Amit Shah Advocates Modernization of Primary Agricultural Credit Societies

Amit Shah urged the National Federation of State Co-operative Banks to enhance Primary Agricultural Credit Societies' viability and transparency. Emphasizing collective prosperity and equal profit sharing, he called for technological upgrades and increased youth engagement. The government plans 50% expansion in district cooperative banks, aiming for higher deposits and profit.

In a significant address, Cooperation Minister Amit Shah urged the National Federation of State Co-operative Banks to focus on enhancing the viability and transparency of Primary Agricultural Credit Societies (PACS).

Speaking at the Diamond Jubilee Celebration of NAFSCOB, Shah expressed concerns about the weakening cooperative spirit and called for stronger collective prosperity and profit-sharing initiatives.

He highlighted the need for technological upgrades and increased youth engagement to modernize the PACS, of which only 65,000 out of 1.05 lakh are currently functional.

Shah also shared plans for a 50% increase in district cooperative banks from the current 300, stressing the importance of raising low-cost local deposits to boost profits. State and district cooperative banks currently hold deposits worth Rs 6.73 lakh crore and generate approximately Rs 4,281 crore in profits.

The minister recommended looking at successful models like the Ahmedabad District Cooperative Bank as benchmarks for further development. He outlined the Modi 3.0 government's commitment to advancing the cooperative sector with structural and legal enhancements.

(With inputs from agencies.)