Prioritize making PACS more viable and transparent: Amit Shah | India News – Times of India

NEW DELHI: Union Home and Cooperation Minister Amit Shah on Tuesday asked the National Federation of State Cooperative Banks (NAFSCOB) to give priority to making primary agricultural credit companies (PACS) more viable, more transparent and more modern. He underlined that true cooperation means “collective prosperity and equal profit sharing.”
“The work of the federation is not just to hold meetings and resolve issues with the RBI and the government. Its job is also to make PACS viable, transparent and modern,” Shah said while speaking at the celebration of NAFSCOB’s Diamond Jubilee. Expressing concern over the “dilution” of the cooperative spirit in cooperative institutions at the state and district levels, he said, “We need to strengthen the spirit of cooperation.”
He asked NAFSCOB to focus on implementing technological upgrades, creating opportunities for youth involvement, and focus on increasing low-cost deposits. On expansion plans, Shah said the government aims to increase the number of district cooperative banks by 50% in the coming years.
Currently, there are 34 state cooperative banks, 352 district cooperative banks and 1.05 lakh PACS in the country. Common software in eight languages ​​is being used to seamlessly connect state and district cooperative banks with NABARD, signifying the government’s commitment to technological transformation of the sector.
He also stressed the need for both state and district cooperative banks to maintain higher deposit targets and annual profits at current levels by focusing on attracting cheap deposits in the local area.