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Pradhan Mantri Fasal Bima Yojana

Published on January 14, 2020
Current context: The Union Cabinet approved the PM Fasal Bima Yojana scheme (PMFBY) on 13th of January in 2016 and the scheme was launched in February 2016.
Pradhan Mantri Fasal Bima Yojana
  • The Centre is implementing PMFBY to provide financial support to farmers suffering crop loss or damage arising out of unforeseen events.
  • The scheme provides comprehensive insurance coverage against crop loss on account of non-preventable natural risks, thus helping stabilise farmers’ income.
  • Under it, there is a uniform premium of only 2% to be paid by farmers for all Kharif crops and 1.5% for all Rabi crops.
  • In the case of annual commercial and horticultural crops, the premium to be paid by farmers will be only 5%.
  • Balance premium will be paid by the Government to provide full insured amount to farmers against crop loss on account of natural calamities.

Question: 

Q.1 The Pradhan Mantri Fasal Bima Yojana was launched in which year?
a. 2014
b. 2015
c. 2016
d. 2017
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