Indian Economy News

Over Rs. 6 trillion (US$ 75.36 billion) transferred via Direct Benefit Transfer scheme in FY22: Government

  • IBEF
  • September 5, 2022

In FY22, more than Rs. 6 trillion (US$ 75.36 billion) were distributed to recipients under the Direct Benefit Transfer scheme, the Ministry of Electronics reported on September 2.

An average of 9 million Direct Benefit Transfer payments were processed daily in FY21.

According to government data, the PM Kisan Samman Nidhi Yojana has transferred around Rs. 20,000 crore (US$ 2.51 billion) into the bank accounts of nearly 10 crore beneficiaries. Eligible farmers are granted Rs. 6,000 (US$ 75.36) in three equal instalments of Rs. 2,000 each (US$ 25.12) under the PM-KISAN programme. The Center reported that since the program's commencement in 2019, 11 instalments had been paid out to about 11.37 crore qualified farmers, totaling more than Rs. 2 lakh crore (US$ 25.12 billion).

In terms of digital payments, more than 8,840 crore transactions were made in FY22 and about 3,300 billion in FY23 (up to July 24, 2022). 28.4 crore digital transactions were made on average per day.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.