In a recent tweet, the Union Ministry of Cooperation revealed that hardware acquisition has been completed for 55,634 PACS for their computerization, and Enterprise Resource Planning (ERP) trial runs are currently underway in 21,835 PACS.
The tweet from the government highlights the computerization of PACS as a pioneering step towards transparency and creating a data-driven cooperative ecosystem. It also enumerates several benefits of the computerization initiative.
These include– Availability of PACS data on a single click, Smoother process for loan applications by farmers, Transparency in PACS functioning, Increased operational efficiency of PACS, Timely disbursement of loans, Reduction in transactional costs, Fairness in the payment system and Enhanced credibility of PACS operations
A Centrally sponsored project for the computerization of 63,000 functional PACS/Large Area Multi-Purpose Cooperative Societies (LAMPS)/Farmers Service Societies (FSS) across the country, with a total financial outlay of Rs. 2,516 Crore, is currently under implementation.
This project aims to provide various benefits to PACS, such as increasing the efficiency of their operations, ensuring speedy disbursal of loans, lowering transaction costs, reducing imbalances in payments, seamless accounting with DCCBs and StCBs, and increasing transparency. It will also enhance trustworthiness in the working of PACS among farmers.
The software for this project has been developed by NABARD, and hardware procurement, onboarding of system integrators, and digitization of legacy data by States and Union Territories’ Administration are currently in process.