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11h ago

Modi Inaugurates Bihar’s Jeevika Nidhi Cooperative to Expand Low-Cost Credit for Rural Women

The state-backed federation seeks to replace high-interest microfinance with larger, cheaper loans delivered through a digital platform.

Photo: ANI
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Overview

  • Prime Minister Narendra Modi launched the Bihar State Jeevika Nidhi Credit Cooperative Federation via video conference on Tuesday.
  • A Rs 105 crore transfer into the cooperative’s bank account was announced as part of the launch to provide initial capital.
  • The initiative targets women in Jeevika self-help groups by offering larger loans at lower interest rates to reduce dependence on microfinance lenders charging about 18–24%.
  • Operations will run digitally, with roughly 12,000 community cadres receiving tablets to support fast, transparent transactions and client assistance.
  • All registered Cluster-Level Federations will be members of the jointly Bihar- and Centre-funded cooperative, and Modi is also inaugurating Semicon India 2025 in New Delhi today.