UPDATE 1-India may penalize delays in crop insurance settlements

March 22, 2016 7:59 AM

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MUMBAI, March 22 India may impose penalties for delaying claim settlements under its new crop insurance scheme in an effort to remedy shortcomings in earlier insurance programmes, top government officials said on Tuesday.

India's government in January launched a new crop insurance plan beginning in the summer season in June that is expected to cover half of India's 263 million farmers in the next two to three years.

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