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Thursday, July 23, 2020

Big news for farmers: If you are a Kisan credit card holder, get the job done in 24 hours, otherwise there will be huge losses.

Big news for farmers: If you are a Kisan credit card holder, get the job done in 24 hours, otherwise there will be huge losses.

If you are a Kisan Credit Card holder, this is your important news. If you do not want to join Pradhan Mantri Pak Vima Yojana, give a notice to your bank branch seven days before 31st July i.e. by 24th July, the cut-off of fixed registration for insurance. Let it be known that I do not want to join this scheme. By doing this you can separate yourself from the plan. Otherwise, this negligence can weigh heavily on your pocket. The premium of PM crop insurance scheme will be deducted directly from the bank.

Insurance companies in profit

In the case of crop insurance, more companies have benefited from farmers at the national level. In three years, farmers collectively paid Rs 76,154 crore in premiums while the farmers received only Rs 55,617 crore in claims.

Due to the strange terms of crop insurance, companies are benefiting and farmers are losing out. So the farmers union has long been demanding the scheme to make crop insurance voluntary. Acknowledging this, the Modi government has now declared the scheme voluntary for all farmers from the kharif season 2020 onwards. Otherwise, the premium of Kisan credit card holders would be deducted automatically.

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When the scheme was launched in 2016, it was made mandatory for the borrowers to get crop insurance under the Insurance Scheme (PMFBY). Therefore, about 70 million farmers who took Kisan Credit Card (KCC-Kisan credit card) were forced to become part of it. At present, about 58 per cent of farmers are in debt. Now it remains to be seen whether the number of insured will decrease after volunteering.

This document is required to join the scheme
To complete the registration process, farmers have to carry Aadhaar number, bank passbook, land record / lease agreement and self-declaration certificate.

All the farmers registered under the scheme this season will be notified about the status of the application through regular SMS on their registered mobile number.


To ensure easy registration for farmers, the Ministry of Agriculture and Farmer Welfare has trained banks, insurance companies, Common Service Center (CAC), State Level Bankers Committee (SLBC) and 29,275 village level officers.

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