The Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) is a Central Sector scheme with 100% funding from the Government of India. It was launched on 1st February 2019. The scheme applies to all farmers across the country. Under the scheme, income support of ₹6,000/- per year is provided to farmers in three equal instalments of ₹2,000/- each, every four months. The first instalment will be paid directly into the bank accounts of a farmer who has registered themselves under the scheme. The scheme will benefit around 12 crores of small and marginal farmers across the country.
Did You Know? PM Modi released the 12th instalment under PM-KISAN scheme on the 17th of October,2022 which amounted to a whopping ₹16,000 crore.
PM Kisan Scheme Overview
The Pradhan Mantri Kisan Samman Nidhi (PM-Kisan) is a Central Sector scheme with 100% funding from the Government of India. It was launched on 1st February 2019. The scheme aims to provide income support to small and marginal farmers who own cultivable land up to 2 hectares. Under the scheme, income support of ₹6,000/- per year is provided to the eligible farmer in three equal instalments of ₹2,000/- each, every four months. The first instalment is paid directly into the farmer's bank accounts, linked with their Aadhaar number.
The scheme is currently operational in all states and union territories of India. As on February 28, 2020, a total of ₹8,530.17 crores has been released to more than 9.06 crore farmer families. The scheme is being implemented through the Ministry of Agriculture and farmer Welfare, and the nodal department for its implementation is the Department of Agriculture, Cooperation, and farmer Welfare.
Also Read: Need, Benefits and Importance of a Business Loan
PM KISAN Scheme Benefits
Benefits of the PM KISAN Scheme are:
1. The PM KISAN scheme is a central government scheme that provides financial assistance of ₹6,000 per year to a small and marginal farmer
2. The scheme aims to provide financial support to farmers for their agricultural activities and help them meet their domestic needs.
3. It is implemented through direct benefit transfer (DBT) and is currently operational in India's states and union territories.
4. Under the scheme, farmers are eligible for assistance of ₹6,000 per year, deposited in their bank accounts in three equal instalments of ₹2,000 each.
5. The scheme has helped to provide much-needed financial support to farmers across the country.
6. It has also helped in promoting agricultural activities and improving the overall economic condition of the farmer
PM KISAN Eligibility
The Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) is a Central Sector scheme with 100% funding from the Government of India. The scheme was announced by the Hon’ble Prime Minister of India, Shri Narendra Modi, during his Interaction with the media on the eve of the Union Budget 2019-20.
The scheme is designed to provide financial support of ₹6,000 per year to small and marginal farmer families across the country in three equal instalments, to be paid directly into the bank accounts of the beneficiaries. The scheme will cover around 12 crore small and marginal farmer families in the country.
Also Read: What Is Collateral and How to Get a Collateral-Free Loan?
Eligibility Criteria:
- The scheme is open to all small and marginal farmer families with cultivable land up to 2 hectares.
- The scheme will be implemented through direct benefit transfer (DBT) mode.
- To ensure that only genuine beneficiaries are covered under the scheme, the beneficiaries will be identified using the Ministry of Rural Development database.
- The first instalment of ₹2,000 will be paid in the first year of implementation of the scheme. After that, instalments of ₹2,000 will be delivered in the next two financial years, 2020-21 and 2021-22.
- The scheme was implemented from 1st December 2018.
PM KISAN Registration Process
The following documents are required for registration under the PM-KISAN scheme:
- Aadhaar number
- Bank account details
- Permanent account number (PAN)
- Mobile number
- Cultivable land holding certificate
The farmer can register for the scheme through the PM-KISAN portal or the Common Service Centres(CSCs). The farmer must submit the documents mentioned above for verification by the concerned authorities. After the verification, the farmer will be registered under the scheme and eligible for the income support benefit.
PM KISAN Scheme Updates
The Pradhan Mantri Kisan Samman Nidhi scheme was announced by the Prime Minister of India, Narendra Modi, in his Budget Speech on 1 February 2019. The scheme has an outlay of ₹75,000 crores and will benefit around 12 crores of small and marginal farmers, with each farmer receiving up to ₹6,000 per year. The scheme will be implemented from 1 December 2018.
The scheme will benefit the small and marginal farmers, who constitute around 86% of the total farming population in India. The scheme will help these farmers meet their day-to-day expenses and provide them with a much-needed financial cushion in times of distress.
The scheme is expected to positively impact the rural economy, as the money will be directly transferred into the farmer's bank accounts. This will lead to increased consumption and demand in rural areas, which will, in turn, lead to more economic activity and job creation.
The scheme is also expected to positively impact the agricultural sector, as it will provide farmers with much-needed financial support. This will enable them to invest in better seeds, fertilizers, and other inputs, leading to higher yields and better incomes.
The scheme is a part of the government's vision to double farmers' incomes by 2022. The government has also announced several other initiatives to achieve this goal, such as the Pradhan Mantri Fasal Bima Yojana and the Pradhan Mantri Krishi Sinchai Yojana.
Also Read: Top 5 Government Loan Schemes for Small Business in India
How to Verify if the 11th Instalment of PM Kisan Has Been Credited Online?
Step 1: Go to the official website of PM Kisan at https://pmkisan.gov.in/
Step 2: In the upper right corner of the website, click the 'Beneficiary status' option.
Step 3: Enter your registration or mobile number.
Step 4: Select the 'Get data' tab.
Depending on the recipient, the status will be shown in detail. Furthermore, your name must be on the beneficiary list to get the funds.
How to Check Your Name on the PM KISAN Beneficiary List
Step 1: Go to the official website of PM Kisan at https://pmkisan.gov.in/.
Step 2: In the upper right corner of the website, click the 'Beneficiary list' button.
Step 3: Choose details from the drop-down menu, such as state, district, sub-district, block, and village.
Step 4: Select the 'Get Report' tab.
The recipient list will be presented in its entirety.
*Note: You may reach PM-Kisan Helpline at 155261/011-24300606.
Also Read: How to Apply for a Loan for a Travel Agency
Conclusion
The Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) is a Central Sector scheme with 100% funding from the Government of India. The scheme was launched on 1st February 2019. It is a direct benefit transfer scheme for providing financial support to the farmer’ families to take care of their essential needs. Under the scheme, income support of ₹6,000/- per year is provided to eligible farmer families in three equal instalments every four months. The scheme is operationalised through the existing Direct Benefit Transfer (DBT) infrastructure.
The scheme is expected to benefit around 12 crore small and marginal farmer families across the country. It will provide them with much-needed financial support to meet their day-to-day expenses. The scheme will also help augment the farmer's incomes and increase investment in agriculture and allied activities. It is also expected to impact the overall rural economy positively.
Follow Khatabook for the latest updates, news blogs, and articles related to micro, small and medium businesses (MSMEs), business tips, income tax, GST, salary, and accounting.
