As you want to know about Merit-cum-Means (MCM) Scholarship scheme offering at IIT Bombay, so here I am providing complete information for your reference:

Merit-cum-Means scholarship is awarded @ Rs.1000/-per month with benefit of free tuition fee (Rs.25,000/-per semester) to a maximum of 25% of undergraduate students. For Dual degree, it is available only upto the 4th year.
For these scholarships, academic merit as well as means will be taken into account to determine eligibility.

This Scholarship is available to General/OBC (NC) Category candidates whose Gross Income ofparents (Father/Mother/Both) for the previous Financial year (i.e. 2013-14) is not more than Rs.4,50,000/- perannum(without any standard deduction) are eligible to apply for fresh award of the Merit-cum-MeansScholarship.
Merit Criterion:
For new entrants [B.Tech, dual degree (B.Tech + M.Tech), 4 year B.S. their JEE AIR, for B.Des their UCEED & for 2 year M.SC their JAM Rank will be the criterion. In subsequent years, the corresponding criterion will be their academic performance during the preceding academic year.

Means Criterion:
The parental income is the basis for the `means' criterion of the scholarship. At present students whose parents annual gross income from all sources does not exceed Rs. 4,50,000/ , are eligible to apply for Merit-cum-Means Scholarship. When a student applies for the scholarship for the first time, copy of Income Certificate issued by the Revenue Officer not below the rank of Tehsildar or the Income Tax Return (ITR) has to be submitted by the parent or guardian for the preceding year of application for the scholarship. Students will be required to submit income proof every year and after scertaining the family income scholarship will be awarded accordingly.

Free tuition:
In addition to those awarded Merit-cum-Means scholarships another 10% of students can get the benefit of free tuition only.

Free messing:
All SC/ST students are exempted from the payment of tuition fees. The facilities of free messing (only basic menu) and a pocket allowance of Rs.250/-p.m. will be granted to eligible SC/ST students. Such students are also eligible for exemption from the payment of hostel room rent, subject to the 'means' criterion as mentioned before.