KVPY is the scheme launched by the department of science and technology. This is to encourage science interest and to find and encourage potential research person among youth. So the department has started this scholarship to help such youth during their educational years.
Exams are set on May 11 and Second Sunday of July every year. Depending on the merit the list is prepared and candidates are rewarded accordingly.
The reward of this scholarship is that it pays 5000 Rs monthly to the student till the graduation. If extended upto Masters degree then it could go upto 7000 Rs. Depending on the context the amount may vary for the reward.