SBP revamps Crop Loan Insurance Scheme

MG News | April 23, 2026 at 04:03 PM GMT+05:00

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April 23, 2026 (MLN): The State Bank of Pakistan (SBP) has revised its crop loan insurance framework, introducing an upgraded version of the scheme aimed at expanding coverage, improving payouts, and integrating technology-driven risk assessment tools for farmers.

In a circular, the SBP announced the transformation of the existing Crop Loan Insurance Scheme into “CLIS+” following consultations with key stakeholders, including the Finance Division, Securities and Exchange Commission of Pakistan (SECP), Asian Development Bank (ADB), Insurance Association of Pakistan (IAP), and SUPARCO.

The revamped scheme is designed to strengthen agricultural credit protection through enhanced insurance payouts, broader crop coverage, and the introduction of technology-based trigger mechanisms to assess losses and streamline claims.

Banks and microfinance banks have been directed to implement the revised framework in line with the updated term sheet issued by the regulator.

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