A new bank, 'Jivika Nidhi,' has been launched in Bihar for Jivika Didi members. This will enable women to access loans at low interest rates, fostering self-reliance. The government has approved a budget of ₹110 crore for this initiative.
Bihar News: Women in Bihar are poised to become even more economically empowered. The government, in a significant step, has established a bank named "Jivika Nidhi." This bank is specifically designed for women associated with the Jivika organization, providing them with access to savings, loans, and financial security. The aim is to promote women's economic independence and empowerment.
Jivika Nidhi Bank: Women's Own Bank
The Jivika Nidhi Bank, established with the Bihar government's approval, will be operated by women from the Jivika organization, marking the beginning of a new economic revolution. Women in rural areas will now be able to directly benefit from this bank instead of relying on microfinance institutions or moneylenders.
Through this bank, women will not only receive loans at affordable interest rates but will also benefit from savings and insurance facilities. This will strengthen their financial position, enabling them to easily access resources for their businesses or household expenses.
A New Path to Economic Empowerment
Jivika Nidhi Bank will create specialized loan products tailored to women's needs. This will allow women to access larger loan amounts than previously available. Furthermore, this system will reduce community risk, making it easier to cope with economic crises.
This bank will not only provide financial assistance to rural women but also give them the opportunity to expand their businesses. It will be a significant support for women involved in small businesses, handicrafts, or agriculture.
Bank Operations and Regulations
Jivika Nidhi Bank will operate under the Bihar State Jivika Nidhi Credit Cooperative Federation Limited, registered under the Bihar Cooperative Societies Act, 1935. The bank's interest rate on loans is set at 12% per annum, adjustable by the management committee as needed.
The bank will be managed jointly by a general body, management committee, officers, and representative bodies. Each cluster-level committee will receive a long-term deposit of ₹10 lakh to ensure smooth operations.
State Government Support
The Bihar government fully supports this initiative. Funding of ₹110 crore will be provided by the National Rural Livelihoods Mission (NRLM) for the bank's operation. The government will also act as a guarantor for loans taken from banks, NABARD, LIC, the National Cooperative Development Corporation, and the Small Industries Development Bank of India.
A Significant Change in Women's Lives
Upon its launch, the bank will improve the financial condition of the hundreds of thousands of Jivika Didis associated with it. They will no longer be dependent on moneylenders, and their businesses will receive a new lease on life. This will also boost the confidence of women in rural areas.
This bank will help women hone their skills and become economically self-reliant. Women will be able to expand their small businesses and better manage their household financial responsibilities.
How to Benefit from Jivika Nidhi Bank?
Jivika women can avail loans at affordable interest rates from this bank. They can also save and avail insurance benefits when needed. This will strengthen their financial position and help them meet their needs.
Furthermore, the bank will create loan products tailored to women's businesses, enabling them to access larger sums of money in a timely manner to expand their work.
