Govt Directly Transfers Rs 76,000 Crore To Bank Accounts Of Farmers For Wheat Procured At MSP

Govt Directly Transfers Rs 76,000 Crore To Bank Accounts Of Farmers For Wheat Procured At MSPA wheat crop (/AFP/Getty Images)

The government has directly transferred about Rs 76,000 crore to the bank accounts of the farmers in different parts of the country for the wheat procured from them during the ongoing rabi marketing season (RMS), reports Times of India.

Punjab and Haryana farmers have got a mammoth share of the total sum transferred at Rs 26,000 crore and Rs 16,700 crore respectively. This gains significance as the two were the last remaining states to have adopted the direct bank account transfer of the minimum support price (MSP).

The amount is set to increase further as the total cost of MSP procurement of wheat stands at 81,200 crore. It takes two-three days to process the transfers given the large number of transactions involved.

The direct bank account transfer of funds has benefited as many as 44.4 lakh farmers across the country as per the data shared by the Ministry of Consumer Affairs, Food and Public Distribution.

It should also be noted that the government has revised the wheat procurement target by increasing the same by six lakh tonnes to 433 lakh tonnes. Also, the RMS procurement last year stood at 390 lakh tonnes.