Representational Image. Photo: Satheesh Kumar KB/Mathrubhumi Archives
Thiruvananthapuram: The union government has decided to consolidate the working of all Primary Agricultural Credit Societies in India. A general bye-law will be introduced for this. A draft will be prepared and the opinions of states will be accepted. A common software will be implemented for centralised control.
The groups can undertake activities in 25 sectors. Banking activities will be limited. Primary Agricultural Credit Societies are functioning as primary cooperative banks in Kerala. The new move may affect their functioning.
According to the union government, the general bye-law is to enable the Primary Agricultural Credit Societies to undertake various activities in areas where they operate. The primary cooperative banks can take up banking activities only as a business correspondent.
With this, the primary cooperative banks will become the business agent of Kerala Bank. As the functioning comes under the control of the central government, the use of ‘bank’ for primary cooperative banks will also be stopped. The union government has also said that the groups will be ‘delivery points’ of the government’s agricultural subsidies, crop insurance and direct benefits.
The government has informed that the general by-law may be adopted with suitable changes as per the State Cooperative Act.
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