Cooperation Ministry signs MoU to enable Primary Agricultural Credit Societies

Tags: Economy/Finance

A Memorandum of Understanding (MoU) was signed on February 2

A Memorandum of Understanding (MoU) was signed on February 2 to enable Primary Agricultural Credit Societies (PACS) and provide services by Common Service Centers (CSC).

An overview of the news

  • The MoU was signed between the Ministry of Cooperation, Ministry of Electronics and Information Technology, NABARD and CSC e-Governance Services India Limited in New Delhi.

  • The MoU was signed in the presence of Union Minister for Home Affairs and Cooperation, Amit Shah and Union Minister for Electronics and Information Technology, Ashwini Vaishnav.

  • This will help in taking forward the concept of Common Service Centers easily to the smallest unit of the country.

  • This agreement will enhance the business activities of PACS and help them to become a self-sustaining economic entity.

Primary Agricultural Cooperative Societies (PACS) 

  • These are grassroots level cooperative credit institutions that provide short-term and medium-term agricultural loans to farmers for various agricultural and agricultural activities.

  • It works at the gram Panchayat and village level.

  • The first Primary Agricultural Credit Society (PACS) was set up in 1904.

  • PACS are registered under the Co-operative Societies Act and regulated by RBI.

Objectives of PACS

  • Raise capital for the purpose of making loans

  • Supporting members' essential activities

  • Collect deposits from members with the goal of improving their savings habit

  • Arrange for the supply and development of improved breeds of livestock to the members

  • Supply agricultural inputs and services to members at reasonable prices

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