Nabard gives Rs 112-cr for conversion of 183 PACS into MSCS

MACHILIPATNAM: The National Bank for Agriculture and Rural Development ( NABARD) has sanctioned Rs 112 crore to 183 primary agriculture cooperative societies in Andhra Pradesh for their conversion into multi-purpose service societies.

"NABARD also sanctioned funds for construction of bank lockers for PACS," chief general manager K R Nair told reporters here.

He informed that the National Bank for Agriculture and Rural Development (NABARD) has sanctioned Rs 1.04 crore for 6 PACS for construction of godowns and Rs 58.50 crore to 29 PACS for fish feed in Krishna district.

"Crop loan to the tune of Rs 73,000 crore was disbursed to farmers through cooperative banks in 2012-13 and the target for the current year is fixed at Rs one lakh crore," Nair said.

The PACS are expected to completely reinvent their business models and convert into multipurpose service centres offering a range of commercial services on par with commercial banks.