HomeGovernanceGovernance Focus: Cabinet Committee on Economic Affairs approved Computerization of Primary Agricultural...

Governance Focus: Cabinet Committee on Economic Affairs approved Computerization of Primary Agricultural Credit Societies & cloud based common software with cyber security

The Cabinet Committee on Economic Affairs led by Prime Minister Shri Narendra Modi has approved the Computerization of Primary Agricultural Credit Societies (PACS) with a view to maximizing the effectiveness of PACS, transparency and accountability; to help PACS diversify their business and perform more functions / services. The project proposes to compile approximately 63,000 active PACS over a 5 year period with a budget allocation of Rs. 2516 crore with the Government of India allocation of Rs. 1528 million.

The Primary Agricultural Cooperative credit societies (PACS) make up the lowest of the three short-term debt categories (STCC) in the country covering approximately.13 Cr. farmers as its members, which is essential for the development of the local economy. PACS makes up 41% (3.01 farmers) of KCC loans provided by all organizations in the Country and 95% of these KCC loans (2.95 Cr. Farmers) through PACS for Small and Affected Farmers. The other two categories namely. Co-operative Banks (StCBs) and Central Regional Banks (DCBs) have already been developed by NABARD and introduced Common Banking Software (CBS).

However, the majority of PACS to date are not computer-friendly and still operational leading to inefficiency and a lack of trust. In some provinces, private and part-time PACS computing has been done. There are no similarities in the software used by them and they are not affiliated with DCCBs and StCBs. Under the competent direction of Shri Amit Shah, the Honorable Minister for Home Affairs and Cooperation, it is proposed that the entire PACS Computer be computerized nationally and delivered at the same national level and have a Common Accounting System (CAS) in their day-to-day work.

PACS Computerization, in addition to achieving the goal of investing and strengthening the provision of services to farmers especially Smallholder Farmers (SMFs) will be the center for the delivery of various services and the provision of services such as fertilizers, seeds etc. This work will help to improve access to PACS as a place for banking and non-banking services without having to improve digitalization in rural areas. DCCBs can then register as one of the key options for taking on various government schemes (where credit and subsidy are involved) that can be implemented through PACS. It will ensure rapid borrowing, low transition costs, prompt auditing and reduce payment and accounting inequalities with the State. Co-operative Banks and Central Bonds of the District.

The project includes the development of standard cloud-based software for online security and data storage, providing hardware support to PACS, digital integration of existing records including backup and training support. This software will be in the native language with customization flexibility according to international requirements. Project Management Units (PMUs) will be established at Central and Provincial levels. Regional Level Support will also be provided with a set of approximately 200 PACS. In the case of districts where PACS computerization is complete, Rs. 50,000 / – Each PACS will be refunded as long as it agrees to integrate / accept standard software, their hardware meets the required specifications, and the software is activated after 1 February, 2017.

Read Also: Economy Focus: What is Gig Economy and Gig Workers: how Gig platform and its database can boost India’s economic growth?

[responsivevoice_button buttontext="Listen This Post" voice="Hindi Female"]

LEAVE A REPLY

Please enter your comment!
Please enter your name here

RELATED ARTICLES

Trending News

Shehnaaz Gill Stuns in Ethereal White Salwar Suit, Sets Fashion Goals Ablaze

Shehnaaz Gill, known for her impeccable fashion sense, once again dazzles her fans with a mesmerizing ethnic look. In...

Ranbir Kapoor and Alia Bhatt Plan to Name ₹250 Crore Bungalow After Daughter Raha Kapoor

Ranbir Kapoor, Alia Bhatt, and Neetu Kapoor were recently spotted together at their under-construction bungalow in Mumbai's Bandra area....

PM Narendra Modi and Bill Gates Discuss AI, Technology Future, and Women Empowerment

New Delhi: Prime Minister Narendra Modi and Microsoft co-founder Bill Gates engaged in discussions covering a broad spectrum of...

Unraveling the Mystery of the Sun’s Bizarre Rotation with Varying Spin Rates Across Different Latitudes

The Sun's rotation is a peculiar phenomenon that has long baffled scientists. Unlike what one might expect, its surface...