<p>The Union government will introduce new laws to address the concerns of Primary Agriculture Credit Societies (PACS) that are facing liquidation, Union Home and Cooperation Minister Amit Shah said on Friday.</p>.<p>Draft rules have been framed by the union government and they will be shared with the states soon, Shah said at a cooperatives conference held here.</p>.<p>Shah, who also launched the Ksheera Samruddhi Sahakari Bank (milk cooperative bank) on the occasion, noted that Karnataka is the only state to have a bank for cooperatives.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/national/cooperative-sector-to-contribute-hugely-in-5-trillion-economy-goal-says-shah-1090964.html" target="_blank">Cooperative sector to contribute hugely in $5 trillion economy goal, says Shah</a></strong></p>.<p>He urged the state government to utilise a central government scheme that provides credit cards to depositors at cooperative banks. "Karnataka government can take it up as a pilot project in the new bank," he said.</p>.<p>The union government, Shah said, planned to breathe new life to the cooperative sector. It will come up with a national cooperative database and a common software for all PACS, district cooperative banks and National Bank for Rural Development, he said.</p>.<p>"There is a huge potential for co-operative sector. But, there are a few challenges. If these challenges are not tackled, the next generation cannot reap the benefits of the sector," Shah said.</p>.<p>Cooperation Minister ST Somashekhar said in the Assembly recently that of the 5,400 PACS in Karnataka, 2,400 are functioning well and 1,003 are defunct.</p>.<p>Measures should be taken to stop corruption and ensure transparency in elections and recruitment in cooperatives, the Union minister said.</p>.<p>Providing a high rating for the state cooperative sector, Shah said that cooperatives play a key role in fulfilling Prime Minister Narendra Modi's vision of doubling farmers income. The sector has revived the rural economy and helped raise the income of the rural poor, he said.</p>.<p>Bommai, commenting on the new cooperative bank, said it will reflect the strength of milk producers and will hail a second era of milk revolution. Farmers and cooperatives are two pillars of village finance and economy, he said.</p>.<p>Shah also relaunched the 'Yeshasvini' health insurance scheme for members of cooperative societies, for which Chief Minister Basavaraj Bommai has set aside Rs 300 crore in the 2022-23 budget.</p>.<p><strong>Check out latest DH videos here</strong></p>
<p>The Union government will introduce new laws to address the concerns of Primary Agriculture Credit Societies (PACS) that are facing liquidation, Union Home and Cooperation Minister Amit Shah said on Friday.</p>.<p>Draft rules have been framed by the union government and they will be shared with the states soon, Shah said at a cooperatives conference held here.</p>.<p>Shah, who also launched the Ksheera Samruddhi Sahakari Bank (milk cooperative bank) on the occasion, noted that Karnataka is the only state to have a bank for cooperatives.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/national/cooperative-sector-to-contribute-hugely-in-5-trillion-economy-goal-says-shah-1090964.html" target="_blank">Cooperative sector to contribute hugely in $5 trillion economy goal, says Shah</a></strong></p>.<p>He urged the state government to utilise a central government scheme that provides credit cards to depositors at cooperative banks. "Karnataka government can take it up as a pilot project in the new bank," he said.</p>.<p>The union government, Shah said, planned to breathe new life to the cooperative sector. It will come up with a national cooperative database and a common software for all PACS, district cooperative banks and National Bank for Rural Development, he said.</p>.<p>"There is a huge potential for co-operative sector. But, there are a few challenges. If these challenges are not tackled, the next generation cannot reap the benefits of the sector," Shah said.</p>.<p>Cooperation Minister ST Somashekhar said in the Assembly recently that of the 5,400 PACS in Karnataka, 2,400 are functioning well and 1,003 are defunct.</p>.<p>Measures should be taken to stop corruption and ensure transparency in elections and recruitment in cooperatives, the Union minister said.</p>.<p>Providing a high rating for the state cooperative sector, Shah said that cooperatives play a key role in fulfilling Prime Minister Narendra Modi's vision of doubling farmers income. The sector has revived the rural economy and helped raise the income of the rural poor, he said.</p>.<p>Bommai, commenting on the new cooperative bank, said it will reflect the strength of milk producers and will hail a second era of milk revolution. Farmers and cooperatives are two pillars of village finance and economy, he said.</p>.<p>Shah also relaunched the 'Yeshasvini' health insurance scheme for members of cooperative societies, for which Chief Minister Basavaraj Bommai has set aside Rs 300 crore in the 2022-23 budget.</p>.<p><strong>Check out latest DH videos here</strong></p>
