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Cooperation Minister Amit Shah connected Tuesday directed the National Federation of State Co-operative Banks (NAFSCOB) to prioritise making Primary Agricultural Credit Societies (PACS) much viable, transparent, and modern.
Speaking astatine the NAFSCOB’s Diamond Jubilee celebration, Shah expressed interest implicit the “dilution” of cooperative tone among cooperative institutions successful authorities and district-level.
“I judge this is simply a substance of concern. We request to fortify the tone of cooperation,” helium emphasised, underlining that existent practice means corporate prosperity and adjacent nett sharing.
“The NAFSCOB’s enactment is not conscionable astir holding meetings and resolving problems with the RBI and government; its occupation is to marque PACS viable, transparent and modern,” Shah noted.
Highlighting the captious aspects of cooperative banking reforms, helium pitched for strengthening PACS, totalling 1.05 lakh, with lone 65,000 functional.
He asked NAFSCOB to absorption connected implementing technological upgrades, creating opportunities for younker engagement, and absorption connected expanding low-cost deposits.
On enlargement plans, Shah said the authorities aims to summation the fig of territory cooperative banks by 50 per cent from the existent 300 successful the coming years.
The curate asked some authorities and cooperative banks to support higher targets for deposits and yearly nett from the existent level by focusing connected raising low-cost deposits successful the section area.
Shah recommended studying palmy models similar Ahmedabad District Cooperative Bank and Gujarat State Cooperative Bank arsenic benchmarks for improvement.
With PTI inputs
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