Maharashtra Cabinet decided to computerize12,000 Primary Agri Credit Societies
The State Cabinet decided on Monday to computerize around 12,000 Primary Agricultural Credit Societies (PACS). According to a news release published by the Chief Minister’s Office, the State cabinet has accepted the Central government-sponsored initiative.
‘Total, 12,000 PACS will reap benefits from the scheme, with the State government contributing ₹156 crore over three years (2022-23 to 2024-25). The State will make a provision of ₹51.8 crore for fiscal year 2022-23,’ according to the press statement.
NABARD 31 District Central Banks (DCBs) have been computerized, but many PACS attached to DCBs have not been computerized. Also Read | With ₹2,000-3000Cr budget, Centre to Modernize, Digitalize 97,000 PACs.
As a result, farmers and PACS members are not receiving efficient services from DCBs, according to the State administration. It will now form a committee led by a senior officer to oversee the computerization program’s implementation.
The initial strategy
Previously, the Union Cabinet Committee on Economic Affairs had approved the computerization of PACS with the goal of boosting PACS efficiency, introducing transparency and accountability to their operations, and allowing PACS to diversify their business and perform numerous activities/services.
This project proposes the computerization of around 63,000 functioning PACS over a five-year period with a total budget investment of ₹2,516 crore, with the Union government contributing ₹1,528 crore.
Also Read | Amit Shah advocates to set up 2 lakh new PACS in every Panchayat for agri-finance.
PACS are the lowest of the three tiers of Short-Term Cooperative Credit (STCC) in the country, with over 13 crore farmers as members, and are critical for the growth of the rural economy.