According to reports, the UGC is working on this to allow the winners of scholarships to access their money directly from banks. The commission has already held meetings with Canara Bank. It also plans to meet other banks and open bank accounts for all scholarship winners who will then be able to access their money directly.
Currently, the UGC offers several scholarships to students from scheduled castes, scheduled tribes and minority communities. The commission also offers scholarships for single girl children.
Presently, the UGC transfers the scholarship funds for students who have been selected to their universities. It has been found that several universities take several months over the review process which routinely leads to delays in the scholarship funds reaching the students that they are meant for.
Many scholars had to quit their academics as they were unable to afford their education while waiting for their scholarships to arrive.The UGC will be paying the banks a fee for their service. The banks will also be required to complete their scrutiny and decide to allow students access to their money within a fixed period of time.