Sign In
Learn bits
Science & Tech., Economy
Mahesh

30/06/22 06:03 AM IST

Computerization of Primary Agriculture Credit Societies (PACS)

In News 
  • The Cabinet Committee on Economic Affairs chaired by Prime Minister Shri Narendra Modi has approved Computerization of Primary Agricultural Credit Societies (PACS) with the objective of increasing efficiency of PACS, bringing transparency and accountability in their operations; facilitating PACS to diversify their business and undertake multiple activities/ services. 
About Computerization 
  • This project proposes computerization of about 63,000 functional PACS over a period of 5 years with a total budget outlay of Rs. 2516 crore with Government of India share of Rs. 1528 crore.
  • The project will help in improving the outreach of the PACS as outlets for banking activities as well as non-Banking activities apart from improving digitalisation in rural areas.
  • The DCCBs can then enrol themselves as one of the important options for taking up various government schemes (where credit and subsidy is involved) which can be implemented through PACS.
  • It will ensure speedy disposal of loans, lower transition cost, faster audit and reduction in imbalances in payments and accounting with State. Cooperative Banks and District Central Cooperative Banks.
  • The project comprises of development of cloud based common software with cyber security and data storage, providing hardware support to the PACS, digitization of existing records including maintenance support and training.
  • This software will be in vernacular language having flexibility of customisation as per the needs of the States. Project Management Units (PMUs) will be set up at Central and State levels.
PACS 
  • The Primary Agricultural Cooperative credit societies (PACS) constitute the lowest tier of the three-tier Short-term cooperative credit (STCC) in the country comprising of approx.13 Cr. farmers as its members, which is crucial for the development of the rural economy.
  • PACS account for 41 % (3.01 Cr. farmers) of the KCC loans given by all entities in the Country and 95 % of these KCC loans (2.95 Cr. farmers) through PACS are to the Small and Marginal farmers.
  • The other two tiers viz. State Cooperative Banks (StCBs) and District Central Cooperative Banks (DCCBs) have already been automated by the NABARD and brought on Common Banking Software (CBS).
Source- PIB 

More Related Current Affairs View All

15 Nov

Government issues guidelines to curb misleading ads by coaching centres

'The central Government issued new guidelines aimed at curbing misleading advertisements by coaching institutes, specifically prohibiting false promises such as "100 per cent selec

Read More

15 Nov

Janjatiya Gaurav Divas

'Every year on November 15th, Janjatiya Gaurav Divas is celebrated to honor the contributions of these communities, especially in India’s freedom struggle.' 5th November

Read More

15 Nov

Supreme Court’s order on mandatory accessibility standards

'A bench of the Supreme Court last week ordered the Union government to frame mandatory rules for ensuring the accessibility of public places and services to persons with disabilit

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps