NABARD launches Scheme: Rs 5,000 crores allocated to computerise PACS
The National Bank for Agriculture and Rural Development (NABARD) has launched a refinance scheme for financial institutions and banks. It has allocated Rs 5,000 crores for the scheme.
Under the scheme, the Primary Agricultural Credit Societies are to be turned into multi-service centres. The fund allocated under the scheme is to be made available to financial institutions and banks to lend to the beneficiaries in 2,150 water shed development projects.
About the projects
The scheme will mainly focus on watershed development projects. These projects are spread over 2.3 million hectares of watershed, tribal development and rainfed areas.
Computerisation of PACS
NABARD has also launched the scheme to computerise PACS (Primary Agricultural Credit Societies). Under the scheme, 5,000 PACS are to be upgraded in the initial phases, 15,000 by 2022 and another 15,000 by 2023.
Significance of PACS
PACS support farmers in post-harvest and marketing activities. Also, it plays key role in supply chain activities by acting as spokes to the upcoming Gramin Agriculture Markets.
Gramin Agriculture Markets
The Gramin Agriculture Markets are village level markets in India. There are 22,000 rural agricultural markets in the country. These markets are to be linked with E-NAM. This will help organize the agriculture market sector and help farmers sell at best prices. Hence, the initiative will help India achieve its target of doubling farmers income by 2022.