Shah for setting up of 2 lakh agri credit societies

Pitching for setting up an additional 2 lakh new primary agricultural credit society (PACS) across the country in the next five years, home and cooperation minister Amit Shah said the PACS are the soul of farm credit system and therefore it’s necessary to strengthen them by increasing their number from 95,000 to around 3 lakh.

“If the number of PACS reach 3 lakh panchayats in the country, then distribution of Rs 10 lakh crore agriculture finance could be possible through cooperatives,” said Shah while addressing a national conference on rural cooperative banks.

“With the foundation of the 3 lakh PACS being strengthened, district cooperative banks will be strengthened, which in turn will lead to the strengthening of the state cooperative banks”, said Shah.