• UGI USER
  • Jan 08, 2024
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National Conclave of Primary Agricultural Credit Societies (PACS)

@newsonair; FILE PICS

News

  • The “National PACS Mega Conclave” on “Primary Agricultural Credit Societies (PACS)” will be hosted by Union Home and Cooperation Minister at Vigyan Bhawan in New Delhi.
  • The National Cooperative Development Corporation (NCDC) and the Ministry of Cooperation are working together to organize the Mega Conclave.
  • Recently, the Primary Agricultural Credit Societies (PACS) were granted permission to function as Pradhan Mantri Bhartiya Jan Aushadhi Kendras (PMBJKs).
    • PMBJKs offer the general public high-quality generic medications at a cost that is 50–90% lower than branded medications sold in the open market.
    • Through these Kendras, the general public can obtain over 2,000 different types of generic medications at reasonable costs, along with approximately 300 surgical supplies.
  • With the help of this initiative, PACS will have more options to expand and diversify their business operations, which will raise the incomes of the millions of small and marginal farmers who work with them. Additionally, it will support the development of new job opportunities in rural areas.
National Cooperative Development Corporation (NCDC)

●   It was created as a statutory corporation in 1963 by an Act of Parliament and the Ministry of Cooperation is the Nodal Ministry.

●   Major Functions:

○   Programs for the production, processing, marketing, storage, export, and import of food items, agricultural produce, and certain other notified commodities (such as fertilizers, pesticides, agricultural machinery, lac, soap, kerosene oil, textiles, rubber, etc.) are planned, promoted, and funded.

○   Consumer goods supply as well as cooperatives’ procurement, processing, marketing, storage, and export of small-scale forest products, in addition to other revenue-generating ventures like handicrafts, dairy products, fisheries, poultry, and sericulture.

Primary Agricultural Credit Societies

●   State Cooperative Banks (SCB) at the state level are the head of a three-tier cooperative credit structure, with PACS serving as the final link at the village level.

●   The District Central Cooperative Banks (DCCBs), which function at the district level, receive credit from the SCBs. PACS, which deal directly with farmers, collaborates with the DCCBs.

●    PACSs offer farmers agricultural loans for a range of farming and agricultural-related activities, both short- and medium-term.

●    PACS was founded for the first time in 1904.

●    Benefits:

○   Credit is made available to small farmers through PACS, enabling them to buy fertilizer, seeds, and other farming inputs. As a result, they are able to enhance output and raise revenue.

○   In rural areas with limited access to formal financial services, PACS contributes to greater financial inclusion. They provide farmers who might not have access to official banking services basic banking services like savings and loan accounts.

 

 

Source: Newsonair

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