Big news for PM-KISAN Scheme beneficiaries! Modi govt takes THIS Step for reprocessing failed transactions

New Delhi: The Narendra Modi government has identified various reasons for the transactions failure under PM-KISAN Scheme. The reasons for failed transactions are majorly due to Account closed/Transferred, Invalid IFSC, Account Inactive, Account Dormant, Amount exceeds limit set on Account by Bank for Credit/Debit per transaction, Account Holder Expired, Account Blocked or Frozen, Inactive Aadhar, Network failure etc.

In order to tackle the issues of transaction failures and process the payment to such registered farmers’ families, a Standard Operating Procedure (SOP) has been developed by the government, The SOP is issued to States/UTs for necessary action at their end. 

In cases where the corrective measures are to be taken by States/UTs, such transaction failure records are opened to respective State/UT for correction under the “Correction Module” tab of PM-KISAN portal. Thereafter, all the transaction failure records are reprocessed for the payment of the respective installment under PM-KISAN Scheme.

Under the PM-KISAN Scheme benefits are transferred in three, four-monthly periods. In every four months period, Rs 2000 is transferred to eligible farmers families. Therefore, benefits of Rs. 6000 is transferred annually.

Under PM-KISAN Scheme the benefits are not transferrable every month. The benefits are transferred in three installments. The cumulative number of PM-KISAN Scheme transactions which have failed since its launch till June, 2021 is 40,16,867. The number of total transaction made under PM-KISAN Scheme till 30th June, 2021 is 68,76,32,104 of which the total number of failed transaction is less than 1%.

Total number of transactions under PM-KSIAN Scheme since its launch till 30th June, 2021. This information was given in a written reply by the Union Minister of Agriculture and Farmers Welfare Narendra Singh Tomar in Lok Sabha.