Two PM funds in India: what the 8,452 crore balance means
India operates two PM-led relief funds: PMNRF (established 1948) and PM CARES (established 2020). Latest audited PM CARES accounts show a year-end balance of ₹8,452.07 crore with low annual spending and significant fixed deposits, plus delayed disclosure. The two funds have different mandates for em
Key takeaways
- PM CARES ended 2024-25 with a cash balance of ₹8,452.07 crore, up from the previous year.
- Most of PM CARES’ funds were invested in fixed deposits, with significant savings and earned interest.
- PMNRF remains the older fund, primarily used for immediate relief and certain medical costs following disasters.
- PM CARES was established in 2020 and supports health-related emergency response and related infrastructure and research.
- A notable disclosure delay occurred: accounts for the year were signed in August 2026, long after the financial year end.
What Happened
Reports summarize the status and purpose of India’s two national relief funds chaired by the Prime Minister: the older Prime Minister's National Relief Fund (PMNRF), created in 1948, and the newer PM CARES Fund, established in March 2020. The PM CARES audited accounts for the 2024-25 year show a closing balance of ₹8,452.07 crore, up from ₹7,173.03 crore the previous year. In the same period, expenditures were ₹87.85 lakh, down from ₹15.60 crore a year earlier. Approximately 93% of the corpus was held in fixed deposits (₹7,846.65 crore), with ₹605.41 crore in savings accounts. The fund earned about ₹475 crore in interest, close to ₹480 crore in fresh donations received that year. The accounts for the year ended 31 March 2025 were signed by PM CARES officials on 6 August 2026, over a year after the financial year closed.
Separately, PMNRF was described by official sources as the older fund, created in January 1948 to assist those displaced by Partition, and now largely used to provide immediate relief to families affected by natural calamities, major accidents, floods, riots, and to help with certain medical costs.
Historical notes from the PMO and public statements indicate that PM CARES focuses on relief in emergencies, including health crises and the creation or upgrade of healthcare facilities, as well as funding related research and grants to affected populations.
In 2020, President Ram Nath Kovind pledged to donate one month’s salary to PM CARES to support COVID-19 relief, appealing for further donations to the fund.
Why It Matters
The two funds illustrate how India channels voluntary contributions and charitable resources for emergency relief. The scale of PM CARES’ balance and the modest yearly spending raised questions about the speed and manner of using available resources, and about transparency in the timing of disclosures. The contrast with PMNRF’s continuing use for immediate relief and medical costs highlights differing mandates and historical roles in disaster response and public health support.
Background
PMNRF is the older facility, created in 1948 to assist those displaced after Partition and now described as funding immediate relief in natural disasters, major accidents, riots, and some medical treatments. PM CARES is a charitable trust registered in 2020, intended to address public health emergencies and other emergencies, including funding healthcare infrastructure and research, and providing financial assistance to affected populations.
Key Facts
- PM CARES audited accounts for 2024-25 show a closing balance of ₹8,452.07 crore (up from ₹7,173.03 crore).
- Annual expenditure by PM CARES in 2024-25 was ₹87.85 lakh (down from ₹15.60 crore).
- Approximately 93% of PM CARES’ corpus was invested in fixed deposits (₹7,846.65 crore).
- ₹605.41 crore was held in savings accounts; interest earned was about ₹475 crore in the year, close to ₹480 crore in fresh donations received.
- Accounts for the year ended 31 March 2025 were signed on 6 August 2026, more than a year after the financial year closed.
- PMNRF was established in January 1948 following Partition-related appeals for relief and now funds immediate relief for natural disasters and major accidents and some medical costs.
- PM CARES was registered as a public charitable trust on 27 March 2020 and aims to assist with emergencies including public health crises, infrastructure improvements, research, and grants to affected people.
- President Ram Nath Kovind pledged to donate one month’s salary to PM CARES in March 2020 to support COVID-19 relief efforts.
What Happens Next
The source materials indicate that public attention will continue to focus on the balance versus spend ratio, the timing of disclosures, and the alignment of each fund’s use with its stated mandates. No new scheduled actions are cited beyond the annual accounts disclosure and prior pledges by public figures.
Sources reviewed
Project Chintan independently synthesized and analyzed information cross-checked across the sources listed above.
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