{"id":17490,"date":"2023-09-21T18:01:38","date_gmt":"2023-09-21T12:31:38","guid":{"rendered":"https:\/\/www.nextias.com\/current_affairs\/?p=17490"},"modified":"2023-09-21T18:01:40","modified_gmt":"2023-09-21T12:31:40","slug":"agri-credit-and-crop-insurance","status":"publish","type":"post","link":"https:\/\/www.nextias.com\/ca\/current-affairs\/21-09-2023\/agri-credit-and-crop-insurance","title":{"rendered":"Agri-Credit and Crop Insurance\u00a0"},"content":{"rendered":"\n<p><strong>Syllabus: GS3\/Economy<\/strong><\/p>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">In News<\/span><\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Union Finance Minister and Union Agriculture Minister unveiled initiatives focused on <strong>agri-credit (KCC &amp; MISS) and crop insurance (PMFBY\/RWBCIS) <\/strong>to enhance financial inclusion in the agriculture sector.<\/li>\n<\/ul>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">New Initiatives Launched<\/span><\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Kisan Rin Portal (KRP):&nbsp; <\/strong>This digital platform aims to <strong>revolutionize access to credit services under the Kisan Credit Card Scheme (KCC) by <\/strong>offering a <strong>comprehensive view<\/strong> of farmer data &amp; loan disbursement specifics and fostering seamless integration with banks. It will also assist farmers in availing subsidized agriculture credit through the <strong>Modified Interest Subvention Scheme (MISS).<\/strong><\/li>\n\n\n\n<li><strong>Ghar-Ghar KCC Abhiyaan: This Door to Door KCC Campaign<\/strong> will be implemented from <strong>1st October 2023 to 31st December 2023<\/strong> to <strong>achieve universal financial inclusion. <\/strong>It will do so by fostering the saturation of KCC Accounts among eligible <strong>non-KCC account holder<\/strong> PM Kisan beneficiary farmers. It will be primarily implemented by <strong>NABARD.<\/strong><\/li>\n\n\n\n<li><strong>Launch of <\/strong><strong>Weather Information Network Data Systems (WINDS)<\/strong><strong> Manual: <\/strong>It aims to establish<strong> a network of Automatic Weather Stations &amp; Rain Gauges at the taluk\/block and gram panchayat levels to <\/strong>support various agricultural services.<\/li>\n<\/ul>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">Schemes for Agri-Credit<\/span><\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Modified Interest Subvention Scheme (MISS): <\/strong>It is a <strong>central sector scheme <\/strong>launched in the year<strong> 2006-07<\/strong> with a view to provide<strong> short term Agri-loans <\/strong>availed by farmers through Kisan Credit Card (KCC) for their working capital requirements<strong> at concessional rate of interest.&nbsp;<\/strong><\/li>\n\n\n\n<li><strong>Kisan Credit Card Scheme (KCC):<\/strong> It was introduced in <strong>1998 <\/strong>so that farmers may use KCC to readily purchase <strong>agricultural inputs<\/strong> for their production needs. KCC is implemented by <strong>Commercial Banks, Cooperative Banks and Rural Regional Banks (RRBs) <\/strong>under the overall guidance of the Department of Financial Services.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p><strong><span style=\"text-decoration: underline;\">Crop Insurance<\/span><\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Pradhan Mantri Fasal Bima Yojana (PMFBY): <\/strong>It was launched in <strong>2016 and <\/strong>provides a <strong>comprehensive insurance cover against failure of the crop<\/strong>.\n<ul class=\"wp-block-list\">\n<li>The scheme is administered by the Ministry of Agriculture and is implemented by<strong> empanelled general insurance companies<\/strong>.&nbsp;<\/li>\n\n\n\n<li>The scheme is<strong> compulsory for loanee<\/strong> farmers availing Crop Loan \/KCC account for notified crops and voluntary for others.&nbsp;<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Restructured Weather Based Crop Insurance Scheme (RWBCIS): <\/strong>It was launched in <strong>2016<\/strong> to mitigate the hardship of the insured farmers against the likelihood of financial loss on account of anticipated crop loss <strong>resulting from adverse weather conditions.&nbsp;<\/strong>\n<ul class=\"wp-block-list\">\n<li>While PMFBY is based on yield, RWBCIS uses <strong>weather parameters as \u201cproxy\u201f<\/strong> for crop yields in compensating the cultivators for deemed crop losses.<\/li>\n\n\n\n<li>All standard Claims are processed and paid within <strong>45 days from the end of the risk period<\/strong>.&nbsp;<\/li>\n\n\n\n<li>The scheme is being administered by the Ministry of Agriculture.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p><strong>Source: <\/strong><a href=\"https:\/\/www.pib.gov.in\/PressReleasePage.aspx?PRID=1958864\" target=\"_blank\" rel=\"noopener\"><strong>PIB<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Syllabus: GS3\/Economy In News New Initiatives Launched Schemes for Agri-Credit Crop Insurance Source: PIB<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-17490","post","type-post","status-publish","format-standard","hentry","category-current-affairs"],"acf":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/17490","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/comments?post=17490"}],"version-history":[{"count":1,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/17490\/revisions"}],"predecessor-version":[{"id":17491,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/posts\/17490\/revisions\/17491"}],"wp:attachment":[{"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/media?parent=17490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/categories?post=17490"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nextias.com\/ca\/wp-json\/wp\/v2\/tags?post=17490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}