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      Question

      Which of the following statements accurately describes

      the recent Cabinet-approved continuation of the PradhanMantriFasalBimaYojana (PMFBY) and the Restructured Weather Based Crop Insurance Scheme (RWBCIS) for the period 2021-22 to 2025-26?
      A The schemes will be discontinued in North Eastern states due to implementation difficulties. Correct Answer Incorrect Answer
      B A total outlay of тВ╣69,515.71 crore has been approved for technological research only. Correct Answer Incorrect Answer
      C A new fund called FIAT has been introduced to support technology-based crop insurance innovation. Correct Answer Incorrect Answer
      D The schemes will now include livestock insurance under RWBCIS. Correct Answer Incorrect Answer
      E Claims under both schemes will now be settled only via cooperative banks. Correct Answer Incorrect Answer

      Solution

      The Union Cabinet has approved the continuation of PMFBY and RWBCIS till 2025тАУ26. A key development is the creation of the Fund for Innovation and Technology (FIAT) with тВ╣824.77 crorecorpus to support technology initiatives like YES-TECH and WINDS and to enhance R&D efforts. Important Points: тАв Scheme:PradhanMantriFasalBimaYojana (PMFBY) тАв Launch Year: 2016 тАв Ministry: Ministry of Agriculture & Farmers Welfare тАв Implementing Agency: State Agriculture Departments + Empanelled insurance companies тАв Objective: Provide insurance coverage and financial support to farmers in the event of crop failure due to natural calamities, pests, and diseases тАв Key Features: o Uniform premium: 2% (Kharif), 1.5% (Rabi), 5% (commercial crops) o Technology-driven claim settlement o Voluntary for farmers since 2020 o 90% premium subsidy for North Eastern States o Recent approval: тВ╣69,515.71 crore outlay for 2021-22 to 2025-26 o Introduction of FIAT: тВ╣824.77 crore for tech and innovation

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