Government approves the continuation of the Central Sector National Means-cum-Merit Scholarship (NMMSS).

Why in news?

• The Ministry of Education (MoE) has approved the continuation of the Central Sector National Means-cum-Merit Scholarship (NMMSS) over the 15th Finance Commission cycle for 5 years (2021-22 to 2025-26),
• It intends to provide scholarships to 14.76 lakh students with financial outlay of Rs. 1827.00 crore that holds minor changes in eligibility criteria such as increasing income ceiling.
• Objective – To award economically weaker students who are meritorious in order to reduce drop-outs at the 8th grade and to encourage them to continue their education at a secondary stage.
• The income ceiling under the eligibility criteria for the scholarship has been changed from Rs.1.5 lakh per annum to Rs.3.5 lakh per annum and the renewal criteria under the scheme were also revised.
• Eligibility:
• The student must have a minimum of 55 % marks or equivalent grade in Class VII examination for appearing in the selection test for award of scholarship (relax able by 5% for SC and ST students).
• The student should be studying as a regular student in Government, Government-aided and local body schools.
• Scholarship amount:
• The students are selected for the scholarship through an exam conducted by the state and Union Territory (UT) government.
• Every year, 1 Iakh fresh scholarships of Rs. 12,000 per annum (Fts.1000 per month) per student will be provided for students in Class 9, with the possibility of continuation/renewal in Classes 10 to 12, for study at state-government, government-aided, and local body institutions.
• Funding:
• This is the central sector scheme (CSS) with 100% funding by the central government
• The students will receive the scholarship directly into their bank account through electronic transfer via the Public Financial Management System (PFMS) in Direct Benefit Transfer (DBT) mode.