The Central government on Monday announced the release of ₹3,200 crore under the Pradhan Mantri Fasal Bima Yojana (PMFBY) to approximately 30 lakh farmers affected by recent natural disasters. This marks the first installment, with an additional ₹8,000 crore to follow, Union Agriculture and Farmers Welfare Minister Shivraj Singh Chouhan said.
In a post on X, Chouhan warned that insurance companies failing to transfer compensation within the stipulated time would face a 12% interest penalty, which would be paid directly to farmers.
“Farmer brothers and sisters, serving you is my worship of God. If you have any complaints regarding the crop insurance scheme, please inform me. We always stand with you,” Chouhan said in a video message, emphasising the government’s commitment to farmer welfare.
The minister described PMFBY as a “boon” for disaster-affected farmers, providing crucial support when crops—and consequently, farmers’ livelihoods—are destroyed.
Launched in 2016, PMFBY offers comprehensive protection against crop losses from natural calamities such as hailstorms, droughts, floods, cyclones, unseasonal rains, pests, and diseases. The scheme marked its ninth anniversary in February 2025 and was extended by the Union Cabinet in January 2025 until 2025-26 with a budget of ₹69,515.71 crore.
The Ministry of Agriculture noted that non-loanee farmers’ participation has risen to 55% of total coverage in 2023-24, reflecting the growing voluntary adoption of the scheme.