In June of 2006, the Prime Minister launched his new 15-point plan for the welfare of minorities. It states that scholarship schemes for deserving students from minority populations shall be developed and executed. In addition, interest Subsidies on Educational Loans for Overseas Studies will help students from minority groups advance their education.
The scheme’s goal is to offer meritorious students from economically disadvantaged parts of registered minority communities with interest subsidies to pursue higher education overseas and improve their employability.
This is a Central Sector Scheme to provide interest subsidy to students from minority communities, as defined by section 2 (c) of the National Commission for Minorities Act, 1992, on the interest payable for the period of the moratorium for Education Loans under the Scheme of Interest Subsidy on Educational Loans for Overseas Studies, to pursue approved courses of study abroad at the Masters and M.Phil/Ph.D levels.
Under this programme, the ministry will set aside up to 5% of the annual allocation to cover administrative and linked expenditures, such as spending on office equipment, including computers and accessories, ads, employee engagement, and holding workshops and conferences. Workshops and conferences will also feature Ministry-organised gatherings to popularise and promote the plan by displaying successful companies and recipients. All expenses related to conducting and organising the event, including TA/DA and incidental, will be included in the cost. The Bank’s administrative costs for implementing the plan will be split as specified in the MoU. This provision will also be used for the scheme’s evaluation and monitoring, carried out by reputable outside institutions/agencies. The Ministry of Minority Affairs, Government of India, shall periodically examine the scheme’s financial and physical performance by appointing evaluation/impact studies to respected institutions/ organisations.
The Government of India will bear the interest payable by students who take out IBA education loans for the term of moratorium (i.e. course period plus one year or six months after acquiring a job, whichever comes first) as provided by the IBA Education Loan Scheme. After the moratorium period has expired, the student is responsible for paying the interest on the outstanding loan amount in line with the current Educational Loan Scheme, as amended from time to time. Beyond the moratorium period, the Candidate will be responsible for the principal instalments and interests.
Monitoring and Transparency
The Ministry of Minority Affairs will monitor the scheme’s performance. A web-enabled monitoring mechanism will be put in place by the selected Bank. The Ministry will require the Designated Nodal Bank to submit quarterly financial and physical progress reports. The designated Nodal Bank shall keep year-by-year records of students receiving benefits, including the institute, location of the institute, class, gender, new or renewal, permanent address, parents’ address, and contact numbers and e-mail addresses. The official website of the designated nodal bank must include all important physical and financial information. The Ministry of Minority Affairs, Government of India, shall periodically examine the scheme’s financial and physical performance by appointing evaluation/impact studies to respected institutions/ organisations.
Eligibility
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