New Delhi: In a move to provide maximum benefits to more than 13 lakh farmers, Vice President M Venkaiah Naidu will visit Ranchi in Jharkhand on Saturday to inaugurate Mukhya Mantri Krishi Ashirwad Yojana (MMKAY).

The scheme, launched by Chief Minister Raghubar Das for the financial upliftment of farmers, will provide them cash support as the government will transfer Rs 3000 crore as a gift to more than 35 lakh farmers in the state.

What is the scheme all about?

The MMKAY scheme is a target set by the government to provide welfare and financial support to farmers in Jharkhand. Nearly Rs 442 crore has already been allocated to be directly transferred into the bank accounts of the beneficiaries in the first phase of the scheme.

The scheme, which was incorporated in the state budget from the financial year 2019-2020, is the first scheme by the state government that provides 100 percent settlement through Direct Benefit Transfer (DBT) medium.

How does it work?

Under the first phase of the MMKAY scheme, Rs 5000 will be disbursed to 13.60 lakh farmers for each acre of their land with a maximum amount of Rs 25,000.

The amount will be directly transferred through Real Time Gross Settlement (RTGS) to the registered bank accounts on August 10.

The remaining 22 lakh farmers will also be registered soon and the funds are expected to be transferred by October this year.

The inaugural function

All leaves of the Ranchi District Administration have been cancelled on August 10 in the wake of Naidu’s visit. A number of Block Development Officers (BDO) and Circle Officers (CO) have been directed to be present at their respective offices for the successful launch of the scheme.

Further, extra security arrangements have been made and nearly 2000 police personnel have been deployed for manning the event. The event will take place at 11 am in Harmu Ground in Ranchi.