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Working with NABARD to boost Primary Agriculture Credit Societies
The situation
On 29 June 2022, the Government of India approved the Centrally Sponsored Project for Computerisation of PACS (CSPCP) with a target of digitisation of 63,000 PACS in the first phase.
The project aimed to make PACS self-reliant in line with the Atmanirbhar Bharat Abhiyan and to make their operations transparent and efficient.
PACS, functioning since 1904, forms the third tier of the Short Term Cooperative Credit Structure (STCCS). However, many societies still operate using traditional banking methods (including the use of pen and paper), resulting in inaccuracies, inefficiencies and lack of transparency.
Despite the UPI revolution in India’s digital banking ecosystem, a majority of small and marginal farmers lack access to financial services. To address this challenge and create an improved rural economy, there was a need to take some crucial steps to expand the reach of financial services to unbanked villages and areas.
The solution
Acting as a PMU, PwC India’s Agriculture and Food team oversaw the progress of five major project components:
- Delivery, installation and adoption of hardware which included essential and non-essential components, covering 10 components across 63,000 locations
- Software adoption and customisation which included assessing first-hand reports, field verification reports and legacy data digitisation of 63,000 PACS
- State-wise implementation support which included gathering regular field intelligence and coordinating between the two-tier system of co-operatives and rural banking
- Advisory support which included providing policy, enabling data based decision making and project monitoring support and recommendation on project risks and mitigation
- Advisory on data repository which included checking on the implementation of a national-level data repository to store infrastructure requirements
The impact
The collaboration also enabled data-based decision making and project monitoring support.
The project helped in enhancing the capacity, efficiency and effectiveness of PACS. The project helps to develop cooperatives as vibrant business enterprises by enabling them with technology and bringing in standardisation. This project also enables data-based decision making for further strengthening co-operative and rural ecosystem.
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