Primary Agricultural Credit Societies (PACS)
15-Mar-2023: Automation of Primary Agricultural Credit Societies
A Centrally sponsored project for Computerization of 63,000 Primary Agricultural Credit Societies (PACS)/Large Area Multi-Purpose Societies (LAMPS)/Farmers Service Societies (FSS) across the country with a total financial outlay of Rs. 2,516 Crore, approved by the Cabinet Committee on Economic Affairs (CCEA) on 29th June, 2022, is under implementation.
At present, proposal for computerization of 54,752 PACS/LAMPS/FSS has been received from the States/UTs and central share amounting to Rs. 201.18 crore has been released for the procurement of hardware, digitization of legacy data and establishing support system. The Project Monitoring Units (PMUs) have been set up at Central and State Levels by NABARD. Development of software has been started by the National Level Project Software Vendor (NLPSV) selected by NABARD.
The project entails bringing all the functional PACS onto on ERP (Enterprise Resource Planning) based common software, linking them with NABARD through State Cooperative Banks (StCBs) and District Central Cooperative Banks (DCCBs), that will also help in maintaining check and balance on repayment of the loan disbursed.
The Ministry of Cooperation in consultation with States/UTs & other stakeholders concerned, has prepared Model Bye-laws for PACS to diversify their activities to become Multipurpose Cooperative Societies. Model byelaws have been circulated to all the States/UTs on 05.01.2023 for their adoption by PACS subject to their respective State Cooperative Societies Acts. The Model Bye-laws would enable PACS to carry out more than 25 business activities such as dairy, fisheries, food grain storage, LPG/CNG/Petrol/Diesel distributorship, common service centers, Fair Price Shops (FPS), community irrigation, Business Correspondent activities, etc. The common national software would support all the activities mentioned in the model byelaws including the provision of inputs like fertilizer, seeds, etc. by PACS.
However, waiving of agricultural loans does not come under the purview of Ministry of Cooperation.
Cashless Transactions
India is set to achieve the highest number of cashless transactions globally, with digital transactions ensuring secure delivery of schemes. _EAM S. Jaishankar
Speaking at the 'Raisina@Sydney' Business Breakfast, EAM S. Jaishankar claimed that India is set to achieve the highest number of cashless transactions globally, with digital transactions ensuring secure delivery of schemes. He highlighted, digital governance has become the primary means for socioeconomic delivery, which wouldn't have been possible without opening bank accounts for a vast number of people.
Cashless Transactions
In recent years, the use of cashless transactions has grown exponentially, with more people using digital methods to pay for goods and services. Cashless transactions refer to any type of transaction that does not involve the use of physical cash. Instead, electronic means such as credit or debit cards, mobile wallets, and online banking are used to make payments. The trend towards cashless transactions has been driven by several factors, including convenience, security, and increased access to technology.
Types of Cashless Transactions
There are several types of cashless transactions, including:
- Credit and Debit Cards: Credit and debit cards are the most common forms of cashless transactions. They are easy to use, and most merchants accept them.
- Mobile Payments: Mobile payments are becoming increasingly popular, and they involve using a smartphone to make payments. Mobile payments can be made using apps like Google Pay, Apple Pay, or Samsung Pay.
- Online Payments: Online payments allow users to pay for goods and services online. They are commonly used for e-commerce transactions.
- Contactless Payments: Contactless payments involve using a card or smartphone to make a payment without the need to swipe or insert the card. Instead, the card or smartphone is simply held close to a terminal, and the payment is processed.
Benefits of Cashless Transactions
Cashless transactions have several benefits, including:
- Convenience: Cashless transactions are easy to use and can be completed quickly, making them convenient for both consumers and merchants.
- Security: Cashless transactions are more secure than cash transactions since there is no physical cash involved. This reduces the risk of theft or loss.
- Record-Keeping: Cashless transactions create a digital record of the transaction, making it easier for consumers to track their spending and for merchants to keep track of their sales.
- Increased Access: Cashless transactions can increase access to financial services, especially for people who may not have easy access to traditional banking services.
Challenges of Cashless Transactions
Despite the many benefits of cashless transactions, there are also some challenges, including:
- Digital Divide: Not everyone has access to the technology needed to use cashless transactions, which can create a digital divide.
- Security Concerns: Cashless transactions are vulnerable to security breaches, and there is always a risk of fraud or hacking.
- Fees: Some cashless transactions may come with fees that can add up over time.
As technology continues to advance, it is likely that we will see more people using cashless transactions in the future.
UPI(Unified Payment Interface)
13-Feb-2023: RBI gives permission for NRIs and G-20 Countries to access UPI
RBI gives permission for G-20 countries and NRIs to access UPI for merchant payments/person to merchant (P2M) at select airports in India.
Banks and non-banks authorized to issue Prepaid Payment Instruments (PPIs) can issue rupee-denominated full-KYC PPIs to foreign nationals and NRIs visiting India. Conversion to Indian rupee can be carried out only by entities authorized to deal in foreign exchange under FEMA.
PPIs are payment instruments that facilitate the purchase of goods and services against the value stored on such instruments. The value stored on such instruments represents the value paid for by the holder, by cash, by debit to a bank account, or by credit card.