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Consider the following statements regarding Primary Agricultural Credit Societies (PACS):
- These are village-level cooperative credit societies that serve as the last link in a three-tier cooperative credit structure.
- The main function of the PACS is to provide long-term purpose loans to its members.
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 'A'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements regarding Primary Agricultural Credi...
Primary Agricultural Credit Societies (PACS)
Overview:
Primary Agricultural Credit Societies (PACS) are village-level cooperative credit societies that serve as the last link in a three-tier cooperative credit structure. They are an important part of the rural credit system in India.
Statement Analysis:
1. These are village-level cooperative credit societies that serve as the last link in a three-tier cooperative credit structure.
This statement is correct. PACS are the primary units of the rural credit structure and operate at the village level. They serve as the last link in a three-tier cooperative credit structure that includes State Cooperative Banks (SCBs) and District Central Cooperative Banks (DCCBs).
2. The main function of the PACS is to provide long-term purpose loans to its members.
This statement is incorrect. The main function of PACS is to provide short-term credit to its members. They provide credit for agricultural and allied activities, such as crop production, animal husbandry, fisheries, and small-scale industries. PACS also provide loans for consumption purposes, such as education, medical expenses, and household needs.
Conclusion:
Hence, the correct answer is option 'A', where statement 1 is correct, and statement 2 is incorrect.
Overview:
Primary Agricultural Credit Societies (PACS) are village-level cooperative credit societies that serve as the last link in a three-tier cooperative credit structure. They are an important part of the rural credit system in India.
Statement Analysis:
1. These are village-level cooperative credit societies that serve as the last link in a three-tier cooperative credit structure.
This statement is correct. PACS are the primary units of the rural credit structure and operate at the village level. They serve as the last link in a three-tier cooperative credit structure that includes State Cooperative Banks (SCBs) and District Central Cooperative Banks (DCCBs).
2. The main function of the PACS is to provide long-term purpose loans to its members.
This statement is incorrect. The main function of PACS is to provide short-term credit to its members. They provide credit for agricultural and allied activities, such as crop production, animal husbandry, fisheries, and small-scale industries. PACS also provide loans for consumption purposes, such as education, medical expenses, and household needs.
Conclusion:
Hence, the correct answer is option 'A', where statement 1 is correct, and statement 2 is incorrect.
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Consider the following statements regarding Primary Agricultural Credi...
The Cooperation Ministry recently said that the Primary Agricultural Credit Societies (PACS) can also be employed as drone entrepreneurs for spraying fertilisers and pesticides.
About Primary Agricultural Credit Societies (PACS):
- These are village-level cooperative credit societies that serve as the last link in a three-tier cooperative credit structure.
- These are headed by the State Cooperative Banks (SCB) at the state level.
- Credit from the SCBs is transferred to the district central cooperative banks, or DCCBs, that operate at the district level.
- These DCCBswork with PACS, which deals directly with farmers.
- Individual farmers are members of the PACS, and office-bearers are elected from within them. A village can have multiple PACS.
- The main function of the PACS is to provide short and medium-term purpose loans to its members.
- Other functions include:
- Supplying of agricultural inputs including seeds, fertilizers, insecticides, etc.
- Maintaining the supply of the light machinery for the agricultural purpose.
- Providing marketing facilities that could enhance the sale of their agricultural products.
- Promote savings habits among its members.
Hence only statement 1 is correct.
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Consider the following statements regarding Primary Agricultural Credit Societies (PACS): These are village-levelcooperative credit societiesthat serve as the last link in a three-tier cooperative credit structure. The main function of the PACS is to provide long-term purpose loans to its members.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 'A'. Can you explain this answer?
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