India’s Agriculture Ministry signs MoU with UNDP for Pradhan Mantri Fasal Bima Yojana and KCC

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Small farmers will benefit from MoU – Agriculture Minister Mr. Tomar

12 May 2022, New Delhi: An MoU between Indian Ministry of Agriculture and Farmers Welfare and United Nations Development Program (UNDP) was signed today for Pradhan Mantri Fasal Bima Yojana (PMFBY) and Kisan Credit Card – Revised Interest Subvention Scheme (KCC-MISS). This was done in presence of Union Agriculture Minister, Narendra Singh Tomar. 

The MoU was signed by Mr. Ritesh Chauhan, CEO, PMFBY and Ms. Shoko Noda, resident representative of UNDP. As per the MoU, this partnership will provide support for effective implementation of agricultural credit and crop insurance and provide information, education, communication support and capacity development to existing national and state institutions. 

Mr. Tomar said that keeping in mind the interests of small farmers of the country, this agreement has been done and will benefit them by getting the support of Project Management Unit (PMU).

The partnership with UNDP started three years back which now has been extended for the next five years. This will also help the farmers to understand and utilise the importance of agriculture related financing and crop insurance. He said that PMFBY is a big security cover for the farmers of the country. 

So far, farmers have deposited about Rs. 21 thousand crore as premium, while they have received Rs. 1.15 lakh crore as compensation for crop loss. The government wants that no eligible farmer should be deprived of claim and all the insured farmers should get compensation for crop loss. PMFBY has also been simplified in the interest of farmers.

Mr. Tomar said that small farmers are also getting the benefit of KCC and so far about Rs.16 lakh crore has been received by the farmers as loan. During the crisis of Corona, more than two crore KCCs have been made, the overall goal is that even small farmers should get the benefit of it. Animal farmers and fish farmers have also been given benefits by linking them with the KCC scheme.

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