Spice Money will help farmers withdraw money from PM Kisan through its network of one million Adhikari

PM Modi released the 11th installment of PM Kisan Yojana on May 31

The government disbursed PM Kisan 11e Down payment, directly into farmers’ bank accounts for the benefit of more than 10 million farmers who received a grant of Rs 2,000 each. Spice Money, India’s leading rural fintech with one million Adhikari networks spanning over 18,500 PINs, is helping farmers and farming families residing in the heart of the country to withdraw this subsidy through AePS at their Adhikari outlet.

PM Kisan Scheme, a central sector scheme 100% funded by the central government, became operational on 1 December 2018. Under this scheme, income support of Rs. 6000/year, divided into three installments, is transferred directly to the bank accounts of the owner-farming families, made up of husband, wife and minor children.

Speaking on this, Sanjeev Kumar, co-founder and CEO of Spice Money, said: “At Spice Money, we have endeavored to solve the problem of access to banking and financial services in rural India. As the 11th tranche of the Pradhan Mantri Kisan Samman Nidhi rolls out, our 1 million Adhikaris operating on 18,500 PIN codes, will be a catalyst to ensure easy access and withdrawal of this subsidy to the 10 crore legitimate beneficiaries of this scheme”.

He further said that “farmers and farming families will no longer have to travel long distances to bank branches or simply leave unused money in their accounts when needed. Our Adhikaris, trusted banking partners in their communities, will be there in the villages to help farmers withdraw their money, with the help of AePS, providing much needed safe and secure access to the grant amount.

Spice Money has spearheaded efforts to bridge the financial services gap in rural India by bringing banking and financial services to the remotest corners of the country, across 700 districts and 5,000 city blocks, revolutionizing the way Bharat does its banking.

About Spice Money

Spice Money, a subsidiary of DiGiSPICE Technologies, is India’s leading rural fintech revolutionizing the way Bharat Banks, with over 1 million Adhikaris (nanopreneurs) offering an Aadhar-enabled payment system for cash withdrawals, mini ATMs, loans, bill payments, cash collection centers for customers/agents/representatives of NBFC/banks, airtime recharge, tours and travels, online shopping, Pan Card and mPoS services .

First published: 02 June 2022, 12:24 IST