NEW DELHI: Prime Minister Narendra Modi will inaugurate the Bihar Rajya Jeevika Nidhi Saakh Sahkari Sangh Limited on Tuesday at 12:30 p.m. via video conferencing.
As part of the formal launch, he will also transfer Rs 105 crore directly into the institution’s bank account, giving the new cooperative a strong financial foundation.
This newly formed cooperative is designed to offer affordable and accessible financial services to women associated with Jeevika, Bihar’s flagship rural livelihoods program.
All registered Cluster-Level Federations under Jeevika will be members of this new institution. The initiative is jointly funded by the Government of Bihar and the Central Government.
Over the years, thousands of women involved with Jeevika’s self-help groups have become rural entrepreneurs, launching small businesses and production units across the state.
However, many of them remained dependent on microfinance institutions (MFIs) that charged high-interest rates ranging from 18 per cent to 24 per cent.
The Jeevika Nidhi aims to address this issue by providing larger loans at significantly lower interest rates, reducing reliance on costly credit sources.