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Vedavaag Systems launches computerization of Primary Agricultural Cooperative Societies at Dehradun, Uttarakhand

There are about 100000 PACS existing in the country.

November 01, 2021 4:35 IST | India Infoline News Service
Science and Technology
Vedavaag Systems Ltd has informed that Union Minister for Home Affairs and Cooperation, Amit Shah has launched the computerization of Primary Agricultural Cooperative Societies (PACS), at Dehradun, Uttarakhand on October 30, 2021.

VSL Data Systems Private Limited, a 100% owned subsidiary of Vedavaag Systems Limited, as an implementation partner for Intellect Informatics Private Limited, Hyderabad has executed the work of computerization of all the PACS (Primary Agricultural Credit Society) of Uttarakhand.

Furthere, Computerization helps in direct linkage of PACS with district banks, in turn district banks with state cooperative banks and state cooperative banks with NABARD. This helps in reaching out all NABARD promoted schemes directly to farmers through PACS. This will help increasing the transparency and bringing down frauds, if any.

There are about 100000 PACS existing in the country. After Telangana, Uttarakhand is the second state computerizing the PACS. Very few states in the country have been able to accomplish this task so far, said company in a regulatory filing.

PACS:
A Primary Agricultural Cooperative Society (PACS) is co-operative credit institution in India. It works at the grassroots level (gram panchayat and village). It is intended to promote thrift and mutual/self-help among the members; cater to their credit requirements and provide credit-linked services like input supply, storage (inventory maintenance) and marketing of agricultural produce (Public Distribution System) etc.

PACS are the base tier of the 3-tier Short Term Cooperative Credit Structure (STCCS) comprising District Cooperative Central Banks (DCCB) at the district level and State Cooperative Banks (SCB) at the Apex / State level. The structure is owned and run by about 13 crore farmers as members at PACS, about 80% of whom are small and marginal in nature.

Vedavaag Systems ended at Rs58.05 per piece higher by 0.96% on Sensex.

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