NEW DELHI: Union home and cooperation minister Amit Shah Tuesday asked National Federation of State Co-operative Banks (NAFSCOB) to prioritise making primary agricultural credit societies (PACS) more viable, transparent, and modern. He underlined that true cooperation means "collective prosperity and equal profit sharing". "The federation's work is not just holding meetings & resolving problems with RBI and govt.
Its job is also to make PACS viable, transparent and modern," Shah said while speaking at NAFSCOB's diamond jubilee celebration. Expressing concern over "dilution" of cooperative spirit in state and district-level cooperative institutions, he said, "We need to strengthen the spirit of cooperation." He asked NAFSCOB to focus on implementing technological upgrades, creating opportunities for youth engagement, and focus on increasing low-cost deposits.
On expansion plans, Shah said govt aims to increase 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 country.
A common software in eight languages is being used to seamlessly link state and district cooperative banks with NABARD, signalling the govt's commitment to technological transformation of the sector. He also emphasised the need for both state and district cooperative banks to keep higher targets for deposits and annual profit from the current level by focusing on raising low-cost deposits in the lo.
