The Union Government announced the implementation of centralized software in primary cooperative societies across the country. While presenting the budget speech at the Lok Sabha, the Union Finance Minister Nirmala Sitharaman said that this initiative is taken with a view to promote a cooperative-based economic development model to support small and marginal farmers and other marginalized sections of the society.
She further said, “The government has initiated the computerization of 63,000 Primary Agricultural Credit Societies (PACS) with an investment of Rs 2,516 crore.”
NABARD is going to find system integrators in each state via open tenders to install the unified software. These system integrators will be responsible for transferring data of the societies and customizing software as per the nature of the establishment in the states.
The union government said that its aim is to help farmers with digital money transactions. The unified software will take care of lending and other important activities of the primary cooperative banks. This will be linked to Kerala Bank to make the loan disbursement process quicker!