Kerala HC: Physiotherapists and Occupational Therapists Cannot Use “Dr.” Without Medical Degree  ||  Delhi High Court: Law Firms Must Verify Cited Case Laws; Senior Counsel Not Responsible for Finality  ||  MP High Court Dismisses Shah Bano’s Daughter’s Plea, Rules ‘Haq’ Movie is Fiction  ||  Bombay HC Cancels ERC Order, Rules Stakeholders Must Be Heard Before Amending Multi-Year Tariff  ||  Calcutta High Court Rules Dunlop’s Second Appeal Not Maintainable under the Trade Marks Act  ||  Kerala HC: Revisional Power U/S 263 Not Invocable When AO Grants Sec 32AC Deduction After Inquiry  ||  J&K&L HC: Section 359 BNSS Doesn’t Limit High Court’s Inherent Power U/S 528 to Quash FIRs  ||  Bombay HC: BMC Ban on Footpath Cooking via Gas/Grill Doesn’t Apply to Vendors Using Induction  ||  Madras HC: Buyer Not Liable for Seller’s Tax Default; Purchase Tax Can’t Be Imposed under TNGST Act  ||  Kerala HC: Oral Allegations Alone Insufficient to Sustain Bribery Charges Against Ministers    

Pradhan Mantri Fasal Bima Yojana- (Reserve Bank of India) (17 Mar 2016)

MANU/RMIC/0039/2016

Banking

The Central government approved the Pradhan Mantri Fasal Bima Yojana, which will replace the existing National Agricultural Insurance Scheme and Modified National Agricultural Insurance Scheme from Kharif 2016. PMFBY will be available to farmers at low rates of premium. It will provide insurance cover for all stages of the crop cycle including post-harvest risks in specified instances.

The Reserve Bank of India issued operational guidelines for banks, particularly those in rural areas, to help increased coverage under the scheme. These include specified seasonality discipline for acceptance of proposals or premium, remittance of premium along with consolidated proposals to the concerned Implementing Insurance Companies, uploading of requisite details of insured farmers on Crop Insurance Portal and credit of claim amount in the accounts of the farmers for effective implementation of the schemes. RBI also called for the creation of an integrated IT platform to capture all relevant data to prevent duplication of land details, crops sown and preventing multiple insurance coverage against the same account.

Tags : AGRICULTURAL INSURANCE   PMFBY   DUPLICATE ACCOUNTS  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved