With the update of version 2.03, the Api Settings page looks as below:
Click the Regenerate Cronscripts button to generate cron scripts.
Copy the cron jobs shown and set it in the cron tab.
Schedule the timing of the apis as needed. Once the timings are updated, click on the Update button that is shown at the top
If your server does not support setting sh files, you can always switch to the old method by clicking on the Switch Cron button shown at the top [This will list the cron jobs to be set]
** When moving from old style to new style, make sure the old cron jobs are removed