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Question

The short-term co-operative credit structure named Primary Agricultural Credit Societies (PACS) works under which of the following level?

A District Correct Answer Incorrect Answer
B Village Level Correct Answer Incorrect Answer
C Block Level Correct Answer Incorrect Answer
D Ward Level Correct Answer Incorrect Answer
E State Level Correct Answer Incorrect Answer

Solution

The short-term co-operative credit structure operates with a three-tier system - Primary Agricultural Credit Societies (PACS) at the village level, Central Cooperative Banks (CCBs) at the district level and State Cooperative Banks (StCBs) at the State level. PACS are outside the purview of the Banking Regulation Act, 1949 and hence not regulated by the Reserve Bank of India.

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