The PM CARES Fund reported over ₹8,450 crore in receipts for 2024-25, with more than 99% of the funds sitting idle, highlighting concerns over transparency and limited utilisation despite declining contributions and increased reliance on investment income.
The PM CARES Fund reported receipts of ₹8,452 crore in 2024-25, but it spent just over ₹87 lakh during the year, according to its audited accounts published on its website. That left more than 99 per cent of the money untouched, with most of the closing balance parked in fixed deposits.
Interest earned on those deposits was the fund’s largest source of income, bringing in ₹469 crore during the year. The audit report shows fixed deposits of ₹7,846 crore formed the bulk of the balance at the end of the financial year, underlining how heavily the trust relied on investment income rather than fresh spending.
The latest figures also point to a softer flow of contributions. Domestic donations fell to ₹479.05 crore from ₹681.8 crore in the previous year, while foreign donations declined to ₹92.8 lakh from ₹1.13 crore. Payments, meanwhile, dropped sharply from ₹15.59 crore in 2023-24 to just ₹87 lakh in 2024-25.
The fund, set up in 2020 as a public charitable trust to respond to emergencies and distress situations including the Covid-19 pandemic, has long faced questions over transparency and deployment. Business Standard reported in December 2024 that voluntary contributions had already fallen to ₹912 crore in 2022-23, the lowest since inception, as pandemic-related giving eased. Moneylife has also flagged concerns over delayed filings and missing notes in earlier financial statements, adding to scrutiny of how the trust reports its accounts.
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