The first all women-run financial institution in the cooperative sector is coming up in Rajasthan following a memorandum of understanding (MoU) signed with the Telangana government’s Stree Nidhi Credit Cooperative Federation. The new body will promote women’s empowerment by supporting their enterprises.
The Rajasthan Mahila Nidhi will be set up on the lines of the Stree Nidhi of Telangana. The MoU was signed between Rajasthan Grameen Ajeevika Vikas Parishad’s (Rajeevika) Mission Director Manju Rajpal and Stree Nidhi Managing Director G. Vidya Sagar Reddy in the presence of Rural Development Minister Ramesh Chand Meena here.
Mahila Nidhi will strengthen the women’s self help groups in the State by extending timely loan facility for their enterprises. The institution will be operated entirely by women and will act as a complementary body with the formal banking system. It is also expected to bring down the number of loan applications pending in the banks.
Chief Minister Ashok Gehlot had announced the setting up of a bank run entirely by women in his 2022-23 budget speech in the State Assembly earlier this year. Mr. Meena said the women’s economic empowerment would get a boost with the establishment of Mahila Nidhi and they would get loans to start new ventures and meet the financial needs of self help groups.
The institution will get a grant of ₹50 crore from the State government during the first two years of its operations, while a proposal has been sent to the Centre for providing a grant of ₹110 crore. Besides, Rajeevika will be contributing ₹10 lakh to each of the 561 cluster-level federations as share capital in a phased manner.
All the cluster-level federations of Rajeevika will be the members of Mahila Nidhi, which will be started in 15 districts during its first year of operations. The institution has been started in six districts – Karauli, Alwar, Kota, Dungarpur, Rajsamand and Jodhpur – with immediate effect.
Ms. Rajpal, who described the setting up of Mahila Nidhi as a milestone in the State’s cooperative movement, said it would disburse loans up to ₹40,000 within 48 hours and release the credit of a higher amount within 15 days.
