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State/Union Territory. 7. Recomendatory Committee : (i) Recommendatory Committee headed by Joint Secretary in-charge of the Scheme
with representatives of Finance Division, representative of Nodal Bank and concerned Director/Deputy Secretary as convener will examine and recommend
the applications for award of interest subsidy on quarterly basis. (ii) To the extent possible, the benefit of Interest Subsidy will be given to notified
minority communities in the ratio oftheir population. (iii) Preference will be given to the girl candidates. 8. Rate of Interest Subsidy : (i) Under the scheme, interest payable by the students availing of the education
loans of the IBA for the period of moratorium (i.e. course period, plus one year or six months after getting ” job, whichever is earlier) as prescribed under the Education Loan Scheme ofthe IBA, shall be borne by the Government of
India. (ii) After the period of moratorium is over, the interest on the outstanding loan
amount shall be paid by the student, in accordance with the existing Educational
Loan Scheme as may be amended from time to time. (iii) The Candidate will bear the principal installments and interest beyond
moratorium period, 9. Implementing Agencies :
The scheme will be implemented by the designated Bank as per MoU betweent the Bank and Ministry of Minority Affairs. 10. Administrative Expenses : (i) A provision not exceeding 3% ofthe annual budget allocation for the scheme
will be made to meet the administrative and allied costs viz. expenditure of the Ministry for office equipments including computers and accessories,
advertisements, engagement of personnel, etc. (ii) This provision will also be used for evaluation and monitoring of the scheme,
through outside reputed institutions! agencies engaged by the Ministry of Minority Affairs, Government of India. Administrative cost of the Bank will be
shared as per provision in the MoU. 11. Monitoring & Transparency : (i) The Ministry of Minority Affairs shall monitor the performance of the
scheme. (ii) For this purpose, a web enabled monitori-g mechanism shall be put in place by
designated Bank.
nority Benefits
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