Prime Minister Narendra Modi on Thursday will release around Rs 17,000 crore as the 14th instalment to about 8.5 crore farmer beneficiaries under the PM-KISAN scheme.

The amount will be transferred to the beneficiaries' bank accounts at an event in Sikar, Rajasthan on Thursday, an official statement said.

The total amount transferred to beneficiaries since the inception of the scheme is expected to cross Rs 2.59 lakh crore.

This financial assistance will support farmers in meeting their daily needs and contribute to their overall well-being, the statement said.

The Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) is a central scheme launched on February 24, 2019 and effective from December 2018.

Under the scheme, financial benefits of Rs 6,000 per year in three equal instalments are transferred to the bank accounts of farmers' families across the country through a Direct Benefit Transfer (DBT) mode.

So far, benefits amounting to more than Rs 2.42 lakh crore have been provided to more than 11 crore farmers across the country.

At the event, Modi will dedicate 1.25 lakh PM Kisan Samriddhi Kendras (PMKSKs) to the country, the statement said.

The government is converting retail fertiliser shops in the country into PMKSKs in a phased manner. These PMKSKs will provide agri-inputs, testing facilities for soil, seeds, and fertilisers to farmers.

These centres will generate awareness among farmers, provide information regarding various government schemes and ensure regular capacity building of retailers at block- and district-level outlets.

At the event, Modi will launch sulphur-coated urea (urea gold), and also launch onboarding of 1,600 farmer producer organisations on ONDC.

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