Government
of India has recently approved Pradhan Mantri Fasal Bima Yojana (PMFBY) which
would replace the National Agricultural Insurance Scheme (NAIS) & Modified
National Agricultural Insurance Scheme (MNAIS). PMFBY would be available at a
premium of:
· upto 1.5% for
Rabi and upto 2% for Kharif for Food crops, Pulses and Oilseeds and
· upto 5% for
Annual Horticulture/ Commercial Crops.
· This scheme
would provide insurance cover for all stages of the crop cycle.
Weather
Based Crop Insurance Scheme (WBCIS) has been brought on par with PMFBY. In
addition, a Unified Package Insurance Scheme (UPIS) has also been approved for
implementation on pilot basis in 45 districts of the country to cover other assets/activities like machinery, life, accident, house,
student-safety and crops etc. of farmers.
The scheme is compulsory for loanee
farmers availing Seasonal Agricultural Operational (SAO) Loans/ KCC holders for
the notified crops in notified areas. 100% coverage of such loanee farmers is
required to be done by all concerned bank branches.
This scheme is voluntary for non-loanee
farmers, but they should have an account.
This scheme is linked to crop loans
taken by farmers through KCC and stopping multiple insurance coverage, against
such accounts is important.
A Crop Insurance Portal www.agri-insurance.gov.in has been
operationalised by GOI for effective administration of the Crop Insurance
Programme.
Government of India has proposed to
initiate development of an integrated platform on a pilot basis for providing
real time information at one place for use by all agencies.
Banks are required to ensure coverage of
100% of defined loanee farmers and non-loanee farmers with effect from April 1,
2016.
Based on RBI Circular dt 17/03/16. Please visit www.rbi.org.in for any further clarification
if required….. Poppy
Pradhan Mantri Fasal Bima Yojana is the abbreviated as PMFBY. It is the scheme which aims to give the insurance to the crops to help the farmers to cope up with the condition. It will help in the uplifting of the farmers of India who are under the burden of the Loans. Scheme PMFBY was launched by the Prime Minister Narendra Modi in January, 2016.
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