Home / News / India /  Over 6 trillion transferred via Direct Benefit Transfer scheme in FY22: Govt

More than six trillion ( 6.3 lakh crore) were transferred to the beneficiaries under the Direct Benefit Transfer scheme in the fianncial year 2021-22, the Ministry of Electronics informed on Friday.

An average of 90 lakh (9 million) Direct Benefit Transfer payments were processed daily in the previous fiscal year.

As per the government's data, around 20,000 crore was transferred recently into bank accounts of more than 10 crore beneficiaries under PM Kisan Samman Nidhi Yojana. Under the PM-KISAN scheme, eligible farmers are given 6,000 in 3 equal installments of 2,000 every year. Since the launch of the scheme in 2019, 11 installments have been disbursed under the scheme in which more than 2 lakh crore has been transferred to about 11.37 crore, eligible farmers, the Centre informed.

As far as digital payments are concerned, more than 8,840 crore digital payment transactions were performed during 2021-22 and nearly 3,300 crores in 2022-23 (up to July 24, 2022). On average, 28.4 crore digital transactions were done in a day.

The Centre said that more than 24.8 lakh crore ( 24.8 trillion) was transferred through the DBT mode since 2013.

Separately, Union Finance Minister Nirmala Sitharaman informed that the government spent 5 lakh crore on MGNREGA scheme during the past eight years of which 20% was spent during the Covid-19 pandemic.

Recently, Prime Minister Narendra Modi government's flagship financial inclusion program Pradhan Mantri Jan Dhan Yojana completed its eighth year on August 28.

The objective of "Pradhan Mantri Jan-Dhan Yojana (PMJDY)" was to ensure access to various financial services like availability of basic savings bank accounts, access to need-based credit, remittances facility, insurance and pension to the unbanked weaker sections and low-income groups through effective usage of technology.

As on August 10, 2022, the number of total PMJDY accounts was 46.25 crore, of which 55.59% (25.71 crore) were women and 66.79% (30.89 crore) in rural and semi-urban areas. During the first year of the scheme itself, 17.90 crore PMJDY accounts were opened.

As per extant RBI guidelines, a PMJDY account is treated as inoperative if there are no customer-induced transactions in the account for over a period of two years. Only 8.2% of PMJDY accounts are zero balance accounts.

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