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Centre Disburses ₹3,200 Crore Under PMFBY to 30 Lakh Farmers

Under the reformed framework 12% penalties for late contributions aim to speed settlements, with a further ₹8,000 crore to be disbursed soon

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Overview

  • On August 11 the government digitally credited ₹3,200 crore to the accounts of 30 lakh farmers affected by natural disasters under PMFBY.
  • Madhya Pradesh received ₹1,156 crore, Rajasthan ₹1,121 crore, Chhattisgarh ₹150 crore and other states ₹773 crore in the first instalment.
  • The transfer ceremony in Jhunjhunu was led by Agriculture Minister Shivraj Singh Chouhan alongside Rajasthan Chief Minister Bhajanlal Sharma and other officials.
  • Under the revamped claim settlement process, payouts are now calculated on central subsidy alone, eliminating delays from pending state premium contributions.
  • A second tranche of ₹8,000 crore will follow soon and insurance companies or state governments face 12% penalties from the upcoming Kharif season for any late payments.