Pradhan Mantri Fasal Bima Yojana (PMFBY)

The Pradhan Mantri Fasal Bima Yojana (PMFBY) is a crop insurance scheme launched by the Government of India in 2016. It provides insurance coverage to farmers against crop losses resulting from natural calamities, pests, and diseases. The scheme mandates a uniform premium rate for farmers across the country. PMFBY aims to offer timely insurance payouts to farmers facing crop damages. It is designed to enhance the resilience of the agricultural sector against unforeseen events.