The National Assessment and Accreditation Council (NAAC) was established in 1994 as an autonomous body under the University Grants Commission. NAAC assesses and accredits higher education institutions in India on certain criteria through a self-study report and peer review process. Its accreditation is mandatory for universities to be eligible for UGC grants and financial aid. NAAC has accredited over 122 universities and 2,486 colleges so far.