The Central government is set to release an installment of Rs 3,200 crore under the Pradhan Mantri Fasal Bima Yojana on Monday. This marks the first tranche of funds being provided to farmers affected by natural disasters. According to Union Agriculture and Farmers Welfare Minister Shivraj Singh Chouhan, an additional Rs 8,000 crore will be disbursed in a later phase to support more farmers.
In a post on X, the minister emphasized that approximately 30 lakh farmers impacted by adverse weather conditions will receive the Rs 3,200 crore directly in their accounts as part of this initial installment. He reassured farmers whose accounts may not be credited immediately, advising them not to worry as the subsequent amount will follow soon.
The minister also issued a stern warning to insurance companies, stating that any delay in depositing the insurance amount to disaster-affected farmers will result in a 12 percent interest penalty. This penalty amount will be paid directly to the farmers, ensuring timely and fair compensation under the scheme.
