CM Bommai promises Rs 100 crore to form KMF bank

CM Bommai promises Rs 100 crore to form Karnataka Milk Federation bank

The chief minister KMF office bearers to ensure the product reaches more markets in the neighbouring states

Karnataka CM Basavaraj Bommai. Credit: DH File Photo/S K Dinesh

Chief Minister Basavaraj Bommai on Wednesday told Karnataka Milk Federation (KMF) to start a bank and promised to provide Rs 100 crore seed money to build a system that will stop the dependency of the system. 

Bommai was speaking after inaugurating 10 new projects of KMF, aimed at further boosting the milk production and revenue of the 14 associated cooperative unions. 

"The full potential of the cooperative sector has to be realised. The formation of a bank will not only end the dependency of KMF on the government but will make you a profit-making body. Besides your revenue, a bank will also attract external investment. The government will grant Rs 100 crore capital to jumpstart the bank," he said.

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The chief minister said KMF has a long way to go in terms of marketing and urged the office bearers to ensure the product reaches more markets in the neighbouring states. 

Responding to a request by KMF Chairman and MLA Balachandra Jarkiholi for hiking milk prices, the chief minister said he will require time to take a decision on the matter.

The new facilities inaugurated on Wednesday include a mega milk powder production unit in Ramanagar, two cattle feed production units in Dharwad and Tumakuru, high tech farm and fodder development centre at Hesaeaghatta, central testing laboratory in Bengaluru, training centre in Kalaburagi, cattle feed storage and other infrastructure in Hassan, corn storage silos in Rajanukunte, molassases storage centre in Shikaripur and butter storage deep freeze unit at Challaghatta.

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