Nabard chief reviews computerisation at TSCAB
Hyderabad: Nabard chairman Govinda Rajulu Chintala visited Telangana State Cooperative Apex Bank (TSCAB) on Monday and reviewed the PACS (Primary Agricultural Credit Societies) computerisation project & the transformation of PACS as MSC (Multipurpose Service Centre) projects and had discussions with the governing body members on the steps to be taken to strengthen the co-operative system […]
Hyderabad: Nabard chairman Govinda Rajulu Chintala visited Telangana State Cooperative Apex Bank (TSCAB) on Monday and reviewed the PACS (Primary Agricultural Credit Societies) computerisation project & the transformation of PACS as MSC (Multipurpose Service Centre) projects and had discussions with the governing body members on the steps to be taken to strengthen the co-operative system in the State and expand its business.
The Government of India has allocated Rs 1,900 crore for computerising 63,000 PACS throughout the country and set up the “National Level Implementation and Monitoring Committee” and the “National Level Technical Committee” to effectively implement the project in all PACS across India.
Nabard provides loans at an interest of just 4 per cent per annum with the objective of transforming PACS into Multipurpose Service Centres to provide loans to farmers from PACS as well as providing services to farmers. Loans under this scheme are also eligible for an interest subsidy of 5 per cent under the Agricultural Infrastructure Fund for regular repayment.
Under the scheme, PACS have been transformed into MSCs for the construction of rice mills, supermarkets, petrol bunks, shopping complexes, office buildings, godowns and training centres. To expedite the project, Nabard has sanctioned a loan of Rs 138 crores for 361 operations of 200 PACS in the financial year 2020-21. In addition, loan proposals amounting to 59 crores were also sent to Nabard for 150 operations of 103 PACS during the financial year 2021-22.
The Apex Bank has completed the computerisation of PACS in Telangana in FY 2016-17 ahead of the Government of India’s proposal. Apex Bank MD Dr Neti Muralidhar explained the new approaches introduced by the bank and District Cooperative Central Bank (DCCB) in the governance system, the transparency adopted by DCCB in recruitment and the best practices adopted to develop technical shortcomings in the State co-operative system.
Nabard CGM Y K Rao, Apex Bank president Konduru Ravinder Rao, Apex Bank VP Gongidi Mahender Reddy, Board of Directors of Apex Bank, CEOs of nine DCCBs and other top officials were present.
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