What is the PACS full form?

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PACS Full Form

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:

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 farmersLarge overdue from landowners than small farmers
Acts as a link between higher financial institutions of the country  that can solve several issues for farmersLack of resources to grant short term and medium credits

The Full form of PACS is Primary Agricultural Credit Societies. This was all about the Full Form of PACS. Visit our  Full Form Page to discover more intriguing articles about full forms. You can also get a consolidated list of 300+ full forms here! Get in touch with the experts at Leverage Edu in order to kickstart your study abroad journey!

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