New Delhi [India], September 2 (ANI): Prime Minister Narendra Modi on Tuesday inaugurated the Bihar Rajya Jeevika Nidhi Saakh Sahkari Sangh Limited via video conferencing.

Bihar Chief Minister Nitish Kumar, Deputy CM Samrat Choudhary and others were present on the occasion.

During the inauguration, PM Modi also transferred Rs 105 crore into the bank account of the institution.

Earlier, posting on the X social media platform, PM Modi highlighted the main objective of the Jeevika Nidhi scheme, stating that the government is making all efforts to ensure that the women of Bihar do not lack opportunities.

'We are leaving no stone unturned to ensure that the mothers, sisters, and daughters of our Bihar do not lack any opportunities. In this regard, today, around 12:30 PM, I will inaugurate a major initiative for rural women entrepreneurs through video conferencing,' the Prime Minister posted on X.

According to a press release from the Prime Minister's Office (PMO), the primary objective of establishing the Jeevika Nidhi is to provide community members associated with Jeevika easy access to funds at affordable interest rates.

All registered cluster-level federations under Jeevika will become members of the cooperative society. Both the Government of Bihar and the Central Government will contribute financially towards the operation of the institution.

Entrepreneurship has flourished among women associated with Jeevika's self-help groups over the years, leading to the establishment of numerous small enterprises and producer companies in rural areas. However, women entrepreneurs have often been compelled to rely on microfinance institutions that charge high interest rates of 18-24 per cent. The Jeevika Nidhi has been conceived as an alternative financial system to reduce dependence on MFIs and ensure the timely availability of larger loan amounts at lower interest rates.

The system will operate entirely on a digital platform, ensuring faster and more transparent fund transfers directly into the bank accounts of Jeevika Didis. To facilitate this, 12,000 community cadres are being equipped with tablets.

This initiative is expected to strengthen entrepreneurship development among rural women and accelerate the growth of community-led enterprises. Around 20 lakh women from across the state of Bihar will witness this event. (ANI)