In my academic we generally follow 2^10 Byte approach , I m really at loss is it by convention only at my college or something which is accepted widely
The binary K prefix is only reasonable when you're dealing with amounts that are inherently based on powers of two - like RAM capacities where you'd say "64 GiB" instead of "some 70.4 GB". Everywhere else, k should mean 1000, M 1,000,000, and so on - especially in telecommunications where the binary prefixes aren't used at all and in networking.
To avoid ambiguity, you should generally use the proper prefixes when using the binary variants: Ki for 1024^1, Mi for 1024^2, Gi for 1024^3.
Historic and ambiguous binary prefixes like K, M, G for 1024^x are obsolete for more than 20 years and they shouldn't be used or taught anywhere. Using KiB, MiB, GiB instead (where practical, see above) is an IEC standard since 1998. See WP:Binary prefix for details.