Second installment of 500 rupees transferred to more than 10 crore PMJDY account holders women: Sources

NEW DELHI: The second installment of 500 rupees for May has so far been transferred to more than 10 million crore Jan Dhan bank account holders, according to sources.

Finance Minister Nirmala Sitharaman announced in late March an ex gratia payment of Rs 500 each to all female account holders (PMJDY) over the next three months under the PM Garib Kalyan Package.

Subsequently, it released the first installment of 500 rupees for the month of April.

The ex-gratia amount is part of the Rs 1.7 lakh crore stimulus package announced by the government in late March to overcome the economic crisis induced by COVID-19.

The package also included free food grains and cooking gas for the poor and cash for poor women and the elderly in an attempt to ease the difficulties.

Meanwhile, sources said that all beneficiaries identified by Rs 20.40 million can withdraw the second installment. money according to the schedule decided by the Ministry of Finance.

The money transfer has been staggered over a period of five days to avoid rush at the bank branches as was done in of the first installment disbursed in April.

This has been done to guarantee social distancing and to stop overcrowding in banks.

The second installment has been transferred to almost 50 percent of the accounts identified in the first two days of disbursement, according to sources.

As per the schedule, women account holders under the Pradhan Mantri Jan Dhan Yojana (PMJDY) having account number with last digit as 0 and 1 have got money in their account on May 4, while accounts ending with 2 or 3 on May 5.

On May 6, beneficiaries with account numbers ending with 4 or 5 can receive their money , while accounts ending with 6 or 7 may withdraw on May 8 as May 7 is holiday on account of .

The last tranche would be forwarded on May 11 for account numbers ending in 8 or 9.

In case of emergency, one can withdraw the money immediately. However, for orderly disbursal, one must follow the banks' payment plan, it said. Beneficiaries may withdraw on any day as per their convenience after May 11.