Press Information Bureau
Government of India
Ministry of Cooperation
07 DEC 2022 5:14PM by PIB Delhi
Online transaction in Co-operative Societies

A project for Computerization of 63,000 functional Primary Agricultural Credit Societies (PACS), in next three years, with a total financial outlay of ₹ 2,516 Crore has been approved by the Cabinet Committee on Economic Affairs vide its decision dated 29th June, 2022. This project entails bringing all the functional PACS onto an ERP (Enterprise Resource Planning) based common software, linking them with NABARD through State Cooperative Banks (StCBs) and District Central Cooperative Banks (DCCBs).

Computerization of PACS will provide various benefits such as increasing the efficiency of their operations, ensuring speedy disbursal of loans, lowering of transaction costs, reducing imbalances in payments, seamless accounting with DCCBs and StCBs and increasing transparency. It will also enhance trustworthiness in the working of PACS among farmers. Implementation of Common Accounting System (CAS) and Management Information System (MIS) would enable PACS to carry out their operations online and obtain refinance/ loans for their various activities from NABARD through DCCBs and StCBs.

This was stated by the Union Minister for Cooperation, Shri Amit Shah in a written reply to a question in the Rajya Sabha today.