INTRODUCTION
Agricultural credit is a major support service extended to serve the financial needs for agricultural production, marketing and other stages of the value chain. Enhancing access to credit by small farmers has always been a major component of development programs and projects in the...
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The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi on Wednesday approved computerisation of Primary Agricultural Credit Societies (PACS) with the aim of increasing efficiency of PACS, bringing transparency and accountability in their operations.
This project proposes computerization of about 63,000 functional PACS over a period of five years with a total budget outlay of Rs 2,516 crore with the central government’s share of Rs 1,528 crore.
Sources in the Ministry of Cooperation (MoC) said the government was also working on model bylaws for these societies which states would be expected to emulate even as it planned to rejuvenate defunct societies and had kept a target of setting up 3 lakh PACS across the country.
The Primary Agricultural Cooperative credit societies (PACS) constitute the lowest tier of the three-tier short-term cooperative credit (STCC) in India comprising of nearly 13 crore crore farmers as its members.
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