Crop insurance premium may change in PMFBY 2.0
The premium of crop insurance is likely to be revised after the Union Cabinet approved the changes in the existing Pradhan Mantri Fasal Bima Yojana, an official said. Under the new farm insurance scheme which is also considered as PMFBY 2.0, the government made major changes making it optional for farmers.
Launched in February 2016 by Prime Minister Narendra Modi, it is mandatory for loanee farmers to take insurance cover under the PMFBY. Currently, 58 per cent of the total farmers are loanees.
In high premium policies, Centre’s share in crop insurance scheme to be capped
States may have to shell out more for crop insurance scheme, says Ashish Bhutani
The Centre wants the States to shoulder higher burden of PM Fasal Bima Yojana (PMFBY) if the premium rates exceed a reasonable level, said a senior Agriculture Ministry official.
Farm insurance made voluntary after requests from farmers: PMFBY CEO
The Government has asserted that the decision to make its flagship farm insurance scheme Pradhan Mantri Fasal Bima Yojana (PMFBY) voluntary was based on requests by farmers’ associations.
Contrary to views, the decision to tweak the scheme was taken to give farmers the freedom.
Ashish Kumar Bhutani, Chief Executive Officer of PMFBY, also dismissed reports that the government subsidy in the premium payout was being reduced.
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