Under the PMFBY, which was launched in February 2016 by Prime Minister Narendra Modi, it is mandatory for loanee farmers to take insurance cover under this scheme. Currently, 58 per cent of the total farmers are loanee. NEW DELHI: The government on Wednesday approved major changes in the Pradhan Mantri Fasal Bima Yojana (PMFBY) making it optional for farmers with a view to plug loopholes in the farm insurance scheme. Under the PMFBY, which was launched in February 2016 by Prime Minister Narendra Modi, it is mandatory for loanee farmers to take insurance cover under this scheme.