Amit Shah greets the people on the 100th International Day of Cooperatives

OV Digital Desk

Shri Amit Shah, Union Minister for Home and Cooperation, has greeted people on the 100th International Day of Cooperatives. On the occasion of the 100th International Day of Cooperatives, Shri Amit Shah said that he is grateful to all the great men who have worked tirelessly to strengthen cooperatives in India. In addition, I congratulate all those who have helped raise the standard of living for the poorest of the poor through cooperatives.

Cabinet approves Computerization of Primary Agriculture Credit Societies (PACS)

The Union Home and Cooperation Minister said cooperatives are the best way to achieve all-inclusive development. The Ministry of Cooperation is taking a lot of steps under the leadership of Prime Minister Narendra Modi to make this sector more powerful, modern, and transparent.

Transparency of primary agricultural credit societies (PACS)

On 29 June 2022, Cabinet Committee on Economic Affairs has approved the computerization of primary agricultural credit societies (PACS) with the aim of increasing efficiency, transparency and accountability in their operations; enabling PACS to diversify their business and offer multiple services/activities. Over five years, this project proposes to computerize about 63,000 functional PACS with a total budget of Rs. 2516 crore, with the government contributing Rs. 1528 crore.

The Primary Agricultural Cooperative credit societies (PACS) constitute the lowest tier of the three-tier Short-term cooperative credit (STCC) in the country comprising of approx.13 Cr. farmers as its members, which is crucial for the development of the rural economy. 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).

International Day of Cooperatives 2022

International Day of Cooperatives is observed on first Saturday of July every year. It is an UN observance day. UN observance is aimed to educate the public on issues of concern, to mobilize political will and resources to address global problems, and to celebrate and reinforce achievements of humanity.

International Day of Cooperatives aims to demonstrate and celebrate the unique and important contribution of cooperatives to making the world a better place. This 2nd July, cooperatives all around the world will celebrate the 100th International Day of Cooperatives (#CoopsDay).

Theme of International Day of Cooperatives 2022 is “Cooperatives Build a Better World” The theme for the 2021 International Day of Cooperatives was “Cooperatives for building a people-centred and environmentally just recovery” as determined by the Committee on the Promotion and Advancement of Cooperatives (COPAC).