The scheme -- Gajendra Singh Kisan Sahayta Yojana -- has been named after a Rajasthan-based farmer who had allegedly hanged himself at an AAP rally here.
The Delhi Cabinet had approved the scheme's name and the formula for payment of compensation to the farmers on May 1.
According to a senior government official, farmers who have suffered crop loss of 70 per cent and above will be given Rs 20,000 per acre while those below the mark will be provided with a minimum compensation of Rs 14,000 per acre.
It has also been decided that any dispute arising between government officials and farmers on the quantum of crop loss will be resolved in Gram Sabha nearest to the land of the affected farmer.