Context: The Rajasthan Chief Minister recently approved a proposal for giving 8% interest subsidy on loans obtained by the members of women’s self help groups (SHGs) from Mahila Nidhi — the State’s first-ever women’s cooperative fund.
About Mahila Nidhi
- ‘Rajasthan Mahila Nidhi‘ was launched in 2022, and was formed through Rajasthan Rural Livelihood Development Council (Rajivika), with a sanction of Rs.50 crore grant for the first two years.
- Scheme Objectives
- Help women self-help groups and provide loans from banks.
- Increase the income of poor and marginal women.
- To ensure the social and economic progress of women through skill development.
- Under the scheme, women will now get easy loans for everyday needs, business expansion and entrepreneurship.
- Loans up to Rs 40,000 will be deposited in 48 hours.
- Loans above Rs 40,000 will be deposited in the bank account of the group of members applied within a time frame of 15 days.
- It has significantly brought down the number of loan applications by women pending in the banks, as they have been getting easy and adequate loans for their daily needs and self-employment from the fund.
- At present 2.70 lakh self-help groups (SHGs) have been formed in 33 districts of the state connecting 30 lakh families.
- Around 36 lakh families in Rajasthan are expected to get benefits from Rajasthan Mahila Nidhi.
- Benefits of Schemes like Mahila Nidhi
- Strengthening of women self-help groups with easy loans.
- Increase the income of poor and marginalized sections.
- Aid in social and economic progress of women through skill development.