In a major push to revitalise the rural economy, Bihar’s Cooperative Department has unveiled an ambitious plan to transform cooperative societies into startup-like enterprises, focusing on capital formation and large-scale employment generation.
In the first phase, around 9,000 cooperative societies will receive financial assistance through the Bihar State Cooperative Bank. However, only those societies with fully updated and compliant audit reports will be eligible, as the government has made annual audits mandatory for all cooperatives.
A significant reform is also being proposed for Primary Agricultural Credit Societies (PACS), with plans to increase the share value from Rs 10 to Rs 1,000. This move aims to strengthen working capital and enable societies to invest in infrastructure development.
The initiative also emphasizes digital transformation. A common e-commerce platform will be developed for online sale of agricultural products, while each PACS will have its own website to enhance transparency. Integration with the e-District system will further boost promotion of local products.
Additionally, modern cooperative buildings will be set up at the block level, and a special fund will be created to revive loss-making or “sick” societies. With multi-business activities encouraged, the move is expected to turn farmers into entrepreneurs and generate employment at the grassroots level.