Union Cabinet approves Revamping of PM Fasal Bima Yojana and RWBCIS schemes to address challenges
On February 19, 2020, the Union Cabinet approved revamping of challenges in insurance schemes such as Pradhan Mantri Fasal Bima Yojana (PMFBY) and Restructured Weather Based Crop Insurance Scheme (RWBCIS).
Highlights
The following changes are to be undertaken in the crop insurance schemes
- The time period for an insurance company to work under the scheme is to be extended to 3 years
- The Central subsidy has been limited to 30% for irrigated areas and 25% for irrigated areas
- Two step processes are to be adopted for crop loss estimation
- Technology solutions such as Smart Sampling Technique and Crop cutting are to be adopted under insurance
- Enrolment of farmers under the scheme has been made voluntary
Benefits
With these steps, farmers will be able to cover and manage risks of agriculture production. It will also enable farmers of North Eastern Region to manage agricultural risk in a better way. The changes are to begin from the Kharif Season of 2020.
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Month: Current Affairs - February, 2020