Nabard’s circular on PACS has begun meeting with a growing chorus of disapproval from cooperative banks and other cooperative organisations. The South Canara District Cooperative Bank is the latest cooperative body to have joined in the chorus.
SCDC has said the Nabard reducing PACS to mere business correspondents would stymie progress of cooperative movement in the country.
According to Kumar, top ranking functionaries of district central cooperative banks of Karnataka would soon meet in Bangalore to discuss the Nabard’s anti-pacs move and frankly tell the state govt about their critical opinion on it.
The SCDC would also hold a meeting of the heads of PACS in Dakshina Kanada and Udupi districts of the state.
Sources say there are nearly five thousand PACS across Karnataka rendering services to the people at the grass roots level. If this network of basic cooperative societies is made less important, add the sources, it may have serious consequences for the people in the countryside.
