PM Modi to release 10th installment of PM-KISAN today: All you need to know

Prime Minister Narendra Modi will on Saturday release the 10th installment of financial benefit under Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme. The event will be organised at 12:30pm via video conferencing.

According to an official statement from the Prime Minister's Office, an amount of over ₹20,000 crore will be transferred to more than 10 crore beneficiary farmer families. The statement further said the initiative is in line with the government's continued commitment and resolve to empower grassroots level farmers.

Notably, under the scheme, eligible farmers are provided a financial benefit of ₹6,000 per year which is payable in three equal four-monthly installments of ₹2,000. The fund is transferred directly to the bank accounts of the beneficiaries.

According to news agency ANI, an amount of over ₹1.6 lakh crore has been transferred to farmer families so far under this scheme.

The scheme is also not valid for owners of farmlands who are either current or retired government employees, serving or former MPs and MLAs or ministers, according to Livehindustan.

Those who are using their farmlands for some work other than farming are ineligible for benefit under the scheme. Also, people working on the farm of another person and are not owners of the land are ineligible.

Meanwhile, during the event, the Prime Minister will also release an equity grant of more than ₹14 crores to about 351 Farmer Producer Organizations (FPOs), which will benefit more than 1.24 lakh farmers, reported ANI.

Modi is also expected to address the nation during the event, said the report further.

The ninth installment of the PM-KISAN scheme was released by the Prime Minister in August this year when he virtually transferred ₹19,500 crore to over 9.75 crore farmers.

(With ANI inputs)