SHREYAS Scheme for OBC & Others | 16 Nov 2023

Source: PIB

Why in News?

The scheme Scholarships for Higher Education for Young Achievers Scheme (SHREYAS), has been proposed to be implemented during the 2021-22 to 2025-26 by placing two ongoing Central Sector Schemes for OBC (Other Backward Classes) and EBC.

• These schemes are, National Fellowship for OBC and Dr.Ambedkar Central Sector Scheme of Interest Subsidy on Educational Loans for Overseas Studies for OBCs and Economically Backward Classes (EBCs).

What is SHREYAS Scheme?

• About:
  • The main objective of the schemes is Educational Empowerment of OBC & EBC students by way of awarding fellowship (financial assistance) in obtaining quality higher education and interest subsidy on educational loan for overseas studies.
• Nodal Ministry:
  • Ministry of Social Justice and Empowerment.
• Key Components:
  • National Fellowship for OBC Students:
    • About: It aims to provide financial assistance to OBC students pursuing higher education, specifically M.Phil and Ph.D. degrees in various recognized universities, research, and scientific institutions.
      • The scheme offers 1000 Junior Research Fellowships annually for advanced studies and research. These fellowships are awarded to students who have qualified through specific tests like the UGC-NET or UGC-CSIR NET-JRF Joint Test.
    • Key Features: Financial assistance is provided through the National Backward Classes Finance and Development Corporation (a Government of India Undertaking, under the administrative control of Ministry of Social Justice & Empowerment).
      • Fellowship rates are set at Rs. 31,000 per month for JRF and Rs. 35,000 per month for SRF, in addition to contingencies.
      • Reservation of seats for students with disabilities and additional slots beyond reserved government quotas.
      • The UGC is the nodal agency for implementing the scheme.
  • Dr. Ambedkar Scheme of Interest Subsidy on Educational Loans for Overseas Studies for OBCs & EBCs:
    • It aims to provide interest subsidies on educational loans for OBCs and EBCs pursuing approved courses abroad at the Masters, M.Phil, and Ph.D. levels.
    • The scheme is implemented through Canara Bank and is applicable for higher studies abroad, linked with existing Educational Loan Schemes.
    • Eligibility criteria include income restrictions based on Creamy Layer criteria for OBC candidates and an income cap of Rs. 5.00 lakh per annum for EBC candidates.
    • 50% of the financial assistance is reserved for women candidates.
    • The government bears 100% interest payable during the moratorium period, after which the student assumes responsibility for the loan repayments.