Full form of PMFBY - know about it - urstewatia.com
Full Form of PMFBY
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What is PMFBY
PMFBY stands for Pradhan Mantri Fasal Bima Yojana, which is a crop insurance scheme launched by the Government of India in 2016. The scheme aims to provide insurance coverage and financial support to farmers in case of crop failure or damage due to natural calamities, pests, or diseases.
Under PMFBY, farmers pay a premium of 1.5% of the insured amount for Kharif crops, 2% for Rabi crops, and 5% for horticultural and commercial crops, while the rest of the premium is paid by the government. In case of crop damage, the farmer is eligible to receive the sum insured, which is the amount of money that has been insured for the crop.
The PMFBY scheme is implemented by the Ministry of Agriculture and Farmers Welfare in collaboration with state governments and insurance companies. It aims to bring financial stability to farmers and reduce the impact of crop failures on their livelihoods
The scheme is implemented by the Ministry of Agriculture and Farmers' Welfare, and the implementation of the scheme is carried out by the state governments and insurance companies. The PMFBY scheme has been well received by farmers across the country and has helped to mitigate the risks faced by them in the event of crop failure or damage.
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