Union Cabinet approves computerisation of Primary Agriculture Credit Societies with an overall budget outlay of 2516 crore rupees

Union Cabinet approves computerisation of Primary Agriculture Credit Societies with an overall budget outlay of 2516 crore rupees

• The Union Cabinet today approved the computerization of Primary Agriculture Credit Societies PACS. Briefing media in New Delhi today, Information and Broadcasting Minister Anurag Singh Thakur said,  the Cabinet Committee on Economic Affairs CCEA has decided that 63 thousand functional PACS will be computerized with an overall budget outlay of two thousand five hundred 16 crore rupees. He said, the move will benefit 13 crore farmers.
• The PACS constitutes the lowest of the three-tier Short-term cooperative credit STCC in the country comprising approximately 13 crore farmers as its members, which is crucial for the development of the rural economy. PACS accounts for 41 per cent of the  KCC( Kisan Credit Card)    loans given by all entities in the Country and 95 per cent of these KCC loans through PACS are to the Small and Marginal farmers. The other two tiers, State Cooperative Banks and District Central Cooperative Banks have already been automated by the NABARD and brought on Common Banking Software.
• The Cabinet Committee on Economic Affairs CCEA also approved deregulation of the sale of domestically produced crude oil.

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Published date : 30 Jun 2022 05:00PM