eKYC in Prime Minister Kisan Samman Nidhi: A Game Changer for Farmers
Prime Minister Kisan Samman Nidhi is a welfare scheme launched by the Government of India in 2019. Through this scheme, the government intends to provide financial assistance to small and marginal farmers across the country. Under this scheme, eligible farmers receive a sum of Rs. 6,000 per annum in three equal instalments. However, to avail of this benefit, farmers have to complete their KYC (Know Your Customer) verification. In this context, the government has introduced the eKYC process, which has emerged as a game-changer for farmers.
The eKYC process involves the use of technology to verify the identity of farmers in a digital manner. Unlike the traditional KYC process, which involved physical verification of documents, the eKYC process is entirely online. Farmers can complete their KYC verification by visiting the official website of the scheme and entering their Aadhaar number. The Aadhar number is then verified against the government database, and the farmer’s identity is established.
eKYC has several advantages over the traditional KYC process. Firstly, it is faster and more efficient, allowing farmers to complete their KYC verification in a matter of minutes. Secondly, it is more secure, as it eliminates the possibility of fraudulent practices such as fake documents or identity theft. Thirdly, eKYC is more convenient, as it allows farmers to complete their KYC verification from the comfort of their homes or local centres.
The implementation of eKYC in Prime Minister Kisan Samman Nidhi has had a significant impact on the scheme’s success. Since the introduction of eKYC, the number of eligible farmers availing of the scheme has increased. According to the Ministry of Agriculture and Farmers Welfare, over 9.9 crore farmers have completed their KYC verification, and around 8.35 crore farmers have been disbursed with the financial assistance. The timely disbursement of financial assistance has provided much-needed relief to farmers, especially during the COVID-19 pandemic.
In conclusion, eKYC is a great step towards digitization and financial inclusion in the agriculture sector. By eliminating the need for physical verification, eKYC has made the process of availing financial benefits easier and faster, especially for farmers in remote areas. With the implementation of eKYC, the Prime Minister Kisan Samman Nidhi scheme has become more transparent, efficient, and inclusive.