Pradhan Mantri Fasal Bima Yojana (PMFBY) Bank Role Manual - Summary
Pradhan Mantri Fasal Bima Yojana (PMFBY) is a vital crop insurance scheme that provides farmers with much-needed risk coverage throughout their entire crop cycle, from pre-sowing to post-harvest activities. Launched by the Government of India in 2016, the PMFBY is based on the principle of One-Nation-One-Scheme, ensuring that farmers across the nation can access support and security for their crops. Even in the middle of the cropping cycle, affected farmers can conveniently avail claims, making it a crucial safety net for them.
Key Features of PMFBY
Currently, the PMFBY is active in 26 States and Union Territories, making it accessible to a large number of farmers. This comprehensive scheme is the third-largest crop insurance initiative in the world based on premium collected. Farmers can enroll themselves through various channels including banks, financial institutions (FIs), Common Service Centres (CSCs), insurance companies, and their agents. Additionally, farmers can also register directly through the online application on the PMFBY portal and the Farmer’s App.
Enrollment Process for Farmers
The enrollment process is designed to ensure that a wide range of farmers can participate. Banks and financial institutions play a pivotal role in this process by assisting farmers in submitting their details and premiums to the insurance companies through the National Crop Insurance Portal (NCIP). With the help of these agencies, farmers can secure their interests against unforeseen crop losses.
For more detailed information, you can download the PMFBY Bank Role Manual PDF. This insightful PDF will guide you through the scheme’s benefits and processes effectively.
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