NABARD holds workshop on strengthening cooperatives

A regional workshop to strengthen the cooperatives in TaLangana, Tamil Nadu, Kerala, Karnataka, Maharashtra and Uttar Pradesh was held on Wednesday with the Ministry of Agriculture and Rural Development National Bank (TELANGANA Regional Office, Hyderabad, the Ministry of Cooperation.

Siddharth Jain, the ministerial secretary, underlined the role of cooperatives in encouraging rural welfare, increasing food safety, and catalyzing inclusive growth.

Nabard President Shaji KV, who appealed to the workshop, said that the computerization project of the Primary Agricultural Credit Associations (PACS) has made encouraging progress at the national level. The digital spine created through computerization will enable PACs to expand business models, enter e-marking and provide digital services to rural communities. The business process will facilitate integration operations with reconstruction and higher layer cooperative institutions and core banking systems, eliminate reproduction and encourage efficiency and financial inclusion.

Nabard said that the formation of new multi -purpose PACs, scaling processes of existing PACSI MPACs, accelerating cereal storage infrastructure in cooperatives and computerization of PACs were discussed.