Every year thousands of students win University Grants Commission (UGC) sponsored scholarships, but the sad part is that, many a time scholarship winners are not able to get their scholarship amount. This has become one of the major reasons for number of students to drop out from their studies. Financial constraint mars their dream of pursuing high education.
To overcome this problem, UGC has decided to slash down the red-tapism rampant in the country’s university management, this will for sure allow thousands of scholarships winners to get scholarship amount on time.
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Currently, the Commission transfers the scholarship amount to the universities and then the universities are required to authenticate the eligibility of the student for the particular scholarship. Some scholarships that are being offered by UGC are:
-Rajiv Gandhi National Fellowship
-Post-Graduate Indira Gandhi Scholarship for Single Girl Child 2010-2012, India
and many more.
Usually the time taken by the universities for reviewing is quite long, thus leading to delay in disbursements of scholarships fund.
The commission has already met Canara bank and soon will meet other leading banks for tie –ups. Bank Accounts will open for all the scholarship winners and students can directly access money from those accounts.
Under this new plan the University Grants Commission will transfer the scholarship fund to the banks, who will further verify whether the student is meeting up the criteria for getting the scholarship.
UGC will be paying banks for this service and banks are likely to benefit with this proposal as their deposit base for other investments and loans will expand with the scholarship money.