UGC Proposes NAC-Bank For Students; All You Need To Know

The University Grants Commission (UGC) is planning to open the National Academic Credit Bank (NAC-Bank) for students. The UGC has initiated the concept of NAC-BANK, which will be a digital entity, operate as an online storehouse of students’ data and their credits earned, and will be managed by the UGC. The NAC Bank will help students move between different education systems, wherein they can use the credits accumulated by them at a later point of time, as per their requirements. The credits can be used by the students to fulfil partial requirement of a degree programme.

NAC Bank Concept Note:

The Commission has released the concept note on NAC-Bank on the UGC website: www.ugc.ac.in. Along with the release of the concept note, the UGC has invited views and suggestions from all the stakeholders involved in the Higher Education Institutions including students, teachers, educationists and public at large, on the concept. The last date to submit views or suggestions on NAC – Bank is December 20, 2019, states the official notification of UGC.

How NAC Bank Will Help Students:

As per the concept note shared by the UGC, NAC-Bank will act as a universal service provider to the student community. The bank will facilitate student mobility across different learning systems through integration of campuses through inter and intra university system. The NAC-Bank will be linked to the National Academic Depository (NAD).

The key objective of NAC-Bank is to integrate the skills and experience of a student in a seamless manner through a credit-based formal system. Under the NAC-Bank, students will have a credit recognition system that can be used by them across different platforms. Furthermore, the bank will act as a commercial bank with students as its customers/account holders who can deposit their credits with the bank. The bank in-turn will act as credit verification and degree authentication agency.

How It Will Help Employers

The NAC-Bank may also prove to be a very fruitful asset for the employers and academic institutions which the students are planning to join. The bank will recognise the already earned credits of students through credit recognition system. Furthermore, the credits awarded to students will be verified by the bank through NAC-Bank educational transcript. The transcript will mention specific grades and mark, the performance level of the student in a particular module of the training as well as for the overall training exercise.