Bhubaneswar: As part of the 5T initiative, Chief Minister Naveen Patnaik launched Friday online operations in Primary Agriculture Cooperative Societies (PACS). With this, 2,063 PACS came under the core banking solution platform. Core banking solutions and computerised operations of PACS have been included as important 5T interventions of the state. This is the first of its kind initiative in the entire country, Naveen Patnaik said.
Terming this an historic moment for the co-operatives of the state, Patnaik said it would bring about efficient and transparent service delivery in the field of banking, credit and other operations. He further said that co-operative banks and PACS provide around 60 per cent of the total crop loans disbursed in the state. He appreciated the fact that almost the entire paddy procurement operations and procurement of other agricultural produce are done by the PACS.
Speaking on the initiatives of his government in strengthening cooperatives in the state, Patnaik said that it has been providing share capital assistance to the co-operative banks and PACS in order to build up a strong capital base for them. The government is also providing interest subvention support to the farmers, he added.
On the occasion, 384 banking assistants were inducted in 15 District Central Co-operative Banks (DCCBs). Congratulating the new banking assistants, Patnaik advised them to follow the 5T initiative as it carries special significance for the cooperative sector.
Speaking on Odisha State Warehousing Corporation (OSWC), Patnaik said, it provides logistic support for storage of foodgrains for distribution under PDS and other welfare schemes of the government.
The CM congratulated the newly-inducted 28 personnel of the corporation and hope they will work with sincerity and efficiency to strengthen the system.
During the programme, the OSWC paid a dividend of Rs 3.07 crore to the government.
Co-operation Minister Atanu Sabyasachi Nayak outlined the steps taken by the department to strengthen the sector. He said computerisation of co-operative banks, PACS will bring revolutionary changes in the sector, and farmers’ financial inclusion will improve rapidly.