Nabard chairman lauds TS for digitisation of PACS

Urged cooperative banks in other States to replicate Telangana model

Karimnagar: National Bank for Agriculture and Rural Development (NABARD) chairman GR Chintala urged the cooperative banks in States to replicate the Telangana Cooperative Bank model in the computerisation of the Primary Agriculture Cooperative Societies (PACS).

Appreciating the Telangana State Cooperative Bank for digitisation of all the banks and the PACSs and emerging as role model in the country to ensure transparency and accountability, the NABARD chairman urged all the State cooperative banks to replicate the Telangana model for effective functioning and strengthening of PACS.

The NABARD chairman was participating as chief guest at the National Federation of State Cooperative Banks Limited (NAFSCOB) board of directors meeting in a virtual mode from Mumbai on Friday. NAFSCOB chairman Konduru Ravinder Rao, former NAFSCOB chairman and National Cooperative Union of India (NCUI) chairman Dileep Sanghani, TSCAB managing director N Muralidhar, chairpersons and managing directors of cooperative banks of all the 23 States and others participated in the virtual conference.

Speaking on this occasion, Chintala assured to extend all assistance for the computerisation of the PACSs and also upgradation of technology to meet the growing challenges to provide better services to the customers. He also called upon the PACS to utilise the NABARD special refinance scheme funds for converting them as multi-service centres. He also said that they would continue to support the cooperative banks through special liquidity in the wake of the second wave of pandemic in the country.

In his opening remarks, NAFSCOB chairman Ravinder Rao urged the cooperative banks to utilise the opportunity of NABARD financial assistance at the rate of only one per cent interest for converting PACS into multi-service centers. Stating that the PACS were the lifeline of the cooperative movement, he stressed on the need to strengthen the PACS.

Welcoming the Union government decision to computerise all the PACS, he suggested that the government should develop sophisticated software for the digitisation so that they would be linked to the DCCBs at a later stage to bring transparency and financial management. He also said that the government should give a list of service providers to the States so that they would pick up the best accordingly for the computerisation of PACS.

With the Banking Regulation Act coming into effect from April 1 onwards in the country, the NAFSCOB chairman suggested that the NABARD should come forward and conduct virtual workshops for the benefit of State cooperative bank staff. He also stressed the need to treat cooperative bank staff as frontline warriors and provide vaccination on priority basis.

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