Financial System

Indian Economy (CDS)

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With reference to Primary Agriculture Credit Societies (PACS), consider the following statements

These constitute the top tier of the four tiers of Long-term cooperative credit (LTCC).
PACS fall within the jurisdiction of state governments.
There is no uniformity in the software being used by them and they are not interconnected..

Select the correct statement.

1&2 only

2&3 only

1&3 only

All of the above

Explanation:

Primary Agricultural Cooperative credit societies (PACS) constitute the lowest tier of the three-tier Short-term cooperative credit(STCC) in the country. The other two tiers are: State Cooperative Banks(StCBs) and District Central Cooperative Banks (DCCBs).

PACS fall within the jurisdiction of state governments.
There is also no uniformity in the software being used by them and they are not interconnected with the DCCBs and StCBs. So, recently the Cabinet Committee on Economic Affairs has approved the Computerization of Primary Agricultural Credit Societies (PACS).

Hence both statements 2&3 are correct.

By: Shubham Tiwari

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