Farmers with bank accounts can now deposit or withdraw or carry out any transactions with nationalized banks across the country. The Times of India report quotes Nabard sources as saying the new plan would not only boost transparency in banking activities but also check illegal transactions.
Sources say Nabard would provide cooperative bank and cooperative societies with 90 percent of the total cost of the plan in the form of a grant-in-aid. The plan is estimated to cost about Rs 1 crore.
Nearly 76 cooperative societies operating in the district would be equipped with micro computer devices fitted with the core banking solutions, sources add.
Cooperators seem upbeat about the consequences of the new plan as they are confident this would end a delayed cumbersome system based on manual labour.