Business News
2 min read | Updated on February 28, 2024, 08:00 IST
SUMMARY
PM-KISAN scheme was launched on 24th February 2019 to supplement financial needs of land holding farmers.
PM Kisan is a central scheme which gives farmers an income support of ₹6000 annually.
The government is set to release the 16th instalment of the PM Kisan Samman Nidhi Yojana on Wednesday, 28th February 2024.
Under the central scheme, farmers receive an annual income support of ₹6000 in three equal instalments, directly deposited into their bank accounts.
Eligibility for the PM Kisan scheme is restricted to farmers who own cultivable land, with taxpayers excluded from the program.
Farmers must complete their eKYC process which can be done through OTP (One-Time Password) on the PM-KISAN portal to receive funds. Alternatively, beneficiaries can visit the nearest Common Service Centre to fulfil the biometric-based eKYC.
"The responsibility of identifying the eligible farmers' families for benefit under the scheme is entirely of the State/UT Governments. The prevailing land-ownership system/record of land in different States/Union Territories will be used to identify the intended beneficiaries for transfer of scheme benefits," the government said.
Prime Minister Narendra Modi released the 15th instalment of the scheme worth over ₹18,000 crore to more than 80 million farmers on 15th November 2023.
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