New Delhi, Sept. 1 (UNI) Prime Minister Narendra Modi will launch the Bihar Rajya Jeevika Nidhi Saakh Sahkari Sangh Limited tomorrow via video conferencing while also transferring Rs 105 crore into the institution’s bank account as an initial corpus to operationalise the credit system.
A government statement here said, the Bihar Rajya Jeevika Nidhi has been conceptualised to provide timely and affordable credit access to members of self-help groups (SHGs) associated with Jeevika, the state’s flagship rural livelihoods programme.
All registered Cluster-Level Federations (CLFs) under Jeevika will be enrolled as members of the newly formed cooperative credit society.
Funding for this initiative will be jointly contributed by the Bihar Government and the Centre. The launch event will be witnessed by approximately 20 lakh Jeevika Didis from across the state.
Over the years, women associated with Jeevika SHGs have demonstrated commendable entrepreneurial spirit, giving rise to a host of micro-enterprises and producer collectives across Bihar’s rural landscape. However, these grassroots women entrepreneurs have often relied on microfinance institutions (MFIs) which charge high interest rates, ranging between 18% and 24%, said the statement.
The Jeevika Nidhi aims to address this structural bottleneck by creating an alternative credit ecosystem, ensuring the availability of larger loan amounts at significantly lower interest rates, thereby reducing dependence on high-cost MFIs.
The entire system is designed to be digitally enabled, with direct fund transfers to beneficiaries’ accounts. To facilitate this process, 12,000 community cadres are being equipped with tablets, ensuring greater transparency, efficiency, and accountability in operations.
