Updating Custom Object through scheduler

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Hi 

i have a requirement where i need to read a file and insert that data into the custom object.

For E.g: A file consists of Model number and price of the product separated by comma, i need to read this file and insert that data in to the custom object which has fields as Model number, price respectively.

Once this is working i need to write a scheduler which does this job automatically. Can anyone please shred some light on this ? 

A response is highly appreciated. Please help me to get an idea on this piece

Thanks in advance