Published On: Thu, Jun 2nd, 2011

UGC plans to provide scholarship to students through banks

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The University Grants Commission (UGC) is working on a proposal under which students will receive scholarship money directly from banks. Presently, UGC scholarships are paid through university administration which often results in delays.

The commission has already held meetings with Canara Bank and plans to meet other banks to tie up with them and open bank accounts for all scholarship winners who can then access their money directly, said a top government sources.

As per the new proposal, the UGC will transfer the scholarship amount of a student to banks, who will then verify whether the student is meeting scholarship requirements before allowing him access to the money. Banks will be paid a fee by the UGC for the service. The proposal will be beneficial for students as they will get their scholarships on time in return banks that tie up with the UGC, will get to expand their deposit base for other investments or loans.

Presently UGC in collaboration with central ministries, offers a slew of scholarships to students from scheduled castes, scheduled tribes and minority communities, and for single girl children.

[Source: Hindustan Times]