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Crop Insurance: PM To Meet Banks, Insurers

Prime Minister Narendra Modi planned to meet top officials of all banks and insurance companies this week in Mumbai to talk about the implementation of Pradhan Mantri Fasal Beema Yojana.

Under the new crop insurance scheme, PMFBY, premium load on farmers has been kept low – up to 2 per cent of sum insured, and claims are to be settled at the first.

The plan will come into force from April 1 for kharif crops to be sown from June.

According to sources, the Prime Minister’s meeting is programmed at the Nabard office in Mumbai on March 22.

Finance Minister Arun Jaitley and senior officials from the ministries of finance and agriculture will be there in the two-and-half hour meeting, sources added.

Since the new scheme PMFBY is both for loanee and non-loanee farmers, the meeting will deliberate on bringing more loanee farmers under the crop insurance policy so that the goal of 50 percent is achieved and more farmers take up insurance coverage.

At present, about 25 percent the total crop area of 194.40 million hectares is being insured.

Out of the farm credit target of Rs 8.5 lakh crore set for this financial year, only a sum of Rs 75,000 crore is under crop insurance. So, there is enormous scope to reach out to loanee farmers, sources added.

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