Naveen Launches Online Operations of PACS

Bhubaneswar: As many as 384 Banking Assistants were inducted into the 15 District Central Co-operative Banks of Odisha in the presence of Chief Minister Shri Naveen Patnaik here today.

Besides, the Chief Minister also launched online operations in Primary Agricultural Cooperative Societies (PACS). With this, as many as 2, 063 PACS in Odisha came under the core banking solution platform. “This is the first-of-its-kind initiative in the entire country. It would bring about efficient and transparent service delivery in the field of banking, credit and other operations,” said the Chief Minister.

According to the Chief Minister, the Co-operative Banks and PACS provide around 60 per cent of the total crop loans disbursed in the state. He appreciated the fact that the entire paddy procurement operations and procurement of other agricultural produce are done by these PACS.

Highlighting the initiatives of his government in strengthening cooperatives in state, he said that the government has been providing share capital assistance to the Co-operative Banks and PACS in order to build up a strong capital base for them. The Government is also providing interest subvention support to the farmers.

He further said Core Banking Solutions and computerised operations of PACS have been included under the 5T initiatives of the state government. The Chief Minister advised the new Banking Assistants to follow the 5T initiative as it carries special significance for the cooperative sector.

“The Odisha State Warehousing Corporation (OSWC) provides logistic support for storage of food grains for distribution under PDS and other welfare schemes of the government,” said the Chief Minister while congratulating the newly-inducted 28 personnel of the corporation. The OSWC paid a dividend of Rs 3.07 crore to the state government during the event.

Participating in the event, Cooperation Minister Atanu Sabyasachi Nayak outlined the steps taken by the department to strengthen cooperative sector in Odisha. Computerisation of Cooperative Banks and PACS will bring revolutionary changes in cooperative sector. Besides, this will contribute to the financial inclusion in state, he said.

Three newly-appointed Banking Assistants–Jayashree Soren, Biranchi Narayan and Sandeep Sourav– shared their experience at the event and appreciated the 5T initiative of the state government. Among others, APC Sanjeev Chopra and Secretary to Chief Minister (5T) VK Pandian were present on the occasion. Cooperation Secretary Sanjeev Chaddha gave the welcome address while OSCB Managing Director offered the vote of thanks.

It may be mentioned here that the Cooperative Banks and PACS provide banking and credit services to the people at the grassroots. The PACS and LAMPCS disburse crop loans for seasonal agricultural operations to the farmers through Kisan Credit Cards. They also advance loans to the tenant farmers, share croppers and oral lessees. The government is facilitating disbursement of crop loans up to Rs 1 lakh free of interest through Self Help Groups and Joint Liability Groups.

Credit support is also provided to the farmers for asset creation in agriculture under farm mechanisation, land development, horticulture, animal husbandry and fishery. In addition, farmers get inputs like seeds, fertilizers and pesticides through the agricultural cooperative societies. The PACS and LAMPCS also provide marketing facilities for agricultural produce like paddy, oilseeds and pulses.

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