In what could be a Diwali bonanza for millions of farmers, the government will release Rs 16,000 crore under the 12th installment of PM Kisan Samman Nidhi (PM-KISAN) scheme on Monday through direct benefit transfer, which is expected to benefit 10 crore farmers.

The installment amount will be released by Prime Minister Narendra Modi on Monday during the inauguration of the "PM Kisan Samman Sammelan 2022" at Indian Agricultural Research Institute here.

IANS had reported on October 13 that the government could release the 12th instalment amount within a week.

"In a reflection of the continued commitment of the Prime Minister towards welfare of the farmers, during the event, Prime Minister will release the 12th instalment amount of Rs 16,000 crores under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) through Direct Benefit Transfer. Under the scheme, eligible farmer families are provided a benefit of Rs 6,000 per year in three equal instalments of Rs 2,000 each. So far, eligible farmer families have received benefits of more than Rs 2 lakh crore under PM-KISAN," a statement issued by the Prime Minister's office said.

The Prime Minister also tweeted about this on his Twitter handle late on Sunday evening. Till now the government has disbursed 11 installments to farmers under the scheme.

Farmers however have often complained that the amount doesn't reach them due to several technical glitches related to online transfer of installments.

To ensure that the amount reaches them, the farmers have to complete e-KYC formalities. The installments are transferred to Aadhar linked bank accounts of farmers.

Meanwhile during the event, the Prime Minister will launch 'Pradhan Mantri Bhartiya Jan Urvarak Pariyojana - One Nation One Fertilizer' scheme. Under the scheme he will also launch Bharat Urea Bags, Bharat Urea Bags, which will help companies market fertilizers under the single brand name "Bharat".