Spice Money eases PM-KISAN subsidy withdrawal for farmers through AePS at RedBlue Smart Banking Points
New Delhi, October 20, 2022: The Government of India has released the 12th instalment of the Pradhan Mantri Kisan Samman Nidhi (PM Kisan) financial benefit to eligible farmer families via Direct Benefit Transfer ahead of Diwali. Spice Money (Subsidiary of DiGiSPICE Technologies), India’s leading rural fintech revolutionising the way Bharat banks is assisting farmers and their families to withdraw their subsidy with the help of their vast network of 10,00,000 Adhikaris (merchants / nanoprenuers). With Spice Money’s initiative of painting the banking outlets in Red Blue colour, it is even easier for farmers and their families to identify the outlets to withdraw the subsidy amount.
The PM Kisan Scheme, a central sector scheme with 100% funding from the Government of India, became operational on December 1, 2018. Under this scheme, income support of ₹ 6000 per year, divided into three instalments, is directly transferred to the bank accounts of landholding farmer families, consisting of the husband, wife, and minor children. While the government is transferring the subsidy directly to bank accounts, lack of traditional bank branches has been a major barrier for farmers to access the funds. Rural fintechs through their rural banking outlets are addressing this challenge and enabling farmers and their families to get access to the PM KISAN subsidy.
Speaking on this, Sanjeev Kumar, Co-Founder & CEO, Spice Money, said, “At Spice Money, we are committed to empowering the underserved rural population by providing access to banking & financial services across the hinterlands of India. With the disbursement of the 12th instalment of the Pradhan Mantri Kisan Samman Nidhi ahead of Diwali, farmers and farmer families are accessing the subsidy at their nearest Spice Money banking outlet through AePS with the help of our vast network of 1 million Adhikaris.”
Spice Money has been driving the digital and financial services to Bharat through their million-strong Adhikari network covering 95% rural pin codes spanning across over 2,50,000 villages, 18,000 pin codes, 700 districts and 5,000 blocks, serving over 10 crore households in India.