The CAG has picked several holes in the crop insurance schemes including Narendra Modi government's flagship Pradhan Manti Fasal Bima Yojana (PMBFY), saying delays in release of compensation by states to affected farmers defeated "the objective of providing timely financial assistance".
In its audit report on agriculture crop insurance schemes, tabled in Parliament on Friday, the Comptroller and Auditor General (CAG) highlighted irregularities in disbursing claims by banks and financial institutions to farmers' accounts under the crop insurance schemes and recommended introduction of a mechanism to ensure that state governments' shares are received in time.
