Ayush Chintan Shivir 2026 inaugurated (See 'Corp Brief') A&C - Appeal u/s 19 of Contempt of Courts Act, is not maintainable against order that merely calls for documents & details to ascertain whether there has been violation of status quo order: HC (See 'Legal Desk') Union Govt Secy reviews status of Brackish water Aquaculture cluster notified under PMMSY (See 'Corp Brief') Benami - PBPT Act, 1988 cannot be invoked as substitute to hold parties accountable for alleged violations of IRDAI regulations or any fiscal statutes: SAFEMA (See 'Legal Desk') FIU-Pension Fund Authority sign MoU to combat money laundering and financial crimes (See 'Corp Brief') Union Ministry of Health hosts First BRICS Health Working Group Meeting (See 'Corp Brief') AIIA-iCAINE Marks Excellence at MSME Hackathon 5.0 with Breakthrough Idea Selection (See 'Corp Brief') IBC - Once classified as operational debt, municipal dues cannot claim priority outside statutory waterfall mechanism provided u/s 53 of IBC, 2016, during liquidation: HC (See 'Legal Desk') Nationwide 'Nari Shakti Vandan Run' to be held on 17-18 April across 7 Cities (See 'Corp Brief') NBCFDC Registers Record Performance in FY 2025-26 (See 'Corp Brief') DDWS organises 7th District Collectors' Peyjal Samvad (See 'Corp Brief') IPR - Notices contemplated u/s 25(3) of Trademark Act and RG-3 notices to person who is no longer authorized agent does not constitute compliance with statutory mandate: HC (See 'Legal Desk') Corporate laws (Amendment) Bill 2026 - Proposals affecting auditors (See CORP EINSICHT) NIPER Mohali signs grant agreement with Novartis Healthcare (See 'Corp Brief') NFDC announces Nationwide Release of Malayalam Feature Film Achappa's Album (See 'Corp Brief') IPR - Application of trade mark in India to goods to be exported from India constitutes use within India of trade mark for purpose of establishing infringement and passing off: HC (See 'Legal Desk') MoS calls for Strong Clinical Foundation in Medical Education, notwithstanding AI (See 'Corp Brief') IPR - To determine passing off, focus must be on similarities rather than dissimilarities, and meticulous side-by-side dissection is not necessary and trade dress has to be judged as whole: HC (See 'Legal Desk') India Pharma 2026: Spotlight on Policy, Regulation, AI and CRDMO (See 'Corp Brief') MY Bharat Budget Quest 2026 reaches Grand Culmination Across 17 Zones (See 'Corp Brief') IBC - Multi-state co-operative society can invest in another company, including as resolution applicant under IBC, only if target company is either its subsidiary or engaged in same line of business: SC (See 'Legal Desk') India Pharma highlights Policy Push and Innovation Driving Sectoral Growth (See 'Corp Brief') IBC - Once moratorium is imposed, corporate debtor's pre-CIRP dues cannot be set off against deposit held by creditor: SC (See 'Legal Desk') Ministry of Labour signs MoUs with Porter and Gigin Technologies (See 'Corp Brief') FEMA - SCNs alleging contravention of provisions of FERA merit being quashed, where issued after unjustified delay of 7-10 years, more so where record retention norms generally require preservation for 5-8 years: HC (See 'Legal Desk') Medicine is not just profession, it is a commitment to service of humanity: Murmu (See 'Corp Brief') Misc - Once Freezing Authority identifies properties and forms opinion that they are acquired from illicit source of money derived from drug trafficking, burden of proof shifts entirely onto affected persons to controvert allegations: SAFEMA (See 'Legal Desk') Union Minister jighlights Nari Shakti Vandan Adhiniyam as Transformative Reform (See 'Corp Brief') Bizu Festival Celebrations highlight Cultural Pride and Policy Dialogue on Tribal Development (See 'Corp Brief') India, Kuwait emphasize Dialogue Over Conflict to Secure Energy and Trade Supplies (See 'Corp Brief') Misc - There is no right in borrower to personal hearing by banks before classifying their account as fraud account: SC (See 'Legal Desk') Manohar Lal holds Key Engagements on Infrastructure and Development Cooperation (See 'Corp Brief') CARI Bengaluru gets ISO 15189:2022 Accreditation in Biochemistry (See 'Corp Brief') NI Act - At stage of issuance of process, statutory presumption u/s 139 of NI Act cannot be dislodged in summary manner merely by contending that cheque issued was not for legally enforceable debt: SC (See 'Legal Desk') Barabanki to Bahraich Highway to become Key Cross-Border Trade Lifeline (See 'Corp Brief') Advanced Agriculture fest kicks off in Raisen in MP (See 'Corp Brief') PMLA - Sec 2(1)(u) permits attachment of any property of equivalent value, including properties acquired prior to commission of scheduled offence, which are untraceable: SAFEMA (See 'Legal Desk')

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