Setting up cooperative bank for milk producers a revolutionary step: Karnataka CM

Bengaluru: Establishing the ‘Nandini Ksheera Samridhi Cooperative Bank’ is a revolutionary initiative, which will provide greater financial strength for the milk producers, Karnataka Chief Minister Basavaraj Bommai said on Friday.

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 state government has decided to computerise all the Primary Agricultural Credit Societies (PACS), Bommai said.

He added that there are 5,775 PACS in the state and a programme has been chalked out to complete this task in just one year.

The task which was to take three years would be accomplished in one year with 60 per cent funding from the centre and the remaining amount from the cooperatives, Bommai said.

Hailing Prime Minister Narendra Modi for separating the cooperation ministry from the agriculture ministry, the Chief Minister said a new revolution is set to be ushered in the cooperative sector under the leadership of Amit Shah.

“Setting up of Nandini Ksheera Samridhi Bank will bring a second wave of White Revolution in dairy sector. The state government has 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 rural hinterland,” Bommai said.