The Department of Commerce (B&I) along with the Cuentas Association organized an awareness programme on PRADHAN MANTRI FASAL BIMA YOJANA (PMFBY)- Crop Insurance” on March 31, 2023 for the people of nearby villages. The coverage of insurance is very low in India. This scheme provides insurance coverage and financial support to the farmers for the failure of the notified crop due to natural calamities, pests & diseases. The scheme could be implemented through a multi-agency framework by selected insurance companies under the overall guidance & control of the Department of Agriculture, Cooperation & Farmers Welfare (DAC&FW), Ministry of Agriculture & Farmers Welfare (MoA& FW), Government of India (GOI). Further, they explained that DAC&FW has designated/empanelled Agriculture Insurance company of India (AIC) and private Insurance companies 1) ICICI-Lombard General Insurance Company Ltd. 2) HDFC-ERGO General Insurance Company Ltd. 3) IFFCO-Tokio General Insurance Company Ltd. 4) Cholamandalam MS General Insurance 2 Company Ltd. 5) Bajaj Allianz General Insurance Company Ltd. 6) Reliance General Insurance Company Ltd. 7) Future Generali India Insurance Company Ltd. 8) Tata-AIG General Insurance Company Ltd. 9) SBI General Insurance Company Ltd. 10) Universal Sompo General Insurance Company Ltd. provides crop insurance.
Our faculty, Mr. R. Dhamotharan, NSS officer along with 15 students of I B.Com (B & I) participated in this program and nearly 20 farmers got benefitted through this program.