Cabinet approves Revamping of Pradhan Mantri Fasal Bima Yojana (PMFBY) and Restructured Weather Based Crop Insurance Scheme (RWBCIS) to address the existing challenges in implementation of Crop Insurance Schemes.

0
19

The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved revamping of “Pradhan Mantri Fasal Bima Yojana (PMFBY)” and “Restructured Weather Based Crop Insurance Scheme (RWBCIS)” to address the existing challenges in implementation of Crop Insurance Schemes.

 

It is proposed to modify certain parameters/provisions of ongoing schemes of PMFBY and RWBCIS as under:

Benefits

With these changes it is expected that farmers would be able to manage risk in agriculture production in a better way and will succeed in Stabilizing the farm income.  Further, it will increase coverage in north eastern region enabling farmers of NER to manage their agricultural risk in a better way.  These changes will also enable quick and accurate yield estimation leading to faster claims settlement. 

These changes are proposed to be implemented from Kharif’ 2020 Season throughout the Country.