Current Affairs

Bengal stopped Crop Insurance Scheme PMFBY

Current context: The West Bengal government has stalled PM Fasal Bima Yojana from Kharif 2019 and instead rolled out its own scheme.
Bengal stopped Crop Insurance Scheme PMFBY
  • The Centre had introduced Pradhan Mantri Fasal Bima Yojana (PMFBY) from Kharif 2016, to provide financial support to farmers suffering crop loss/damage.
  • It is voluntary for states to implement the scheme. The WB government had implemented the schemes during 2016-17, 2017-18 and 2018-19.
  • Now the WB Government is implementing its own scheme, Bangla Fasal Bima Yojana from Kharif 2019.

About PMFBY:

  • In this scheme, only 2% uniform premium is paid by farmers for all Kharif crops, 1.5% for all Rabi crops, and 5% in the case of annual commercial and horticultural crops.
  • Balance premium (Remaining part of actuarial premium) will be paid by the Government (shared equally the Centre and the State government) to provide full insured amount to the farmers against crop loss.
  • No upper limit on Government subsidy is set and even if the balance premium is 90%, it will be borne by the Government.
  • A penalty provision of 12% interest rate per annum is put on Insurance Company to farmers for the delay in settlement claims beyond 10 days of the cut-off date for payment of claims.
  • If the states delay in releasing their share of subsidy beyond 3 months of prescribed cut-off date/submission by Insurance Companies, a penalty of 12% interest rate is put on them.

Question: 

Q.1 Which state has recently stalled the centre’s PM Fasal Bima Yojana Scheme and launched its own crop insurance scheme?
a. Odisha
b. Jharkhand
c. West Bengal
d. Andhra Pradesh
Bengal stopped Crop Insurance Scheme PMFBY Bengal stopped Crop Insurance Scheme PMFBY Reviewed by Neha Verma on July 25, 2019 Rating: 5

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