Govt weighing proposals of 4 PSU insurers for PMFBY
The Centre is actively considering proposals of four public sector general insurance companies to be part of the Pradhan Mantri Fasal Bima Yojana (PMFBY) launched this year. Currently, the Agriculture Ministry has empanelled 11 private sector companies and state-owned Agriculture Insurance Company (AIC) to implement the new scheme.
"The four state-owned Oriental Insurance Company, New India Assurance Company, National Insurance Company and United India Insurance Company have sent the proposals to participate in the scheme. We are actively examining them," a senior Agriculture Ministry official said. A meeting with the four public insurers was held last week on this issue, the official said. Both public and private insurers are being encouraged to create healthy competition for better implementation of the scheme, the official added.