Why in the News?
The PM Vidyalaxmi scheme, aimed at supporting meritorious students, is facing slow uptake due to technical issues, including login failures and frequent auto logouts
About the PM Vidyalaxmi Scheme:
| Details | |
| Objective | A Central Sector Scheme to provide financial assistance to meritorious students pursuing higher education in quality institutions. |
| Eligible Students | Students gaining admission to the top 860 Quality Higher Education Institutions (QHEIs), including government and private institutions. |
| Annual Family Income Criteria | Up to ₹8 lakh for students who do not qualify for other government scholarships or interest subsidies. |
| Eligibility Based on NIRF Rankings | • Top 100 institutions in overall, category-specific, and domain-specific NIRF lists. • State government-run institutions ranked 101-200. • All Central government-governed institutions. |
| Loan Amounts | • Loans up to ₹7.5 lakh with a 75% credit guarantee. • For loans up to ₹10 lakh, 3% interest subvention during the moratorium period. |
| Target Beneficiaries | Approximately 1 lakh students each year, with preference for students in technical or professional courses from government institutions. |
| Financial Outlay | ₹3,600 crore for the period from 2024-25 to 2030-31. |
| Expected Impact | Benefit for 7 lakh new students through interest subvention during the scheme’s duration. |
| Application Process | Applications can be submitted via the PM-Vidyalaxmi portal for loans and interest benefits. |
| Payment Processing | Interest support payments through e-vouchers and Central Bank Digital Currency (CBDC) wallets. |
| [UPSC 2017] What is the purpose of Vidyanjali Yojana’?
1. To enable the famous foreign campuses in India. 2. To increase the quality of education provided in government schools by taking help from the private sector and the community. 3. To encourage voluntary monetary contributions from private individuals and organizations so as to improve the infrastructure facilities for primary and secondary schools. Select the correct answer using the code given below: (a) 2 only* (b) 3 only (c) 1 and 2 only (d) 2 and 3 only |
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