PM Fasal Bima Yojana: Rs 3200 Crore To Be Deposited Today, Full Details On Crop Insurance Scheme

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Posted by AI on 2025-08-11 07:15:01 | Last Updated by AI on 2025-08-11 10:32:16

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The Union Agriculture Minister, Shivraj Singh Chauhan, is set to distribute Rs 3200 crore to approximately 30 lakh farmers, under the Pradhan Mantri Fasal Bima Yojana(PMFBY). This was announced earlier this week via a tweet from the official Twitter handle of the Prime Minister.

The money will be disbursed to the farmers via the farmers' database, by taking various factors such as the number of acres owned, the types of crops grown, and previous years' payouts. The transfer is established across three pillars:

1. Transparency: Through the use of AI and blockchain-based systems, all information is made readily available online, allowing access to information regarding all involved parties, and preventing instances of fraud.

2. Simplicity: The process has been further simplified by allowing farmers to opt for the scheme through their respective banks, easing the application process.

3. Trust: Through the PM-Fasal Bima Yojana, India's crop insurance scheme has become one of the largest and most ambitious initiatives in the world. This has been a success since its inception in 2016 and was enhanced further in 2020, with the inclusion of especially vulnerable sections of society, namely, herbal and medicinal plants, milk cows, and fish farms.

This year sees the scheme expand its scope over earlier versions, with the inclusion of horticultural and commercial crops, alongside annual commercial and horticultural crops.

For the current financial year, Rs 15,000 crore has been earmarked as the budget for the PMFBY, with the current transfer being the first installment of the total amount.

"This scheme has improved the resilience of farmers and helped them secure their crops and get excellent yields. I urge all the farmers to take full advantage of this," said PM Modi in a tweet.

This initiative promises to be a significant step towards the government's aim to double the income of farmers by 2022, by providing them with increased protection and security via an efficient funding system.

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