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Home >News >India >PM-KISAN scheme: Govt to transfer 19,000 crore to farmers' accounts on May 14

The Centre will disburse the eighth instalment of Pradhan Mantri Kisan Samman Nidhi Yojana (PMKSNY) scheme on 14 May. This 14 May payouts, will be the first instalment of PM Kisan for the financial year 2021-22.

Prime Minister Narendra Modi will announce the benefits at 11 AM via video conferencing on Friday, adding that the PM will also interact with the beneficiaries during the event.

According to the Prime Minister's Office (PMO), this will enable the transfer of more than 19,000 crores to more than 9.5 crores beneficiary farmer families.

The seventh installment under the scheme was released on December 25, 2020.

Under the PM-KISAN scheme, a financial benefit of 6000 per year is provided to the eligible beneficiary farmer families, payable in three equal 4-monthly installments of 2,000 each. The fund is transferred directly to the bank accounts of the beneficiaries.

"In this scheme, Samman Rashi of over 1.15 lakh crores has been transferred to farmer families so far," the PMO added.

The PM Kisan Samman Nidhi Yojana was announced by Union minister Piyush Goyal during the 2019 interim Union Budget. The scheme has cost the government 75,000 crore per annum after coming into effect from December 2019.

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