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PM to meet banks, insurance firms on crop insurance

PM is likely to meet senior officials of all banks and insurance companies soon to discuss implementation of Pradhan Mantri Fasal Beema Yojana

Policy Pulse
Publish Date: Mar 21 2016 4:04PM | Updated Date: Mar 21 2016 4:04PM

PM to meet banks, insurance firms on crop insurance

PM Narendra Modi is is likely to meet senior officials of all banks and insurance companies soon to discuss  implementation of Pradhan Mantri Fasal Beema Yojana, in Mumbai.

 
Under PMFBY scheme, premium burden on farmers has been kept low.
 
Scheme will come into being rom April for kharif crops to be sown from June. 
 
Finance Minister Arun Jaitley will be present in meeting.
 
Since scheme is both for loanee and non-loanee farmers, meeting will deliberate on bringing more loanee farmers under the crop insurance scheme. 
 
Currently, about 25 per cent the total crop area of 194.40 million hectares is being insured. 
 
Out of farm credit target of Rs 8.5 lakh crore set for this financial year, not more than Rs 75,000 crore is under crop insurance.