News

Cabinet Approves PM-Vidyalaxmi Scheme to Offer Financial Assistance to Meritorious Students.

Goverment Scheme | Dated: 11 Nov 2024

On 6th November 2024, the Union Cabinet, chaired by PM Narendra Modi, approved the PM Vidyalaxmi Scheme, a new CSS, aimed at providing financial assistance to meritorious students.

🎯 Key Highlights:

- This initiative ensures that financial constraints do not prevent anyone from pursuing higher education.
- Under the scheme, any meritorious student admitted to QHEIs will be eligible for collateral-free, guarantor-free loans from banks and FIs to cover tuition fees and other course-related expenses.

💡 Other Important Facts:

(i) The GoI has allocated Rs 3,600 crore for the scheme from FY25 to FY31, benefiting an estimated 7 lakh new students through interest subvention during this period.
(ii) The CCEA, chaired by PM Narendra Modi, also approved an equity infusion of Rs 10,700 crore for FCI to support its working capital requirements for FY25.

📚 Test Your Knowledge:

Which scheme did the Cabinet recently approve to offer financial assistance to meritorious students?

Correct Answer: PM-Vidyalaxmi

🚀 Quick Recap:

About Food Corporation of India (FCI)

CMD : Ashok K. Κ. Meena
Headquarters: New Delhi