RBI issues guidelines for banks to provide customer services in regional languages (See 'Corp Brief') IBC - If bank has released approved payments from TRA account operated by them, then bank was monitoring these transactions during entire CIRP: IBBI (See 'Legal Desk') Govt releases Credit Assessment Model for MSMEs to enhance digitally driven loan appraisal (See 'Corp Brief') IBBI - Cannot be expected to maintain information with respect to other laws outside its purview: IBBI (See 'Legal Desk') Govt's aid measures for MSMEs - TReDS, Rs 9000 Crore infusion (See 'Corp Brief') Indian media & entertainment sector to maintain growth despite AI disruption: Secy (See 'Corp Brief') PBPT - Transactions are rightly deemed benami u/s 2(9)(D) of PBPTA, where person who provided consideration for properties was not traceable: SAFEMA Tribunal (See 'Legal Desk') Sustainable coal mining - Govt simplifies approval for geological exploration & reports (See 'Corp Brief') Benami - Benami transaction is considered not only in case of transfer of property by beneficial owner for his ultimate benefit in future, but even if such properties is held by benamidar: SAFEMA (See 'Legal Desk') IITF-2025 - FCI Pavilion showcasing modernised foodgrain management bags bronze medal (See 'Corp Brief') Copyright Act - Police have jurisdiction to register FIR u/s 33EEC of the Drugs and Cosmetics Act in conjunction with cognizable offence under Copyright Act; registration of copyright not mandatory for criminal proceedings upon infringement: HC (See 'Legal Desk') VO Chidambarnar port receives first Clinker vessel following MoU with Ambuja Cement Ltd (See 'Corp Brief') PMLA - Sweep of Sec 5(1) is not limited to accused named in criminal activity relating to scheduled offence, but shall apply equally to person who is involved in any activity connected with proceeds of crime: SAFEMA (See 'Legal Desk') Govt approves 'Tex-RAMPS' Scheme to strengthen Research & Innovation in Textiles Sector (See 'Corp Brief') Gorakhpur-Pilibhit Express extended up to Izzatnagar (See 'Corp Brief') 'Mission Mausam' timelines to be expedited (See 'Corp Brief') IWAI signs MoUs worth Rs 6,000 Crores Inland Waterways Expansion on Ganga (See 'Corp Brief') Capital Market - Exemption granted from making open offer in respect of proposed acquisition shall remain valid for period of one year: SEBI (See 'Legal Desk') Union Minister chairs High-Level Review Meeting on Greening Strategy for Delhi NCR (See 'Corp Brief') NTTM introduces scientific model for dignified recycling of National Flags (See 'Corp Brief') UIDAI deactivates over 2 Crore Aadhaar numbers of deceased individuals (See 'Corp Brief') Company law - If company commits any default to submit, file, register or record any document, before expiry of period specified with additional fee, company and its officers who are in default, shall be liable for penalty or punishment: HC (See 'Legal Desk') Sitharaman chairs review meeting with Regional Directorates and Registrar of Companies (See 'Corp Brief') India-Slovenia Joint Committee on Trade reviews bilateral trade (See 'Corp Brief') Goyal calls for strong Centre–State Partnership to boost Exports (See 'Corp Brief') IPR - Effective service of notices in trademark opposition proceedings and judiciary's role in rectifying administrative oversights, is critically important: HC (See 'Legal Desk') CCI okays ICICI Prudential to take over certain businesses of ICICI Venture (See 'Corp Brief') CCI allows Jindal Jhajjar to acquire Jhajjar Power (See 'Corp Brief') CCI approves acquisition of Toyota Industries by Toyota Asset Preparatory (See 'Corp Brief') IPR - If mark 'SACHAMOTI' and copyright in label are registered in favour of respondent, same shall enure to benefit of respondent insofar as rights flowing u/s 28 of Trade Marks Act is concerned: HC (See 'Legal Desk') India is entering golden era of defence innovation: RM (See 'Corp Brief') Last date to opt for UPS inches near (See 'Corp Brief') Goyal addresses National Conference of Trade Leaders (See 'Corp Brief') Benami - Provisional attachment shall be quashed, if property which was provisionally attached is neither Benami nor transaction which has occurred with respect to said property is benami: SAFEMA (See 'Legal Desk') MoS announces Rs.720 Crore Quantum Fabrication facilities at IIT Bombay (See 'Corp Brief') India, Afghanistan to deepen cooperation in Textile Sector (See 'Corp Brief') MoS lauds Quantum sensing breakthroughs by IIT, inaugurates first Liquid Helium Cryogenic facility (See 'Corp Brief') Evidence-Based Ayurvedic Products are Future of Wellness: Jadhav (See 'Corp Brief') Hotel, Industry & farmers partnerships is Critical for mutual growth: Agri Secy (See 'Corp Brief') MeitY launches Cyber Security Innovation Challenge (See 'Corp Brief') India-Oman Joint Military Cooperation Committee meeting held in New Delhi (See 'Corp Brief') A&C - Once right to file written statement is closed, application under Section 8 of Arbitration and Conciliation Act seeking reference to arbitration is not maintainable: HC (See 'Legal Desk') 'Workers are the miners of nation-building': Sonowal (See 'Corp Brief') India strengthens Textile and Sericulture Cooperation with Georgia (See 'Corp Brief') J&K to host launch of First Limestone Block Auction Roadshow (See 'Corp Brief') Indian Railways crosses 1 Billion Tonne Freight Loading in FY 25-26 (See 'Corp Brief') FEMA - Indian currency falls within scope of 'property' u/s 63 of FERA, empowering authorities to confiscate it when used in contravention of law: HC (See 'Legal Desk') IICA, DGR conclude Certification Program for senior Defence Officers (See 'Corp Brief') Op Drishti: Over 400 surgeries performed at Northern Command, J&K (See 'Corp Brief') ILO welcomes India's Labour Codes (See 'Corp Brief') Limitation Act - provisions of Limitation Act cannot be applied beneficially in favor of a petitioner who demonstrates mala fide intentions, including tampering with official documents: HC (See 'Legal Desk') Government intervention and Corporate governance (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
tioltube
TKF
TIOLawards
A TIOL Website. Copyright © 2025 TIOLcorplaws.com All rights reserved.