{"id":2899,"date":"2023-02-08T05:44:05","date_gmt":"2023-02-08T00:14:05","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=2899"},"modified":"2025-03-26T09:02:22","modified_gmt":"2025-03-26T03:32:22","slug":"what-are-primary-agricultural-credit-societies","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/what-are-primary-agricultural-credit-societies\/","title":{"rendered":"What are Primary Agricultural Credit Societies?"},"content":{"rendered":"<h2>About Primary Agricultural Credit Societies:<\/h2>\n<ul>\n<li>These are village-level <strong>cooperative credit societies<\/strong> that serve as the last link in a three-tier cooperative credit structure.\u00a0<\/li>\n<li>These are headed by the <strong>State Cooperative Banks<\/strong> (SCB) at the state level.<\/li>\n<li>Credit from the SCBs is transferred to the <strong>district central cooperative banks<\/strong>, or DCCBs, that operate at the district level.\u00a0<\/li>\n<li>These district central cooperative banks work with PACS, which deals directly with farmers.<\/li>\n<li>Individual farmers are members of the PACS, and office-bearers are elected from within them. A village <strong>can have multiple PACS.<\/strong><\/li>\n<li>PACS are involved in <strong>short-term lending<\/strong> \u2014 or what is known as crop loans.\u00a0<\/li>\n<li>At the start of the cropping cycle, farmers avail credit to finance their requirement of seeds, fertilisers etc.\u00a0<\/li>\n<li>Banks extend this credit at 7 per cent interest, of which 3 per cent is subsidised by the Centre, and 2 per cent by the state government. Effectively, farmers avail the crop loans at 2 per cent interest only.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<hr \/>\n<h3>Q1) What are the cooperative societies?<\/h3>\n<p>A cooperative society is a free and unconstrained organization for such individuals, who can utilize its services and agrees to accept the responsibilities of membership without any gender, social, ethnic, political or religious discrimination.<\/p>\n<p><strong>Source:\u00a0<\/strong><a href=\"https:\/\/indianexpress.com\/article\/explained\/what-are-primary-agricultural-credit-societies-8430329\/\" target=\"_blank\" rel=\"nofollow noopener\"><u>What are Primary Agricultural Credit Societies?<\/u><\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PACS are village-level cooperative credit societies serving as the last link in a three-tier cooperative credit structure.<\/p>\n","protected":false},"author":5,"featured_media":2900,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-2899","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/2899","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=2899"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/2899\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/2900"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=2899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=2899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=2899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}