Agricultural cooperative credit societies in Tamil Nadu will be able to offer a range of online services to their clients in rural areas.
The Tamil Nadu State Apex Cooperative Bank has tied up with Tata Consultancy Services to provide E-accounts to the primary agricultural cooperative credit societies (PACS) which will enable the societies' members to transfer funds within the cooperatives and receive funds from other banks within the country.
Pilot project
The pilot-run for this facility is expected to start in August-September and the entire exercise will be in place by December, according to the policy note of the Cooperation Department tabled in the Assembly today. This facility can be an alternative to the money order route and will help the cooperative credit societies improve their revenues while helping rural communities in remote areas.
Core banking
Till recently, the PACS offered only deposit and credit services and are now diversifying their operations.
They have tied up with insurance companies to distribute life and general insurance policies and services.
These are to be expanded in the current year.
The apex cooperative bank is also migrating to core banking environment to provide modern banking facilities, including ATMs and anywhere-banking. It has fully implemented core banking and has six ATMs in Chennai. It is in the process of becoming a member of the National Financial Switch which will enable its customers to any ATM to access its services.
It has also implemented the Real Time Gross Settlement and National Electronic Fund Transfer system to support transfer of funds electronically within the country. This e-banking facility will soon be available with the District Central Cooperative Banks and PACS.