The government has directed banks to bring down failed transactions under the PM-Kisan Samman Nidhi Yojana, following feedback that issues such as unmapped Aadhaar numbers, closed accounts and pending know your customer (KYC) verification are causing delays.
Banks have been asked to take corrective measures including state-level campaigns to address these problems, said people familiar with the developments. For FY26, the government has allocated ₹63,500 crore to the scheme.
"After a detailed study it was pointed out that the Aadhaar number not being mapped to the beneficiary's account was one of the primary reasons for failed transactions," said an official, adding that sometimes beneficiaries have also given wrong information, which includes invalid account types like loan or fixed deposit accounts.
Banks will now ensure that beneficiaries are made aware of such issues and also hand hold them to fulfil all eligibility requirements, including proper KYC verification, and unblocking frozen or closed accounts.
"We are already helping beneficiaries in getting their details and the correct account type being submitted," said a bank executive, requesting anonymity. "This is being reviewed at regular intervals and corrective measures are being taken."
Launched in 2019 under PM-Kisan, a financial benefit of ₹6,000 per year is transferred in three equal instalments into the Aadhaar-seeded bank accounts of farmers through direct benefit transfer (DBT) mode. The government has disbursed over ₹3.90 lakh crore through 20 instalments since the inception of the scheme.
In order to ensure that benefits are released only to eligible beneficiaries, land seeding, Aadhaar seeding with bank accounts and e-KYC were made mandatory in the scheme. Before processing the payments, farmers' details are verified through the digital public goods available, such as Aadhaar, PFMS and income-tax.
The government has launched a three-month campaign starting July 1 to deepen adoption of Jan Dhan Yojana accounts, Jeevan Jyoti Bima Yojana, Atal Pension Yojana and other schemes.
During the first month of the nationwide campaign, 105,000 camps were held in as many gram panchayats (GPs) covering a third of the total GPs in the country, with over 600,000 PMJDY accounts opened, over 700,000 enrolments under PMJJBY, about 1.2 million enrolments under PMSBY and 300,000 enrolments under APY. Re-KYC has been done in over 1.42 million bank accounts through these camps.
Banks have been asked to take corrective measures including state-level campaigns to address these problems, said people familiar with the developments. For FY26, the government has allocated ₹63,500 crore to the scheme.
"After a detailed study it was pointed out that the Aadhaar number not being mapped to the beneficiary's account was one of the primary reasons for failed transactions," said an official, adding that sometimes beneficiaries have also given wrong information, which includes invalid account types like loan or fixed deposit accounts.
Banks will now ensure that beneficiaries are made aware of such issues and also hand hold them to fulfil all eligibility requirements, including proper KYC verification, and unblocking frozen or closed accounts.
"We are already helping beneficiaries in getting their details and the correct account type being submitted," said a bank executive, requesting anonymity. "This is being reviewed at regular intervals and corrective measures are being taken."
Launched in 2019 under PM-Kisan, a financial benefit of ₹6,000 per year is transferred in three equal instalments into the Aadhaar-seeded bank accounts of farmers through direct benefit transfer (DBT) mode. The government has disbursed over ₹3.90 lakh crore through 20 instalments since the inception of the scheme.
In order to ensure that benefits are released only to eligible beneficiaries, land seeding, Aadhaar seeding with bank accounts and e-KYC were made mandatory in the scheme. Before processing the payments, farmers' details are verified through the digital public goods available, such as Aadhaar, PFMS and income-tax.
The government has launched a three-month campaign starting July 1 to deepen adoption of Jan Dhan Yojana accounts, Jeevan Jyoti Bima Yojana, Atal Pension Yojana and other schemes.
During the first month of the nationwide campaign, 105,000 camps were held in as many gram panchayats (GPs) covering a third of the total GPs in the country, with over 600,000 PMJDY accounts opened, over 700,000 enrolments under PMJJBY, about 1.2 million enrolments under PMSBY and 300,000 enrolments under APY. Re-KYC has been done in over 1.42 million bank accounts through these camps.
