(c) allocate and disburse, out of the Fund of the Commission, such grants to other Universities as it may deem 1[ necessary or appropriate for the development of such Universities or for the maintenance, or development, or both, of any specified activities of such Universities] or for any other general or specified purpose: Provided that in making any grant to any such University the Commission shall give due consideration to the development of the University concerned, its financial needs, the standard attained by it and the national purposes which it may serve;