Farmers asked to opt PMFBY by Aug 21

Kakinada: East Godavari lead bank district manager (LDM) BV Subrahmanyam asked the farmers to avail the Pradhan Mantri Fasal Bhima Yojana (PMFBY) on or before August 21, the last date for receiving insurance coverage applications.

The LDM asked the farmers to consult the concerned bank which extended agriculture loan for Khariff crop in the present year.  

He said on Tuesday said that two percent on the loan amount would be charged for insurance coverage.  He advised the farmers to opt for insurance without fail, in view of heavy rains lashing the district.

The  LDM asked the selected candidates under SC Corporation, BC  Corporation, Kapu  Corporation, ST Corporation, Minority Finance Corporation to contact the  concerned  bank manages for processing of their applications and sanction of loans. 

He clarified that a total 59,000 applications were sent from these corporations to all the 759 banks in the district. Out of these, 44,000 were selected. About 12,000 applicants were selected for extension of bank loans.

The LDM asked the beneficiaries to approach concerned bank branches for final process of selection and issue of loan sanction letters.