Hay-Day For Farmers: 1.2 Crore  To Get Rs 2,000 Cash From 24 February Under First Instalment Of  PM-KISAN SchemePrime Minister Narendra Modi. (PIB/PMO)

Approximately 1.2 crore farmers are expected to benefit from the PM-KISAN scheme as their bank accounts will be credited with Rs 2,000 on 24 February (2019) when PM Modi formally launches the scheme in Gorakhpur (UP), reports CNBC.

This will be the first tranche of payment to the farmers and the government expects to pay the first instalment to all farmers across the country by 31 March.

This delay could be to the complex task of preparing the beneficiary list as land records in many states are not accurately updates. “Around 2 million names were rejected in the 1st round due to verification issue,” said a source to CNBC.

The Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme was announced in the 2019-20 Budget to provide income support to marginal farmers.

Under the scheme, the government will transfer Rs 6,000 in three instalments of Rs 2,000 each to the bank accounts of approximately ten crore small farmers who own less than two hectares of land. Such farmers constitute 86.21 per cent of all the farmers in India and collectively own 47.34 per cent of the land.

Second Instalment

“The second instalment shall immediately follow the first one, in April itself, giving the beneficiaries at least Rs 4,000 of the total Rs 6,000 to be distributed in three equal instalments. So, a farmer receiving the first payment on March 30 may well get the second part within a week,” a senior government official had earlier stated to Economic Times.

Also Read: Why The Direct Income Support For Farmers Is A Much Needed Correction

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