GK
CO OPERATION CO OPERATIVE SOCIETIES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Primary Agricultural Credit Society
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Primary Association of Credit Societies
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Primary Association of Credit Societies
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Primary Agricultural Cooperative Society
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Detailed explanation-1: -PACS are village level cooperative credit societies that serve as the last link in a three-tier cooperative credit structure headed by the State Cooperative Banks (SCB) at the state level. Credit from the SCBs is transferred to the District Central Cooperative Banks (DCCBs), that operate at the district level.
Detailed explanation-2: -Primary Agricultural Credit Societies are the grass root level arms of the short-term co-operative credit structure. PACs deal directly with the rural (agricultural) borrowers, give those loans and collect repayments of loans given.
Detailed explanation-3: -Who regulates PACS? PACS are registered under the Co-operative Societies Act and also regulated by the RBI. They are governed by the “Banking regulation Act-1949” and Banking Laws (Co-operative societies) Act 1965.
Detailed explanation-4: -PACS is organised at the village level that accepts deposits from rural farmers and gives loans for agricultural purpose. PACS is considered as vital agencies to resolve a host of problems in agricultural development and uplift the socio-economic status of the poor and weaker sections of the society [5] .