The decision was taken in a joint meeting between mayor Naresh Mhaske, Thane Municipal Corporation (TMC) commissioner Dr Vipin Sharma, officials of the education department among others, the official said.
The money will be transferred directly into the bank account of students every six months, deputy municipal commissioner Sandeep Malavi said.
Students who attend classes for at least 20 days in a month will be eligible to get the allowance, and they will lose out on the same, if they fail to attend classes, he said.
At least 30,000 students of civic-run schools will benefit from the scheme, Malavi added. PTI COR