Union Minister Amit Shah inaugurates National Conference of Rural Cooperative Banks

National Conference of Rural Cooperative Banks: Union Home and Cooperation Minister Amit Shah recently inaugurated the day long National Conference of Rural Cooperative Banks.

Key Points:

  • The conference was organized by the Ministry of Cooperation and the National Federation of State Cooperative Banks in New Delhi on August 12, 2022.
  • Mr Shah, at the inaugural event said that a five-year strategy is required for Primary Agricultural Credit Societies PACS in each panchayat as two lakh panchayats are yet to have PACS.
  • He stated that the Government has approved Computerization of PACS with the objective of increasing their efficiency and bringing transparency and accountability to their operations.
  • He highlighted that the rural cooperative banks have played a significant role in connecting rural India with the country’s economy.
  • He stressed the need for a different strategy to take cooperative to every panchayat of the country.
  • On the occasion, Home Minister presented Performance Awards to select State Cooperative Banks, District Central Cooperative Banks DCCBs or PACS and felicitated a few short-term cooperative credit institutions for 100 years of service.
  • He said that there are about 8.5 lakh cooperative societies in the country, out of which there are 1.78 lakh different types of credit societies.
    Also, in the field of agricultural credit, there are 34 state cooperative banks with more than 2,000 branches, 351 district cooperative banks with 14,000 branches and about 95,000 PACS.