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The full form of PACS is Primary Agricultural Credit Societies. The village-level cooperative societies serve as the final link in the State Cooperative Banks (SCB) 3-tier cooperative credit structure. PACS grants credit to farmers for various farming and agricultural activities. The credit is given in the form of short-term, medium, and long-term loans to its members. The main focus of PACS is village-level farmers and the gram panchayat. PACS was first introduced in 1904. As per a report published by the RBI (December 2022), the number of PACS is 1.02 lakh. However, by the end of March 2021, only 47,297 of them were profitable.
PACS Full Form Functions
The organizational structure of PACS includes the general body of PACS, the management committee, the chairman, the vice-chairman, and secretary, and the office staff. The full form of PACS is Primary Agricultural Credit Societies. The main functions of PACS are as follows:
- Grant medium and short-term purpose loans to its members
- Borrow the essential funds from central financial institutions to help its members on time
- Promote the economic interests of all its members, and maintain the supply of the hired light machinery as it is essential for agricultural purposes
- Additionally, PACS encourages its members to save
- Moreover, arrange for supplying domestic products and agricultural inputs. For example, fertilizers, seeds, among others
- Thereafter, provide marketing facilities that will increase the sales of agricultural products at reasonable prices.
Also Read: Top Agriculture Courses
Advantages and Disadvantages of PACS
PACS full form is Primary Agricultural Credit Societies. There are several advantages and disadvantages of PACS. These are listed below:
| Advantages | Disadvantages |
| Help the farmers get credit for short-term, and medium-term purposes and government-related funds | Has organizational weakness. Example. North East regions are not covered |
| Assists in practicing government schemes related to farmers | Large overdue from landowners than small farmers |
| Acts as a link between higher financial institutions of the country that can solve several issues for farmers | Lack of resources to grant short term and medium credits |
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