BANKING AFFAIRS

Detailed explanation-1: -The short-term co-operative credit structure operates with a three-tier system-Primary Agricultural Credit Societies (PACS) at the village level, Central Cooperative Banks (CCBs) at the district level and State Cooperative Banks (StCBs) at the State level.

Detailed explanation-2: -A Primary Agricultural Credit Society (PACS) is a basic unit and smallest co-operative credit institution in India It works on the grassroots level (gram panchayat and village level). Prime Minister Narendra Modi launched a new Central Sector Scheme of financing facility under the Agriculture Infrastructure Fund of Rs.

Detailed explanation-3: -A Primary Agricultural Credit Society (PACS) is a basic unit and smallest co-operative credit institutions in India. It works on the grassroots level (gram panchayat and village level). Primary Agricultural Credit Society.

Detailed explanation-4: -Functions of PACS To provide short and medium-term purpose loans to its members. Borrowing an adequate amount of funds from central financial agencies. Maintaining the supply of the hire light machinery for the agricultural purpose. Promotes savings habits among its members.

Detailed explanation-5: -Regional Rural Banks (RRBs) are government owned scheduled commercial banks of India that operate at regional level in different states of India. These banks are under the ownership of Ministry of Finance, Government of India. They were created to serve rural areas with basic banking and financial services.