PACS to function as CSC
The Government of India is to increase the number of PACS (Primary Agricultural Credit Societies) to two lakhs in the next five years. Also, GoI will create multi-purpose PACS in panchayats. Many storage houses are to be created along with these measures. With big plans on PACS, an MoU was recently signed among the ministries. This includes the Cooperation ministry, MeIT, CSC, and NABARD. Under this MoU, the services of CSC (Common Service Centres) will be offered by the PACS as well.
What is the plan?
According to the agreement, PACS will operate as CSC providing 300 services. More than 13 crores of farmers will be directly benefitted from this. With this PACS will provide the following services:
- Services listed on the Digital Seva Portal
- Banking
- Insurance
- Legal services
- Aadhar Enrolment
- Agricultural inputs like harvesters, and other farm equipment
- IRCTC, PAN Card, Bus, and Air Tickets
PACS
It is the smallest cooperative credit society in India. It is regulated by the Cooperatives Societies Act. RBI also has the power to regulate these societies. It works at village levels. It provides loans to farmers.
Significance
- The PACS are the soul of cooperatives
- PACS play a huge role in the rural sector
- 50% of the Indian population is associated with cooperative societies.
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Month: Current Affairs - February, 2023
Category: Economy & Banking Current Affairs