Full Form of PACS:– Primary Agricultural Credit Society
The PACS is a basic unit and the smallest financial cooperative organisation in India. It functions at the base level of the village (gram panchayat).
Role of PACS
There may be 10 or more men, usually belonging to the village, in a cooperative credit corporation known as the Primary Agricultural Co-operative Society (PACS). In general, any amount of share is eligible in order to allow even the poorest farmers to enter. PACS takes a leading role in and establishes its basis in the cooperative structure. In a village or community of small villages, a main agricultural credit agency is established at grass root stage. It is the main unit working with (farm) lenders, supplying these credits and receiving loan repayment.
Function of PACS
1. Promoting the economic interest of its members.
2. It provides short-term and medium-term loans.
3. It promotes the members to do savings.
4. It supplies farming products, such as fertilizers, seeds, insecticides and equipment.
5. It provides distribution services for the selling of agricultural goods.
6. It supplies household products such as kerosene, sugar, salt, etc