The Ministry of Cooperation has announced significant progress in integrating Primary Agricultural Credit Societies (PACS) with the broader cooperative banking network under the PACS computerization project.
All functional PACS are being linked through an ERP-based Common National Software that connects them with State Cooperative Banks (StCBs) and District Central Cooperative Banks (DCCBs). This system enhances efficiency through a Common Accounting System and Management Information System, ensuring transparency, faster loan disbursal, reduced costs, and seamless operations.
To strengthen the digital ecosystem, the National Urban Co-operative Finance and Development Corporation (NUCFDC) has been established to accelerate digitization in urban cooperative banks. Additionally, RBI has approved NABARD to set up Sahakar Sarathi, a shared service entity to provide technological support to Rural Cooperative Banks (RCBs).
Recognizing growing cyber risks, NABARD’s dedicated CSITE unit has been guiding banks since 2020. A Cyber Insurance programme now covers 231 RCBs, 21 RRBs, and 2 UCBs, safeguarding them against threats.