2nd installment of Rs 500 transferred to over 10 cr women PMJDY account holders: Sources

The second installment of Rs 500 for May has been transferred so far to over 10 crore women Jan Dhan bank account holders, according to sources.

Finance Minister Nirmala Sitharaman had in March-end announced an ex-gratia payment of Rs 500 each to all women Pradhan Mantri Jan Dhan Yojana (PMJDY) account holders, for the next three months, under the PM Garib Kalyan Package.

Subsequently, the Ministry of Rural Development released the first installment of Rs 500 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 tide over the economic crisis induced by COVID-19.

The package also comprised free foodgrains and cooking gas to poor and cash doles to poor women and elderly in a bid to mitigate hardships.

Meanwhile, sources said that all 20.40 crore identified beneficiaries can withdraw the second installment money as per the schedule decided by the Finance Ministry.

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

This has been done for ensuring social distancing and avoid overcrowding in banks.

The second installment has been transferred into nearly 50 per cent of identified accounts 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 Budha Purnima.

The last tranche would be remitted on May 11 for account numbers ending with 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.