Agriculture Minister Shivraj Singh Chouhan announced that ₹1.6 lakh crore in insurance claims have been paid to farmers under the Pradhan Mantri Fasal Bima Yojana (PMFBY) since its inception in 2016-17. During this period, farmers paid ₹32,440 crore in premiums. The scheme has been enhanced to be more farmer-friendly and affordable, ensuring timely and transparent claim processing. Additionally, insurance companies must pay a 12% penalty for late disbursal of claims, which will be automatically calculated starting from the Kharif 2024 season.
