Delhi, 2 September (H.S.): On Tuesday, Prime Minister Narendra Modi inaugurated the Bihar State Jeevika Nidhi Credit Cooperative Federation Limited through video conferencing. As part of the launch, he also transferred Rs 105 crore directly into the cooperative’s bank account, establishing a strong financial base for this landmark institution. The inauguration event held in Patna was graced by Bihar Chief Minister Nitish Kumar, Deputy Chief Minister Samrat Chaudhary, and Vijay Kumar Sinha. Around 2 million women from all over Bihar witnessed this historic event.
I congratulate the mothers and sisters of Bihar, CM Nitish Kumar and the NDA government for this wonderful initiative. A major basis of India's development is the empowerment of its women, and to empower women, it is essential that all kinds of difficulties are removed from their lives. That is why we are doing many things to make the lives of mothers, sisters and daughters easier, PM Modi said.
The Bihar State Jeevika Nidhi is a groundbreaking cooperative established to offer easy access to financial resources at affordable interest rates to members associated with Jeevika, Bihar's flagship rural livelihoods program. The cooperative’s membership comprises all registered cluster-level federations of the Jeevika network. This initiative is jointly funded by the Government of Bihar and the Central Government, reflecting a collaborative effort to boost rural entrepreneurship.
Historically, thousands of women involved with Jeevika’s self-help groups (SHGs) have transformed into rural entrepreneurs, operating small ventures and production units across the state. However, they have often depended on microfinance institutions (MFIs) charging exorbitant interest rates ranging between 18% to 24%, restricting their growth potential. The Jeevika Nidhi cooperative aims to mitigate this dependency by offering larger loans at significantly reduced interest rates, thus facilitating sustainable community-led economic development.
The innovative financial platform will operate entirely digitally, ensuring fast, transparent, and accountable transactions. To support this digital transformation, approximately 12,000 community cadres are being equipped with tablets to assist the women, referred to as Didis, in navigating the financial services provided by the cooperative.
This initiative is expected to significantly enhance financial inclusion, empower rural women by strengthening their entrepreneurial capabilities, and promote community-driven economic activities within Bihar. It is seen as a major step toward building a more self-reliant and inclusive rural economy centered on women’s empowerment and cooperative strength.
The launch of Bihar State Jeevika Nidhi Credit Cooperative Federation Limited epitomizes the government’s commitment to rural women’s empowerment by addressing financial barriers and fostering an enabling environment for entrepreneurship, marking a new era in Bihar’s socio-economic development.
This initiative precedes Prime Minister Modi’s upcoming visit to Bihar on September 15, where he is scheduled to inaugurate Purnia airport and multiple other significant projects ahead of the state assembly elections slated for October-November.
Thus, the launch not only strengthens Bihar’s rural economy but also signifies a transformative leap in financial inclusion for the state’s women entrepreneurs.
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Hindusthan Samachar / Jun Sarkar
