The Pradhan Mantri fasal bima yojana (PMFBY) launched on 18 February 2016 by Prime Minister Narendra Modi is an insurance service for farmers for their yields.

It aims to reduce the premium burden on farmers and ensure early settlement of crop assurance claim for the full insured sum.

Pradhan Mantri Fasal Bima Yojna (PMFBY) aims to provide a comprehensive insurance cover against failure of the crop thus helping in stabilising the income of the farmers.

Pradhan Mantri Fasal Bima Yojana aims at supporting sustainable production in agriculture sector by way of[3] The scheme shall be implemented through a multi-agency framework by selected insurance companies under the overall guidance and control of the Department of Agriculture, Cooperation & Farmers Welfare, Ministry of Agriculture & Farmers Welfare, Government of India and the concerned State in co-ordination with various other agencies; financial institutions like commercial banks, co-operative Banks, regional rural banks and their regulatory bodies, government departments[4] All the farmers growing notified crops in a notified area during the season who have insurable in the crop are eligible.

In due course of time, the Unit of Insurance can be a Geo-Fenced/Geo-mapped region having homogeneous Risk Profile for the notified crop.

Unveiling the guidelines of the PMFBY, Modi attributed low enrolment in crop insurance to farmers’ "lack of faith" in previous schemes.

[10] RTI data received and reviewed by The Wire has revealed that farmers’ claims worth Rs 2,829 crore remain unpaid for the two seasons that the PMFBY has been implemented.

[13] Delay in settlement of claims defeats the very purpose of the flagship Pradhan Mantri Fasal Bima Yojana said the Parliamentary Standing Committee On Agriculture in the report tabled in Lok Sabha on August 10, 2021 Agriculture initiatives schemes launched by the Narendra Modi regime are:[14]