Q. With reference to the Primary Agriculture Credit Societies (PACS), consider the following statements:
1.PACS are grassroots-level cooperative institutions that primarily provide short-term agricultural credit to farmers in rural areas.
2.PACS come under the purview of the Ministry of Cooperation.
3.All members of the PACS have equal voting rights regardless of their shareholding.
How many of the statements given above are correct?
Answer: B
Notes:
Explanations –
Statements 1 and 2 are correct. PACS are the lowest tier of the cooperative credit structure and focus on providing short-term and medium-term credit to farmers for agricultural purposes. PACS are overseen by the Ministry of Cooperation, which was established to strengthen the cooperative sector in India, including PACS.
Statement 3 is incorrect. While PACS generally follow the “one member, one vote” principle, exceptions exist. For instance, nominal or associate members often do not have voting rights.
Source: AIR
