With reference to the Primary Agricultural Credit Societies consider the following statements They a...........

Indian Economy Agriculture

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With reference to the Primary Agricultural Credit Societies, consider the following statements

They are part of a three-tier cooperative credit structure.
They are only funded by the state governments.

Select the correct statement.

1 only

2 only

Both

None

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Explanation:

The Union Budget has recently announced Rs 2,516 crore for the computerisation of 63,000 Primary Agricultural Credit Societies (PACS) over the next five years.

These are village-level cooperative credit societies that serve as the last link in a three-tier cooperative credit structure.
These are headed by the State Cooperative Banks (SCB) at the state level.
Credit from the SCBs is transferred to the district central cooperative banks, or DCCBs, that operate at the district level.
These district central cooperative banks work with PACS, which deals directly with farmers.
Individual farmers are members of the PACS, and office-bearers are elected from within them. A village can have multiple PACS.
PACS are involved in short-term lending — or what is known as crop loans.
At the start of the cropping cycle, farmers avail credit to finance their requirement of seeds, fertilisers etc.