BRICS Bharat Innovates Exposition: 37 Indian Deep Tech Innovators participating (See 'Corp Brief') India's Coastline offers significant Potential for Marine Resources MoS (See 'Corp Brief') State Govets should assess current utilisation of cess funds: Mandaviya (See 'Corp Brief') Union Minister to participate in G20 Energy Abundance Ministerial Meeting in Houston (See 'Corp Brief') BEE showcases Electric Cooking Solutions for transition from LPG to Electricity (See 'Corp Brief') SARFAESI - Section 14(2) enables secured creditor to seek compliance with possession order - writ remedy not maintainable where this option is not exhausted first: HC (See 'Legal Desk') Dryland Congress 2026: Breeding, Climate Resilience and Nutrition take Centre Stage on Day One (See 'Corp Brief') MoS inaugurates Technology Centre at Devanahalli, Bengaluru (See 'Corp Brief') ASEAN and India advance cooperation on Climate-Resilient Agriculture & Digital Innovation (See 'Corp Brief') FEMA - Penalty cannot be imposed on company for delayed submission of Form FC-GPR where delay is entirely attributable to negligence & admitted administrative failure of its authorised dealer bank in transmitting timely submitted documents to RBI: SAFEMA (See 'Legal Desk') Bihar and West Bengal to inaugurate Labour Chowk-cum-Facilitation Centres (See 'Corp Brief') Digital India BHASHINI advances Multilingual AI for Inclusive Digital Governance (See 'Corp Brief') India must leverage Latest Technologies for Forest Assessment: Yadav (See 'Corp Brief') Companies Act - Issuance of order by a central authority stationed in New Delhi does not, per se, confer territorial jurisdiction or constitute a substantial part of cause of action when underlying subject matter has its closest nexus with another jurisdiction: HC (See 'Legal Desk') MoS lays bricks for BEDF Basmati and Organic Training Centre in Pilibhit (See 'Corp Brief') DRI seizes 740 kg cannabis and charas in operations across country (See 'Corp Brief') Trade Marks - Order rejecting registration of trade marks is invalid where no reasoning whatsoever is given, thereby showing complete non-application of mind: HC (See 'Legal Desk') MoS launches India's Advanced Ocean Research Vessel 'ORV Sagar Manthan' (See 'Corp Brief') MC²+ to launch dedicated Co-working Space and Innovation Node at NRL Centre (See 'Corp Brief') Competition Act - Allegations of anti-competitive agreements and abuse of dominant position cannot be sustained on basis of information which is generic, speculative, lacking in foundational facts & not backed by cogent evidence: CCI (See 'Legal Desk') New guidelines mandate minimum 80% plantation coverage and 90% survival rate along NHs (See 'Corp Brief') Freedom of navigation are pivotal for collective prosperity of Indian Ocean Region: RM (See 'Corp Brief') IBC - Act of IRP in releasing direct payments to an un-engaged secondary advocate without a formal direct engagement letter, independent invoices in payee's name, violates professional standards & regulatory requirements under IBC Code of Conduct, irrespective of subsequent ratification by CoC: IBBI (See 'Legal Desk') MoS says literacy and education must be reimagined as instruments of empowerment (See 'Corp Brief') Workshop on Data Harmonisation for Data Driven Governance held (See 'Corp Brief') NI Act is not primarily punitive rather is compensatory in nature, with focus on recovery of amount in question: HC (See 'Legal Desk') DAHD strengthens Surveillance, Vaccination and Disease-Control Measures (See 'Corp Brief') PM-SETU strengthens Industry-Led ITI Transformation (See 'Corp Brief') CPC - leave granted u/s Clause XII of the Letters Patent confers jurisdiction exclusively on High Court & does not bind or preserve the territorial jurisdiction of a subordinate civil court upon transfer: HC (See 'Legal Desk') DFPD and FCI sign MoU for to Strengthen Efficiency in Foodgrain Management (See 'Corp Brief') STPI Organises Electropreneur Summit 2026 at IIIT-Delhi (See 'Corp Brief') SEBI - Writ court's intervention is required in a private contractual dispute between petitioner & broker where any contractual or statutory remedies available under SEBI Act is not invoked: HC (See 'Legal Desk') India-Japan Joint Working Group Meeting on Forests held at Bengaluru (See 'Corp Brief') AI keeps an Eye on 'Cattle of the Hills' (See 'Corp Brief') SEBI - Any notice or assessment order is invalid where passed in respect of an entity that has been struck off Register of Companies & has since been dissolved: SEBI (See 'Legal Desk') Wow! 7.8% growth but it also does not reveal many things! (See CORP EINSICHT)

Print

Cabinet nod for computerization of Primary Agriculture Credit Societies

Published: Jun 29, 2022

By TIOLCorplaws News Service

NEW DELHI, JUNE 29, 2022: THE Cabinet Committee on Economic Affairs 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. 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 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).

However, majority of PACS have so far been not computerized and still functioning manually resulting in inefficiency and trust deficit. In some of the states, stand-alone and partial computerization of PACS has been done. There is no uniformity in the software being used by them and they are not interconnected with the DCCBs and StCBs. Under the able guidance of Shri Amit Shah, Hon'ble Minister of Home and Cooperation, it has been proposed to computerize all the PACS throughout the Country and bring them on a common platform at National level and have a Common Accounting System (CAS) for their day to day business.

Computerization of PACS, besides serving the purpose of financial inclusion and strengthening service delivery to farmers especially Small & Marginal Farmers (SMFs) will also will become nodal service delivery point for various services and provision of inputs like fertilizers, seeds etc. 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. District Level Support will also be provided at cluster of about 200 PACS. In the case of states where computerization of PACS has been completed, Rs. 50,000/- per PACS will be reimbursed provided they agree to integrate with/adopt the common software, their hardware meets the required specifications, and the software was commissioned after 1st February, 2017.

TIOL CORP SEARCH

TIOL GROUP WEBSITES

taxindiaonline
taxindiainternational
TKF
TIOLawards
A TIOL Website. Copyright © 2025 TIOLcorplaws.com All rights reserved.