NAFSCOB Chairman urges PACS to utilise NABARD funds
In order to strengthen the PACS and convert them into multi-service centres and work on a par with banks, the NABARD had decided to provide Rs 2 crore financial assistance to each PACS at just 1 per cent interest
Karimnagar: National Federation of State Cooperative Banks Limited (NAFSCOB) Chairman Konduru Ravinder Rao called upon the chairpersons of all Primary Agriculture Cooperative Societies (PACS) to utilise the NABARD special financial assistance for the strengthening the PACS, which are the pillars of the cooperative sector.
In order to strengthen the PACS and convert them into multi-service centres and work on a par with banks, the NABARD had decided to provide Rs 2 crore financial assistance to each PACS at just 1 per cent interest after removing the subsidies.
However, the PACS have to repay the loan amount within seven to 10 years, he stated and added that the PACS could secure additional Rs 2 crore loan, but at the rate of 4 percent interest.
Ravinder Rao chaired the Karimnagar District Cooperative Central Bank (DCCB) general body meeting here on Wednesday. The meeting was organised adhering to the Covid-19 norms.
On this occasion, he said that there was no dearth of funds with the DCCB for providing loans to the customers as they have more than Rs 2,000 deposits.
Stating that the Karimnagar DCCB emerged as number one cooperative bank in the country, he said that it was providing all services to about 6.5 lakh customers on par with any commercial bank. They were providing all types of loans along with the agricultural loans in the district.
Stressing on the importance of involving more youth in the cooperative banking sector, he said that they were providing core banking services (CBS) and planning to provide Internet banking services to the customers and attract the youth. The PACS in Karimnagar district, which were already computerized and emerged as role model in the country, would soon provide CBS services too to ensure accountability, he stated.
Informing the meeting that the Karimnagar DCCB was celebrating its centenary celebrations during the year 2021-2022 beginning from April onwards, he said that they had chalked out several programmes to strengthen the PACS and ensure that more youth join the cooperative fold.
Chartered Accountant Ramesh empowered the chairpersons of the PACS on the importance of filing of IT returns and GST. Urging them them to file IT returns by October 31, 2021, he warned that 43 per cent tax will be levied if they fail to file returns before the deadline.
District Cooperative Officer Manoj Kumar assured all assistance for the auditing of the PACS before September 30 to help them file IT returns. CEO N Satyanarayana, Vice chairman P Ramesh and others were also present.
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