credits, a student can redeem these in order to get any academic degree.

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Academic Bank of Credit (ABC) scheme: All you need to know

1) It aims to promote student centricity in higher education with learner-friendly approaches across the country and promote a more inter-disciplinary approach in higher education.

2) It will enable students to choose the best courses/combination of courses to suit their interest.

3) It will enable students to select the best departments or institutions or their combination to suit their interest

4) It will allow students to choose a pace for their studies along with the associated cost.

5) It will allow students to make specific modifications/specialisations to their degree programmes rather than undergoing the regularly prescribed degree/courses.

6) It enables multiple entry-multiple exit scheme for students to complete their degrees as per their time preferences,

7) It provides mobility across various disciplines like Degree, Diploma, PG Diploma, Certificate programmes.

8)It facilitates lifelong learning amongst students in full time and part-time modes.

9) It will maintain academic records and issue an official transcript. This transcript will be recognised by all the member-universities of ABC.

10) If students are working towards a qualification, they will have to accumulate sufficient credits to gain the total credit value of the qualification. Students may be able to transfer their credits as part of one study programme to another, offered by the same institution.

NEP 2020, which will replace the National Policy on Education-1986, is an inclusive framework focusing on the elementary-level of education to higher education in the country. The union cabinet had approved the NEP in July 2020 with an objective of universalisation of education from pre-school to secondary level.

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