Government has appointed senior bureaucrat Ashish Kumar Bhutani as Chief Executive Officer (CEO) of Pradhan Mantri Fasal Bima Yojana (PMFBY). He has been appointed to post till May 2020. He is IAS officer (1992 batch) of Assam-Meghalaya cadre. It is farmers’ welfare scheme launched in 2016 to ensure faster insurance services or reliefs to farmers.
It was formulated in line with One Nation–One Scheme theme by replacing earlier two schemes National Agricultural Insurance Scheme (MNAIS) and Modified National Agricultural Insurance Scheme (MNAIS) by incorporating their best features and removing their inherent drawbacks (shortcomings). It aims to reduce the premium burden on farmers and ensure early settlement of crop assurance claim for the full insured sum.
Under this scheme, farmers need to pay a uniform premium of only 2% for all Kharif crops and 1.5% for all Rabi crops. In case of annual commercial and horticultural crops, farmers have to pay the premium of only 5%. The premium rates to be paid by farmers are very low and the balance premium will be paid by Government. Moreover, there is no upper limit on Government subsidy, so farmers will get the claim against full sum insured without any reduction.
It covers yield losses due to non-preventable risks, such as natural fire and lightning, storm, stailstorm, cyclone, typhoon, tempest, hurricane, tornado. It also covers risks due to flood, inundation and landslide, drought, dry spells, pests and diseases. It also covers post-harvest losses are also covered.