Each year many students get University Grants Commission scholarships and get the grant at right time. The UGC administrations provide the money that you get directly from banks, under a landmark proposal it is working on.
The commission has held meetings with Canara Bank and decides to attach with others banks to give the facility to all scholarship winners to draw their money directly.
The UGC, in partnership with central ministries offer scholarships to scheduled castes, scheduled tribes students and for single girl children.
Presently the UGC transfers the scholarship amounts of chosen students to their universities. Before giving the scholarship the universities will verify if the student really requires the scholarship. Mostly universities take some time to access and the students do not get scholarships in the required time.
Many students give up their study because they can not afford their education expenses yet having scholarships that they do not receive it in time.
But as UGC now plans the scholarship amount will be transferred to banks and confirm whether the student is meeting scholarship requirements before giving the money. Banks will be paid a fee by the UGC for the service.
Within a fixed time period banks will have to complete their scrutiny and make a decision and allow students access to their money in exchange for the service fee. The plan is very beneficial for the banks that tie up with the UGC because the scholarship money will increase their deposit for other investments or loans. |
