The scheme is still on. But there is no job assurance. Only if you pass the interviews and sim-checks are you taken in for line training.
Screening and selection occur throughout the year. The starting dates for the course are 15th April, 13th June, 13th Sept, and 13th Dec. Your application must be sent in no later than five months before a course start date.
As for T&Cs, you get 80,000 INR/month for the first 500 hours and thereafter 1.5 lacs/month (or maybe it was 1.2, I'm not sure).
The other cadets are not in the best of situations. Things have been going bad lately at NFTI Gondia. They are not getting many flying hours in a month. Some still have clear their CPL exams, etc. From the guys who got their type-ratings and were selected, many are still waiting to get off the ground. This indicates a bit of an over-staffing issue.
Since the DGCA has also imposed a restriction on the number of 320s to be brought in this year, recruitment may be slightly hampered.