Farmers to give declaration to banks to opt out of 'PMFBY' scheme

Senior officials said banks have been directed to maintain a record of the declarations given by farmers, so that no premium is deducted after someone has opted to move out of the scheme

Farmers with loan dues will need to give a simple declaration to their bank branch seven days before the final date for enrolment under the Pradhan Mantri Fasal Bima Yojana (PMFBY) to opt out of the scheme, the government has said.

The cut-off date for enrolment is July 31 for the kharif season and December 31 for rabi. The clarification has been issued after last month’s decision to make PMFBY voluntary for loanee farmers as well. For non-loanee farmers, the scheme has been optional since the beginning. 

Senior officials said banks have been directed to maintain a record of the declarations given