FarmGuide Launches the PMFBY Crop Insurance Scheme
Agri-Tech startup FarmGuide re-imagined the Pradhan Mantri Fasal Bima Yojana scheme to make sure that each rupee reaches the right farmer. Working closely with the Government, FarmGuide launched the national multilingual, multi-hierarchical PMFBY portal. With utmost priority towards systems security, the PMFBY portal is world’s biggest digital insurance platform.
- (1888PressRelease) June 29, 2018 - “For every rupee sent from Delhi, only 15 paisa reaches the poor,” former Prime Minister Rajiv Gandhi had said about how government aid reaches beneficiaries. Crop insurance too faced this challenge. Direct Benefit Transfer (DBT) was introduced in 2013 to ensure the entire aid reaches the rightful beneficiary on time. However, 2017’s Maharashtra farm data debacle proved DBT was still a challenge.
To tackle this challenge, FarmGuide conceptualized a unified easy-to-use crop insurance digital platform with all stakeholders — farmers, banks, insurance companies and the government. This proposal was presented to the Government of India which signed a 3-year MoU with FarmGuide to realize this policy vision.
Inspired by former PM Jawaharlal Nehru’s quote: “Everything else can wait, but not agriculture”, FarmGuide team devoted break-less days at Krishi Bhavan, working closely with the government, to ensure that systems are delivered well ahead of the documented deadline. FarmGuide launched the national multilingual, multi-hierarchical Pradhan Mantri Fasal Bima Yojana portal (pmfby.gov.in) as a one-stop solution for policy creation, premium calculation and transfer, crop loss reporting, and claims DBT. This e-governance tool has so far on-boarded 3.5 lakh bank branches, 1.8 lakh common service centers, and 8 crore Aadhaar-verified farmer accounts.
The simple solution to address complex problems approach has resulted in FarmGuide’s policy push to insure all 14 crore farmers, digitally report crop loss and DBT of sum insured within 3 weeks. The Team is proud to run the world’s biggest digital insurance platform. Find more details about the portal and how FarmGuide is providing data driven information using technology by visiting their website (https://farmguide.in/)
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