PM Modi launches Bihar Rajya Jeevika Nidhi Saakh Sahkari Sangh Ltd.
Credit: PTI photo
Patna: Prime Minister Narendra Modi on Tuesday virtually launched the 'Bihar Rajya Jeevika Nidhi Saakh Sahkari Sangh Limited' to provide easy access to funds at affordable interest rates to women associated with self-help groups in the state.
He also transferred Rs 105 crore into the institution's bank account during the event in Delhi.
Bihar Chief Minister Nitish Kumar, his deputies Samrat Choudhary and Vijay Kumar Sinha, and other senior state government officials joined the event through video conference from Patna.
Modi said that the new cooperative will promote entrepreneurship skills of rural women associated with SHGs in Bihar.
He asserted that Bihar's NDA government has always worked for the empowerment of women.
"The objective of establishing the cooperative is to provide easy access to funds at affordable interest rates to women associated with SHGs. All registered cluster-level federations of Jeevika will become members of the society. The Bihar government, as well as the Centre, will contribute funds for the operation of the institution," an official statement said.
Entrepreneurship flourished among women associated with Jeevika's self-help groups over the years, leading to the establishment of numerous small enterprises and producer companies in rural areas. However, women entrepreneurs have often been compelled to depend on microfinance institutions charging high interest rates of 18 per cent to 24 per cent, it said.
The Jeevika Nidhi has been conceived as an alternative financial system to reduce dependence on MFIs and ensure the timely availability of larger loan amounts at lower interest rates, the statement added.
The system will operate entirely on a digital platform, ensuring faster and more transparent fund transfers directly into the bank accounts of Jeevika Didis. To facilitate this, 12,000 community cadres are being equipped with tablets, it said.
This initiative is expected to strengthen entrepreneurship development among rural women and accelerate the growth of community-led enterprises.
Around 20 lakh women from across the state virtually witnessed the function.