Union Home and Cooperation Minister Amit Shah inaugurated a one-day National Conference of Rural Cooperative Banks organised by the Ministry of Cooperation and the National Federation of State Cooperative Banks (NAFSCOB) on Friday. During the event, Shah pitched for reforms and formulating a strategy for PACS (Primary Agricultural Credit Society). He also spoke about computerisation of PACS to help upgrade human resources.
"There's a need to formulate a 5-year strategy for PACS (Primary Agricultural Credit Society). GoI introduced a scheme upon institution of Ministry of Cooperation for the computerisation of PACS, which will help upgrade human resources", Amit Shah was quoted as saying by news agency ANI.
In June, the Cabinet Committee on Economic Affairs approved the computerisation of Primary Agricultural Credit Societies (PACS) with the objective of increasing the efficiency of PACS, bringing transparency and accountability in their operations; facilitating PACS to diversify their business and undertake multiple activities/ services.
This project proposes the computerisation of about 63,000 functional PACS over a period of 5 years with a total budget outlay of Rs 2516 crore, with a central government share of Rs 1,528 crore, reported PTI.
The National Federation of State Cooperative Banks was established on May 19, 1964, with the broad objective to facilitate the operations of state and central cooperative banks and the development of a short-term cooperative credit structure.
There are 8.5 crore cooperatives in the country with 29 crore members associated. The government aims to increase this number to more than 100 crore.
(With inputs from PTI and ANI)