Modi to release 8th instalment of Rs 19,000 cr for PM-KISAN scheme on Friday

New Delhi, May 13 (IANS): Prime Minister Narendra Modi will release the 8th instalment of financial benefits worth INR19,000 crore under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme on Friday to benefit more than 9.5 crore farmers.

The Prime Minister will release the instalment through video conferencing at 11 a.m.

"The instalment will enable the transfer of more than INR 19,000 crore to more than 9.5 crore beneficiary farmer families," said a statement issued from the Prime Minister's Office.

The Prime Minister will also interact with farmer beneficiaries during the event. The Union Agriculture Minister will also be present on the occasion.

Under the PM-KISAN scheme, a financial benefit of INR 6,000 per year is provided to the eligible beneficiary farmer families, payable in three equal 4-monthly instalments of INR 2,000 each.

The fund is transferred directly to the bank accounts of the beneficiaries. In this scheme, Samman Rashi of over INR 1.15 lakh crore has been transferred to farmers' families so far.