For KCC account holders, J&K Bank’s important announcement about Fasal Bhima option

Srinagar: Jammu & Kashmir Bank has announced today that farmers who already have a KCC loan for notified crops (paddy and maize) and do not want to participate in the Fasal Bhima insurance scheme can opt out from the scheme.

Automatic enrollment: If a farmer doesn’t opt out by July 8, 2024, they will be automatically enrolled in the scheme for the Kharif 2024 season, a bank notification received by Ziraat Times said.

Pradhan Mantri Fasal Bima Yojana (PMFBY), a crop insurance scheme for farmers is being implemented in  Jammu and Kashmir. The scheme is designed to provide financial support to farmers who suffer crop losses due to natural disasters, pests, and diseases.

Here are some of the key details of the scheme for farmers:

Farmer’s share of premium: The farmer’s share of the insurance premium for Kharif crops (summer crops) is 2% for the 2024 season. This means that farmers who are not already covered by the scheme will be automatically enrolled for Kharif 2024.

Opt-out option: Farmers who already have a KCC loan for notified crops (paddy and maize) and do not want to participate in the scheme can opt out. The deadline to opt out is July 8, 2024.

Automatic enrollment: If a farmer doesn’t opt out by July 8, 2024, they will be automatically enrolled in the scheme for the Kharif 2024 season.

Important Dates:

• Last date for enrollment: July 15, 2024
• Last date to opt-out: July 8, 2024

For more information on the PMFBY scheme, you can visit the website of the Ministry of Agriculture, Government of India https://www.pmfby.gov.in/.