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With reference to the Primary Agricultural Credit Societies (PACS), consider the following statements:
1. The Cabinet Committee on Economic Affairs has recently approved Computerization of Primary Agricultural Credit Societies (PACS).
2. The Primary Agricultural Cooperative credit societies (PACS) constitute the lowest tier of the three-tier Short-term cooperative credit (STCC) in the country.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
With reference to the Primary Agricultural Credit Societies (PACS), co...
The Cabinet Committee on Economic Affairs has approved Computerization of Primary Agricultural Credit Societies (PACS) with the objective of increasing efficiency of PACS, bringing transparency and accountability in their operations; facilitating PACS to diversify their business and undertake multiple activities/ services.
- This project proposes computerization of about 63,000 functional PACS over a period of 5 years with a total budget outlay of Rs. 2516 crore with Government of India share of 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).
Hence both statements are correct.
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With reference to the Primary Agricultural Credit Societies (PACS), co...
Overview of Primary Agricultural Credit Societies (PACS)
Primary Agricultural Credit Societies (PACS) play a vital role in the short-term cooperative credit structure in India, focusing on providing credit to the farming community.
Statement 1: Computerization of PACS
- The Cabinet Committee on Economic Affairs (CCEA) has indeed approved the computerization of PACS.
- This initiative aims to enhance transparency, efficiency, and accessibility of services offered by PACS to farmers.
- The move is part of a broader strategy to modernize the cooperative credit institutions and improve their operational capabilities.
Statement 2: Structure of PACS
- PACS constitute the lowest tier of the three-tier Short-term Cooperative Credit (STCC) system in India.
- The three tiers consist of Primary Agricultural Credit Societies at the base, followed by Central Cooperative Banks at the middle level, and State Cooperative Banks at the top.
- This structure is designed to ensure that agricultural credit reaches farmers effectively through local institutions.
Conclusion
- Both statements are accurate: the approval for computerization by CCEA and the hierarchical position of PACS in the STCC system.
- Therefore, the correct answer is option 'C' - Both 1 and 2.
In summary, the computerization of PACS is a significant step towards modernizing agricultural credit, and understanding the structure of PACS is crucial for recognizing its function in the cooperative credit system.
Primary Agricultural Credit Societies (PACS) play a vital role in the short-term cooperative credit structure in India, focusing on providing credit to the farming community.
Statement 1: Computerization of PACS
- The Cabinet Committee on Economic Affairs (CCEA) has indeed approved the computerization of PACS.
- This initiative aims to enhance transparency, efficiency, and accessibility of services offered by PACS to farmers.
- The move is part of a broader strategy to modernize the cooperative credit institutions and improve their operational capabilities.
Statement 2: Structure of PACS
- PACS constitute the lowest tier of the three-tier Short-term Cooperative Credit (STCC) system in India.
- The three tiers consist of Primary Agricultural Credit Societies at the base, followed by Central Cooperative Banks at the middle level, and State Cooperative Banks at the top.
- This structure is designed to ensure that agricultural credit reaches farmers effectively through local institutions.
Conclusion
- Both statements are accurate: the approval for computerization by CCEA and the hierarchical position of PACS in the STCC system.
- Therefore, the correct answer is option 'C' - Both 1 and 2.
In summary, the computerization of PACS is a significant step towards modernizing agricultural credit, and understanding the structure of PACS is crucial for recognizing its function in the cooperative credit system.
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With reference to the Primary Agricultural Credit Societies (PACS), consider the following statements:1. The Cabinet Committee on Economic Affairs has recently approved Computerization of Primary Agricultural Credit Societies (PACS).2. The Primary Agricultural Cooperative credit societies (PACS) constitute the lowest tier of the three-tier Short-term cooperative credit (STCC) in the country.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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With reference to the Primary Agricultural Credit Societies (PACS), consider the following statements:1. The Cabinet Committee on Economic Affairs has recently approved Computerization of Primary Agricultural Credit Societies (PACS).2. The Primary Agricultural Cooperative credit societies (PACS) constitute the lowest tier of the three-tier Short-term cooperative credit (STCC) in the country.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about With reference to the Primary Agricultural Credit Societies (PACS), consider the following statements:1. The Cabinet Committee on Economic Affairs has recently approved Computerization of Primary Agricultural Credit Societies (PACS).2. The Primary Agricultural Cooperative credit societies (PACS) constitute the lowest tier of the three-tier Short-term cooperative credit (STCC) in the country.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the Primary Agricultural Credit Societies (PACS), consider the following statements:1. The Cabinet Committee on Economic Affairs has recently approved Computerization of Primary Agricultural Credit Societies (PACS).2. The Primary Agricultural Cooperative credit societies (PACS) constitute the lowest tier of the three-tier Short-term cooperative credit (STCC) in the country.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
With reference to the Primary Agricultural Credit Societies (PACS), consider the following statements:1. The Cabinet Committee on Economic Affairs has recently approved Computerization of Primary Agricultural Credit Societies (PACS).2. The Primary Agricultural Cooperative credit societies (PACS) constitute the lowest tier of the three-tier Short-term cooperative credit (STCC) in the country.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about With reference to the Primary Agricultural Credit Societies (PACS), consider the following statements:1. The Cabinet Committee on Economic Affairs has recently approved Computerization of Primary Agricultural Credit Societies (PACS).2. The Primary Agricultural Cooperative credit societies (PACS) constitute the lowest tier of the three-tier Short-term cooperative credit (STCC) in the country.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the Primary Agricultural Credit Societies (PACS), consider the following statements:1. The Cabinet Committee on Economic Affairs has recently approved Computerization of Primary Agricultural Credit Societies (PACS).2. The Primary Agricultural Cooperative credit societies (PACS) constitute the lowest tier of the three-tier Short-term cooperative credit (STCC) in the country.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
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