PACS urged to use NABARD special assistance

The general body meeting of Karimnagar District Cooperative Central Bank took place in Karimnagar town on Wednesday, where its chairman K. Ravinder Rao urged the chairmen of primary agricultural cooperative societies (PACS) to access a special assistance of National Bank of Agriculture and Rural Development (NABARD).

NABARD had offered a loan of ₹2 crore to each PACS at 1% rate of interest to strengthen them and convert them into multi-service centres and work on a par with the bank. The loan was repayable in ten years. An additional loan of ₹2 crore could be secured by PACS but it will be charged at 4% rate of interest.

He said that the centenary celebrations of Karimnagar DCCB will start in April. District Cooperative Officer Manoj Kumar assured audit of accounts of PACS before September 30 to facilitate them to file I-T returns.

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