The accreditationsystem in the United States is based highly on inputs over outputs and outcomes and the result is quite similar to the situation in India.
If such a formal accreditationsystem could be established it would raise the prospect of online students anywhere in the world being able to study for a degree with famous universities, at a cost that is likely to be much lower than a traditional campus-based course.
Schools gain and maintain accreditation via a peer review system, and though some deans find the required self-reflection to be useful, others say the time and resources spent on paperwork and preparing for campus visits aren't worth it.