NABARD accords sanction for transformation of PACS as MSCs

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Chandigarh, August 10, 2020 (Yes Punjab News)

The Cooperation Minister, Punjab, S. Sukhjinder Singh Randhawa, today presided over a high level meeting of the department to discuss issues related to Cooperative sector in the State.

The detailed deliberations were held regarding the Primary Agriculture Cooperative Societies (PACS) as Multi Service Centre scheme of NABARD, convergence with activities under Agriculture Infrastructure Fund launched by the Prime Minister, computerisation of PACS, Merger of DCCBs into Punjab State Cooperative Bank (PSCB), Issue of KCC to farmers engaged in animal husbandry and fisheries activities.

The Chief General Manager (CGM) NABARD informed that the special re-finance facility for transformation of Primary Agriculture Society (PACS) as Multi-Service Centre (MSC) is available with SCBs with re-finance @ 3 percent Rate of Interest (RoI) for meeting the credit plus requirements of the members which will enable them to diversify their business. The grant support for computerisation of PACS was also discussed in detail.

The Minister handed over the in-principle sanction letter for ‘Transformation of Primary Agriculture Cooperative Societies (PACS) as Multi Service Centre (MSC)’ for creating Agri-infrastructure involving 60 identified PACS to MD, PSCB during the meeting.

Among others present in the meeting included Mrs. Kalpana Mittal Baruah, Special Chief Secretary, Cooperation, Mr. Vikas Garg, Registrar Cooperative Societies, Hargunjit Kaur, Managing Director, PSCB. The NABARD team was led by Dr. Rajiv Siwach, Chief General Manager, Punjab Regional Office.


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