PMFBY
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for VIDEO LECTURES OF ASHISH SIR (FOR ALL SCALES) — Bank Promotions.
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What does PMFBY stand for?
PMFBY stands for Pradhan Mantri Fasal Bima Yojana, a government-sponsored crop insurance scheme launched in 2016 to provide financial support to farmers suffering crop loss or damage.
What is the full form of PMFBY?
Pradhan Mantri Fasal Bima Yojana
When was PMFBY launched?
PMFBY was launched on 13 January 2016 by Prime Minister Narendra Modi, replacing the earlier National Agricultural Insurance Scheme (NAIS) and Modified NAIS.
In which year was PMFBY made voluntary for all farmers?
2020, making it optional for all farmers
Which ministry administers PMFBY?
PMFBY is administered by the Ministry of Agriculture and Farmers Welfare, Government of India, with implementation through empanelled insurance companies.
What is the minimum indemnity level available under PMFBY?
70 percent of threshold yield
What is the maximum premium rate payable by farmers for Kharif crops under PMFBY?
For Kharif crops, farmers pay a maximum premium of 2% of the sum insured or actuarial rate, whichever is lower, with the balance premium subsidised by the government.
Which scheme did PMFBY replace when it was launched in 2016?
National Agricultural Insurance Scheme (NAIS)
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