Consider the following statements:

Primary agricultural credit society is a basic unit and smallest co-operative credit institutions in India.

PACS are registered under the Co-operative Societies Act.

PACS are regulated by State Cooperative Banks.

Which of the statements given above is/are correct?

Question

The Cabinet Committee on Economic Affairs (CCEA) has approved a proposal to digitise around 63,000 primary agricultural credit societies (PACS).
PACS is a basic unit and smallest co-operative credit institutions in India. In 1904 the first Primary Agricultural Credit Society (PACS) was established. It works on the grassroots level (gram panchayat and village level).
PACS is the final link between the ultimate borrowers, i.e., rural people, on the one hand, and the higher agencies, i.e., Central cooperative bank, state cooperative bank, and Reserve Bank of India, on the other.
PACS are registered under the Co-operative Societies Act and also regulated by the RBI.
They are governed by the “Banking regulation Act-1949” and Banking Laws (Co-operative societies) Act 1965.
PACS can be formed by a group of ten or more people from a village. The society’s management is overseen by an elected body.
PACS account for 41 % (3.01 Cr. farmers) of the KCC loans given by all entities in the country and 95 % of these KCC loans (2.95 Cr. farmers) through PACS are to the small and marginal farmers.
The other two tiers viz. State Cooperative Banks (StCBs) and District Central Cooperative Banks (DCCBs) have already been automated by the NABARD and brought on Common Banking Software (CBS).

GKToday Admin · Accepted Answer

Only 1 & 2

The Cabinet Committee on Economic Affairs (CCEA) has approved a proposal to digitise around 63,000 primary agricultural credit societies (PACS).
PACS is a basic unit and smallest co-operative credit institutions in India. In 1904 the first Primary Agricultural Credit Society (PACS) was established. It works on the grassroots level (gram panchayat and village level).
PACS is the final link between the ultimate borrowers, i.e., rural people, on the one hand, and the higher agencies, i.e., Central cooperative bank, state cooperative bank, and Reserve Bank of India, on the other.
PACS are registered under the Co-operative Societies Act and also regulated by the RBI.
They are governed by the “Banking regulation Act-1949” and Banking Laws (Co-operative societies) Act 1965.
PACS can be formed by a group of ten or more people from a village. The society’s management is overseen by an elected body.
PACS account for 41 % (3.01 Cr. farmers) of the KCC loans given by all entities in the country and 95 % of these KCC loans (2.95 Cr. farmers) through PACS are to the small and marginal farmers.
The other two tiers viz. State Cooperative Banks (StCBs) and District Central Cooperative Banks (DCCBs) have already been automated by the NABARD and brought on Common Banking Software (CBS).

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