Rajasthan state set up first ever all women-run cooperative bank

Highlights:

• Government of Rajasthan recently signed a MoU with Stree Nidhi Credit Cooperative Federation of Telangana government to set up first ever all women-run cooperative bank called “Rajasthan Mahila Nidhi”.  It will promote women’s empowerment by extending support to their enterprises.

• Rajasthan Mahila Nidhi will be set up on the lines of Telangana Stree Nidhi.
• It will strengthen the women’s self-help groups in Rajasthan, by providing timely loan facility for their enterprises.
• It will be operated by all women staffs.
• It will be set up as a complementary body with formal banking system.
• The institution is likely to decrease the number of loan applications pending in banks.
• All the cluster-level federations of Rajeevika will be members of the institution.
• Proposal to set up Rajasthan Mahila Nidhi was put by Chief Minister Ashok Gehlot in 2022-23 budget speech.

• During the initial two years of operations, state government would provide a grant of Rs 50 crore. 
• Apart from that, state government has asked the Central government to provide a grant of Rs 110 crore.
• Apart from that, Rs 10 lakh will be provided as share capital by Rajeevika to each of the 561 cluster-level federations.
• In the first year, Mahila Nidhi will be operational in 15 districts of Rajasthan. 
• Currently, it has started working in 6 districts viz., Karauli, Kota, Alwar, Rajsamand, Jodhpur and Dungarpur.