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Core Banking For PACs

Bhubaneswar: Chief Minister Naveen Patnaik on Friday said that the core banking solution platform for Primary Agriculture Cooperative Societies (PACS), a first of its kind initiative in the entire country, will bring efficient and transparent service delivery in banking, credit and other operations in the State.

Launching the platform here he said that this is an historic moment for the co-operatives of the State. Secretary to CM V K Pandian moderated the Meeting. Minister Co-operation Atanu Sabyasachi Nayak was present.

APC Sanjeev Chopra, Principal Secretary Cooperation and Chairman Odisha State Warehousing Corporation(OSWC), Sanjeev Chadha and other senior officials graced the Meeting.

“Co-operative Banks and Primary Agriculture Cooperative Societies (PACS) provide around 60 per cent of the total crop loans disbursed in the state. Almost the entire paddy procurement operations and procurement of other agricultural produce are done by these PACS,” he said.With this, 2063 PACS in State have come under the Core Banking Solution platform.


Speaking on the initiatives of his government in strengthening cooperatives in the 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 subsidy support to the farmers.

He further said that core banking solutions and computerised operations of PACS have been included as important interventions under the 5T charter of the State Government.

Congratulating the new Banking Assistants, who joined the Government on Friday, he advised them to follow the 5T initiative as it carries special significance for the cooperative sector.

Speaking on Odisha State Warehousing Corporation (OSWC), he said, it provides logistic support for storage of food grains for distribution under PDS and other welfare schemes of the Government.

He also congratulated the 28 newly inducted personnel of the Corporation and hoped they will work with sincerity and efficiency to strengthen the system.

During the programme, the OSWC paid a dividend of Rs 3.07 crore to the government.

Speaking on the occasion, Cooperation Minister Atanu Sabyasachi Nayak outlined the steps taken by the department to strengthen the cooperative sector.

He said computerisation of Cooperative Banks, PACS will bring revolutionary changes in the Cooperative sector, and farmers’ financial inclusion will improve rapidly.

Three newly appointed employees — Jayashree Soren, Biranchi Narayan and Sandeep Sourav—lauded the transparency and speed with which such a huge recruitment process was carried out.

Complementing the Chief Minister for the 5T initiative, they assured absolute transparency and commitment to serve the people of Odisha, especially farmers.

As many as 384 Banking Assistants were inducted in 15 District Central Co-operative Banks in presence of the Chief Minister.

Notably, the Cooperative Banks and PACS provide banking and credit services to the people at the grassroots level. The PACS and LAMPCS disburse crop loans for seasonal agricultural operations to the farmers through Kisan Credit Cards and to the tenant farmers, sharecroppers, oral lessees etc. through Self Help Groups and Joint Liability Groups. The government is facilitating disbursement of crop loans up to Rs.1 lakh free of interest, thanks to overdrive of Principal Secretary Cooperation, Mr.Chadha.

Credit support is also provided to the farmers for asset creation in agriculture under farm mechanization, land development, horticulture, animal husbandry, fishery etc.

In addition, farmers in the State avail the services of inputs supply like seeds, fertilizers, pesticides along with marketing of their agricultural produce viz. paddy, oilseeds and pulses through these PACS and LAMPCS.