Karnataka Chief Minister Basavaraj Bommai established the 'Nandini Ksheera Samridhi Cooperative Bank' on Friday, calling it a revolutionary initiative. He further said that it would help milk producers financially.
The Chief Minister was speaking after releasing the logo of the Nandini Ksheera Samridhi Sahakara Bank at a programme in which Union Minister for Home and Cooperation Amit Shah too participated.
"We all know the strength of milk producers in the cooperative sector. The Milk Producers Cooperatives have a turnover of about Rs. 20,000 crore in various banks every day. This is a special programme to establish their own bank which would provide greater financial aid for them and improve their economic condition," Bommai said.
The Karnataka CM highlighted the setting up of Nandini Ksheera Samridhi Bank as the second wave of the White Revolution in the dairy sector.
The State government provided Rs.100 crore as its share capital and the Milk Federation and Cooperatives would contribute Rs.260 crore as their share of capital for the proposed cooperative bank which would stimulate huge economic activity in the rural hinterland, Bommai said.
Laying out the improvement in the economic conditions of farmers, Bommai listed the important role of the cooperative sector.
"The cooperative sector has for the last over 100 years given a big boost for the rural economy. The Karnataka Milk Federation has shown what all the cooperative sector can do through the cooperative sector. The Federation is an excellent institution that has provided supplementary sources of employment and income for farmers," said Bommai.
The state government issued a grant of Rs.300 crore in the State budget to relaunch the simple and very useful 'Yeshaswini' health insurance scheme for farmers' families. Arrangements have been made to disburse farm loans to the tune of Rs 24,000 crore for 33 lakh farmers, stated the Chief Minister's office in an official release.
( With inputs from ANI )
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