Fullform of PMFBY is
APradhan Manthri Fasal Bima Yojana
BPradhan Mantri Finance Board Yojana
CPradhan Mantri Financial Banking Yojana
DPradhan Mantri Fund For Business Youth
Answer:
A. Pradhan Manthri Fasal Bima Yojana
Read Explanation:
- Pradhan Mantri Fasal Bima Yojana (PMFBY) is a flagship crop insurance scheme launched by the Government of India in 2016.
- It was introduced to replace the earlier National Agricultural Insurance Scheme (NAIS) and the Modified National Agricultural Insurance Scheme (MNAIS) to provide better coverage and reduce premium burdens on farmers.
- Key Objectives:
- Provide insurance coverage and financial support to farmers in the event of failure of any of the notified crops due to natural calamities, pests, and diseases.
- Stabilize the income of farmers to ensure their continuance in farming.
- Encourage farmers to adopt innovative and modern agricultural practices.
- Premium Rates: The scheme mandates uniform premium rates to be paid by farmers for all Kharif and Rabi crops:
- Kharif Crops: 2.0% of the sum insured.
- Rabi Crops: 1.5% of the sum insured.
- Annual Commercial/Horticultural Crops: 5.0% of the sum insured.
- The scheme is implemented by empanelled general insurance companies and is monitored by the Ministry of Agriculture and Farmers Welfare.
- It operates on an 'Area Approach' basis, where a defined area is considered for crop loss assessment, though provisions exist for localized calamities and post-harvest losses.
- The scheme aims to increase Non-Loanee farmers' participation in crop insurance by simplifying the enrollment process.