The scheme of extending assistance to farmers to purchase milch animals at an interest rate of 3 per cent by the Gulbarga District Central Cooperative Credit Bank has started paying rich dividends. Gulbarga has achieved self-sufficiency in milk production to meet the daily requirement of milk.
Gulbarga was the first district to introduce the scheme of extending a loan of Rs. 1 lakh to farmers who were already members of a milk society, to enable them to purchase two high-yielding cows to improve the economic condition of the farmers and increase milk production.
Prior to the implementation of the scheme this year, more than 50 per cent of the daily requirement of 60,000 litres was being brought from Shimoga, Hassan, Kolar, Tumkur and other districts.
Managing Director of the bank Sharanabasappa Bennur told The Hindu that the bank had extended loans amounting Rs. 7.46 crore to 746 farmers.
This was to purchase high-yielding cows at a subsidised interest rate of 3 per cent, and the remaining 9.75 per cent of the interest was paid by the State Government as incentive.