Prime Minister Narendra Modi will inaugurate Bihar State Jeevika Nidhi Credit Cooperative Union Limited through video conferencing on 2 September at 12:30 pm. On this occasion, the Prime Minister will also transfer Rs 105 crore to the institution’s bank account. The purpose of setting up a livelihood fund is to provide easy access to the community members associated with livelihood at affordable interest rates. All registered packages of livelihood will become members of this institution. The Bihar government as well as the central government will contribute funds to operate this institution.
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Entrepreneurship has developed in women associated with livelihood self -help groups, resulting in many small enterprises and producing companies in rural areas. However, women entrepreneurs often have to depend on micro finance institutions with high interest rates of 18% -24%. The livelihood fund has been conceived as an alternative financial system to reduce dependence on MFI and ensure timely availability of large loan amount at low interest rates.
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This system will be operated entirely on digital platforms, which will ensure the transfer direct and more transparent amount to the bank accounts of livelihood Didis. To make it smooth, 12,000 community workers are being equipped with tablets. This initiative is expected to strengthen entrepreneurship development among rural women and increase in the development of community-based enterprises. About 20 lakh women from Bihar state will witness the event.