The National Bank for Agriculture and Rural Development (Nabard) has set for itself an aggressive task to finance 700 out of 2,798 primary agricultural cooperative societies (PACS) in the State this year with the objective to convert them into one-stop outlets to meet the needs of farm sector.
They were proposed to be made multipurpose entities as powerful as rural branches of commercial banks and regional rural banks, said K.R. Nair, Chief General Manager of the regional office of Nabard here.
He told a press conference Friday that it was not possible for the agency to fund all the 2,798 PACS because an estimated 30 per cent of them were not financially viable. Therefore, it was decided to fund 1,500 PACS in the long run and assist 700 of them this year.
The PACS were supported to an extent of Rs.4,100 crore in 2012-13.
Setting up the godown space by extending credit support to PACS was another priority of Nabard in the State.