Primary agricultural credit cooperative societies in Kerala are planning to embark on technological modernization in alliance with district cooperative banks in order to be able to provide their customers with the latest banking products, says Indian Express.
There are 1,604 PACS in the state with net deposit of Rs. 68, 200 crore.
Cooperative officials say the pilot project beginning in Idukki first will later be extended to other districts.
As of now, as the PACS have no permission from the RBI to do the banking transactions, the DCBs will ensure regulatory compliance for member PACS, cooperative officials claim.
The modernization scheme will be implemented throughout the state latest by 2016.