PRIMARY AGRICULTURAL CREDIT SOCIETIES
India-Russia summit in Moscow to focus on payment system for trade
Prime Minister Narendra Modi and President Vladimir Putin are set to focus on enhancing financial transactions between India and Russia during their annual summit in Moscow. With Russia facing SWIFT restrictions, both leaders aim to establish quicker and more efficient payment mechanisms. Plans include enabling the use of national currencies for tourists and students, involving RuPay and MiR cards.
Plan to set up coop bank, milk producers' union in every district of country: Amit Shah
Union Cooperation Minister Amit Shah outlined the government's ambitious plans during the 'Sahkar se Samriddhi' programme marking the 102nd International Day of Cooperatives. He announced targets to establish cooperative banks and milk producers' unions in every district, and to set up multipurpose agriculture credit societies in two lakh panchayats lacking cooperative institutions within five years.
Union budget 2024: Making a case for sustainable agrarian practices and inclusive growth
Budget: Modi's recent focus on PM-Kisan Samman Nidhi aimed to support farmers. The upcoming Union budget may lean towards populism, highlighting the exclusion of tenant farmers in schemes like PM-Kisan. Challenges such as irrigation and labour shortages limit productivity, emphasizing the need for sustainable practices.
In 2020, only 4% could not access an urban centre in India, reveals study
In 2020, only four per cent of India's population lacked access to an urban centre, according to a study published in the journal Nature Cities. The research, led by the Food and Agriculture Organization (FAO) of the United Nations, Italy, examined over 30,000 urban centres globally. The study highlighted that three per cent of India's population could only reach towns within an hour of travel.
80% of marginal farmers in India affected by adverse climatic events: Report
According to the report, nearly 43 per cent of the surveyed farmers lost at least half of their standing crops. Rice, vegetables, and pulses were particularly affected by uneven rainfall. In the northern states, paddy fields often remain submerged for more than a week, destroying newly planted seedlings.
SLBCs can play effective role in financial inclusion by better coordination with govt, NGOs: RBI DG
RBI Deputy Governor Swaminathan J emphasized the crucial role of State Level Bankers' Committees (SLBCs) in advancing financial inclusion. He highlighted their potential for better coordination with governments and NGOs, effective credit planning, and promoting digital financial literacy. Swaminathan urged SLBCs to bridge the gap between financial services and underserved communities, fostering inclusive and sustainable economic growth.
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PM Modi to release Rs 20,000 crore of PM-Kisan Samman fund into 9.26 crore bank accounts of farmers today
Prime Minister Narendra Modi is set to release the 17th installment of the PM-KISAN scheme during his visit to Varanasi on Tuesday. More than 9.26 crore farmers will benefit from this, receiving over Rs 20,000 crore. Additionally, the Prime Minister will distribute certificates to over 30,000 self-help groups trained as Krishi Sakhis. The event, organized by the Union Ministry of Agriculture and Farmers Welfare in coordination with the Uttar Pradesh government, aims to support farmers and raise awareness about agricultural practices.
Cooperation Minister reviews progress of pilot grain storage projects launched in 11 states
The National Level Coordination Committee (NLCC) chaired by Ashish Kumar Bhutani reviewed India's grain storage project progress initiated by the Ministry of Cooperation.
China has threatened trade with some countries after feuds. They're calling 'the firm' for help
An eight-person team at the State Department, informally dubbed "the firm," leads U.S. efforts to help countries targeted by China's economic pressure. Originating from a 2021 conflict with China over Taiwan involving Lithuania, the group, led by senior adviser Melanie Hart, now aids over a dozen nations. They assess vulnerabilities and create responses for countries fearing loss of trade with China. The team's initiatives are part of a broader U.S. strategy to counteract China's global influence.
Karuvannur-like 'scams' at 12 Kerala co-op banks, ED tells revenue department
Sharing its investigation report with the Department of Revenue, the ED has shared a list of 12 service co-operative banks where "similar irregularities have been observed" as in the case of Karuvannur Service Co-operative bank where ED already claims to have discovered "five undisclosed bank accounts" of CPM leaders, as first reported by ET on April 1.
Congress leader Gourav Vallabh quits party ahead of Lok Sabha elections, calls it a 'directionless' party
In a post on X (formerly Twitter), Gourav Vallabh wrote, "I am not able to feel comfortable with the directionless way in which the Congress Party is moving forward today. I can neither raise anti-Sanatan slogans nor abuse the wealth creators of the country in the morning and evening. That is why I I am resigning from all posts and primary membership of Congress Party."
PM Modi inaugurates 11 godowns in PACS under world's largest grain storageplan in coop sector
Addressing a gathering here, the prime minister said the cooperative sector is instrumental in shaping a resilient economy and propelling the development of rural areas. "Today we have launched the world's largest storage scheme for our farmers. Under this, thousands of warehouses and thousands of godowns will be constructed across the country," he said.
Mizoram government to launch flagship institutional credit programme soon
While addressing his customary speech in the state assembly, Governor Hari Babu Kambhampati said that this year, a new hand-holding policy – ‘Bana Kaih’ would be launched by the Mizoram government.
Amit Shah to launch computerisation projects for agri, rural dev banks, Registrar of Coop Societies
Union Cooperation Minister Amit Shah will launch a computerization project for agriculture and rural development banks and Registrar of Cooperative Societies. The initiative, in collaboration with the National Cooperative Development Corporation, aims to modernize the cooperative sector, enhance efficiency, and bring the entire ecosystem onto a digital platform. The project includes computerizing ARDBs in 13 states/UTs, linking them to NABARD, and promoting paperless functioning in RCS offices, fostering transparency, efficiency, and better access to real-time data for monitoring agricultural schemes.
Amit Shah says 241 PACS operating Jan Aushadi Kendras; now rural poor can get affordable medicines
Cooperation Minister Amit Shah announced that 241 Primary Agricultural Credit Societies (PACS) have established Jan Aushadi Kendras in rural areas, extending the availability of affordable generic medicines to the rural poor and farmers. Previously concentrated in urban areas, the move aims to benefit a broader population, offering quality medicines at significantly lower costs.
Cooperative sector sees opening of new avenues for expansion in 2023
Cooperation Ministry introduced various initiatives in 2023. These included the formulation of model bye-laws to render Primary Agricultural Credit Societies (PACS) multipurpose. Additionally, a national cooperative body was established to facilitate exports, aiming to enhance the cooperative movement and create opportunities for the expansion of cooperative societies. Established in July 2021, the new ministry, led by Amit Shah, undertook significant measures to strengthen the cooperative sector within a brief timeframe, as per an official statement.
Govt working to make cooperatives strong aspect of rural life: PM Modi
Noting that the awareness about Ayushman Bharat Health Account (ABHA) cards is so far limited, he asked people to join the scheme. A new awareness about healthcare is rising in the country, he said. Highlighting the campaign to organise small farmers, he spoke about efforts to expand FPOs (Farmer Producer Organisations) and cooperative enterprises like PACS (Primary Agricultural Credit Societies).
NBCC bags Rs 1,500 cr consultancy work to construct of 1,469 warehouses, other agri-infra projects
State-owned NBCC has secured a Rs 1,500 crore project management consultancy contract for the construction of 1,469 warehouses and agriculture infrastructure in India. The work order was awarded by the National Cooperative Development Corporation and Primary Agriculture Cooperative Society.
NCCF should target ₹50kcr turnover by FY28: Amit Shah
The minister said the NCCF should emphasise on making Primary Agricultural Credit Societies (PACS) and other cooperative institutions across the country its members so as to ensure that the proportion of cooperatives in the share of capital of NCCF is relatively higher. For this purpose, NCCF will have to develop its business plan and change its business approach... NCCF should... achieve a turnover of ₹50,000 crore by 2027-28," Shah said.
Rajya Sabha passes Multi-State Cooperative Societies (Amendment) Bill
The Multi-State Cooperative Societies (Amendment) Bill 2023 was passed by the Rajya Sabha, with the goal of making the functioning of cooperatives more transparent by introducing regular elections and prohibiting appointments of related individuals. The bill also aims to establish a 'Cooperative Election Authority', offering electoral reforms for the cooperative sector, and set up a Cooperative Rehabilitation, Reconstruction, and Development Fund.
Amit Shah says 5 lakh Sahara investors have registered on refund portal
Addressing the National Mega Conclave on the launching of Common Services Centre (CSC) services by Primary Agricultural Credit Societies (PACS) here, Shah said till now 5 lakh people have registered in the portal and the process of refunding the money to the genuine depositors has started.
Amit Shah says over 17k PACS registered so far to function as Common Service Centres
India's Cooperation Minister Amit Shah has said that more than 17,000 Primary Agricultural Credit Societies (PACS) have been registered as Common Service Centres (CSC) so far, offering more than 300 services such as banking, insurance and Aadhaar enrolment to rural areas.
Agriculture, allied sectors contribution to GDP can further rise on strengthened marketing; FPOs are key: Amit Shah
Cooperation Minister Amit Shah has said that the Farmer Producer Organisations (FPOs) can enhance the contribution of agriculture and allied sectors to India's GDP by strengthening marketing. Shah highlighted the significant initiatives taken by the Modi government in the past nine years to boost the income of farmers. The agriculture sector's budget increased from around Rs 22,000 crore in 2013-14 to Rs 1.15 lakh crore in 2023-24. Shah also noted that primary agricultural credit societies and FPOs can aid farmers by providing modern technology and marketing methods.
PACS can be roped in as drone entrepreneurs for spraying fertilizers, pesticides: Coop Min
PACS will also be connected with the marketing of organic fertilizers, especially Fermented Organic Manure (FoM)/ Liquid Fermented Organic Manure (LFOM)/ Phosphate Enriched Organic Manure (PROM). There are about one lakh PACS present across the country.
Odisha to provide free crop insurance to farmers for 3 years
"The Cooperation Department would bear the premium of the insurance from the 2023 Kharif season to the 2025-26 Rabi season. Odisha is the first state in the country to provide free crop insurance to farmers," Naveen Patnaik said.
Government to allow agricultural credit societies to convert wholesale petrol pumps into retail outlets
The cooperation ministry, in a statement, said PACS will also be given priority in allotment of new petrol/diesel dealerships to strengthen the cooperative movement in the country. PACS will also be able to get LPG distributorship and their eligibility has been approved.
Union Cabinet allocates Rs 4,800 cr to Vibrant Villages Programme, gives nod to establish agricultural credit societies
While talking about the scheme, Thakur stated that the schemes will enable cooperative societies to setup and modernize necessary infrastructure. "It will provide farmer members with requisite forward and backward linkages and enhance their income and will generate employment opportunities in rural area," he added.
Vibrant Villages Programme to be beneficial for people living in remote, border areas: PM Narendra Modi
The Cabinet has approved a Rs 4,800 crore allocation for the 'Vibrant Villages Programme' (VVP), a centrally-sponsored scheme, to ensure the comprehensive development of villages along the northern border areas.
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