PACS made eligible for financing in J

Srinagar, Sep 17 (UNI) An amount of Rs 13 crore advance loan was provided in the Jammu and Kashmir to members of Primary Agriculture Credit Societies (PACS), which were made functional after a gap of 15 years.

An official spokesman said today that out of 765 such cooperatives, 195 have been revived and made credit worthy.

During the year 2007-08, PACS have advanced loans to the tune of Rs 13 crore to the members.

The State signed the Memorandum of Understanding (MoU) on April 7, 2008 with NABARD on implementation of the revival package as recommended by the Task Force headed by Prof A Vaidyanathan.

In the first instance 155 PACS and all the 5 Banks in Short Term Credit Structures shall be benefited.

The State has also furnished its response to NABARD on implementation of the recommendations for the revival of the Long Term Credit Structure (Vaidaynathan II).

An amount of Rs 4300 crore has been found as the amount requiring recapitalization he said.

The Multi Purpose Cooperative Society (MPCS) Payeen Brengh, a small hamlet in Kokernag area of south Kashmir has been a success story.

All the records of the society have been computerized with the emerging facility of accepting deposits from its members with the additional facility of SMS Banking, he added.

UNI BAS SR PM1346