THE UNION CABINET on Wednesday extended two crop insurance schemes - the Pradhan Mantri Fasal Bima Yojana (PMFBY) and the Restructured Weather Based Crop Insurance Scheme (RWBCIS) - by one more year till 2025-26 to align their implementation with the 15th Finance Commission period.
The total outlay for PMFBY and RWBCIS has been increased to ₹69,515 crore for 2021-22 to 2025-26, from ₹66,550 crore for FY21-25.
The cabinet committee on economic affairs also created a separate fund for innovation and technology (FIAT) of ₹824.77 crore for technology infusion in the implementation of these flagship schemes.
"FIAT will help in the use of technology for faster assessment of crop damage, claim settlement and lesser disputes. It will also help in using digital technologies for easier enrolment and greater coverage," information and broadcasting minister Ashwini Vaishnaw told the press after the cabinet meeting.
The agriculture ministry said the special fund will be utilised towards funding technological initiatives as well as research and development studies.
Agriculture minister Shivraj Singh Chouhan said the insurance companies will have to pay a penalty of 12% to farmers on the claims if there is a delay in claim settlement beyond the stipulated period under the PMFBY.
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