The newly created Union Cooperation Ministry will modernize and digitalize thousands of PACs across the country spending Rs 2,000-3000 crore over the next five years, reports Free Press Journal.
PACs are grass-roots lending institutions based on cooperative principles. They provide short and medium-term loans to rural people to meet their financial requirements.
It is said there are 97,961 PACs in the country, out of which viable ones are 65,000.
Experts say following computerization, PACs will become more effective in carrying out banking activities.
