The transfer of the first instalment of Rs 2,000 each, under PM-KISAN, directly to over one crore farmers has been dubbed as a ‘historic achievement’ by the government. The electronic fund transfer through Public Finance Management System (PFMS) to the beneficiaries has been completed in the record shortest time, the government also said in a statement. It has further reinforced the Digital India initiative of the government, it added.
Yesterday, Prime Minister Narendra Modi launched the PM-KISAN Scheme to electronically transfer the first installment of Rs 2,021 crore directly into the bank accounts of 1,010,6,880 farmers of 24 States and the Union Territories.
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Rs 6,000 will be given annually to small and marginal farmer families having combined land holding or ownership of up to 2 hectares under the scheme. The amount will be awarded in three installments of Rs 2000 each.
How PFMS team managed fund transfer
All the direct benefit transfer (DBT) payments for the government-run schemes are being done through PFMS, which is a web-based payment and MIS IT application of the government. It is administered by the CAG, Ministry of Finance, and the central government. The DBT process ensures electronic transfer of the authenticated payments directly into the bank accounts of the beneficiaries without any need of manual intervention.
The PFMS team worked with the Ministry of Agriculture, Department of Financial Services, Ministry of Finance and 202 banks of beneficiaries, the RBI and NPCI.
“In the next few weeks, the process of Bank Account Validation and Direct Transfer of First Installment into the bank accounts of all remaining Identified Eligible Beneficiaries (total around 12 crore beneficiaries all across the country) shall be completed,” the government said.
Once completed, it will be a record DBT volume of transactions under any one Central schemes, it added.