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Primary Agri-Credit Societies
News: Union Home and Cooperation Minister said that primary agricultural credit societies (PACS) will be set up in all panchayats of the country.
• PACS are ground-level cooperative credit institutions that provide short-term, and medium-term agricultural loans to the farmers for the various agricultural and farming activities.
• It works at the grassroots gram Panchayat and village level.
• The PACS functioning at the base of the cooperative banking system constitutes the major retail outlets of short-term and medium-term credit to the rural sector.
• It encourages agriculturists to save, accepts deposits from them, makes loans to deserving borrowers, and collects repayments.
• It will carry out activities like the sale of gas and petrol and the storage and marketing of dairy and farm products to alleviate poverty and empower women.
• It helps its members by providing marketing facilities that could enhance the sale of their agricultural products in the market at the proper prices.
• Maintaining the supply of the hired light machinery for agricultural purposes.
• To arrange for supplying of agricultural inputs such as seeds, fertilizers, insecticides, kerosene.