PATNA, May 22 -- The Bihar Rural Livelihoods Promotion Society ( JEEVIKA) having an extensive network of 1.35 crore women members of 10 lakh self help groups (SHGs) working for women empowerment in Bihar is now all set to launch a new Credit Co-operative Union limited , which would have a seed money of around Rs.1,500 crore for giving loans to its members at cheap interest rates, according to top state officials. The ambitious project, aimed at minimising the presence of micro financing companies in rural heartland of Bihar, is scheduled to be operationalised from August this year, giving all indications how the state government is keen on reaching out to SHGs run by lakhs of women before the state assembly polls in October November. In Bihar, women voters constitute 3.72 crore out of 7.80 crore total voters as per the revised electoral rolls in January this year. Sources said the new credit disbursal programme to be called " Jeevika Nidhi" has been in pipeline since 2015 but could not take off as there were certain legal hurdles in formation of the credit co-operative union limited for this financial institution under the Bihar Co-operative Societies Act, 1935. But, officials said, the process was fast tracked in last few years and the formalities are now complete with cabinet approval recently. " We will register the Bihar state Jeevika Nidhi Credit Cooperative Union Limited this week and the formation of the organisation would start soon," said Himanshu Sharma, chief executive officer(CEO) cum state mission director, Jeevika. Sharma said the idea of the Jeevika Nidhi is to make the loan disbursal system for the SHGs run by lakhs of women member easier and cheaper so that they do not have to look for options for any major financial need towards micro finance companies or money lenders at the rural level. "Our Jeevika Nidhi would have a coffer money of around Rs 1500 crore with Rs 1000 crore to be given by the state government and another Rs 400 crore to be pumped in from the own deposits of cluster level federation (CLFs)," said Sharma. So, far the Jeevika model of empowerment of women through SHGs in Bihar has been a success model with women members from the bottom tier of SHGs to village organisations( VOs) and cluster level federation( CLS) at the block level having made 1.35 crore women members, who are engaged in various works at the rural level including dairy, handicraft , afforestation drives, cleanliness and also running canteens in state institutions. Loans are given to members through the SHGs and CLFs but it is ,often, seen the process is a bit long and delayed, a reason why women from poor rural households have to take loans at higher rate of interest from micro financing firms or money lenders. " Once the Jeevika Nidhi gets operationalised, the loan disbursal would be done from few thousand to two lakhs depending on the need withing a short span of time of few days. This is expected to check the growing penetration of micro financing firms, who charge high rate of interest and often use coercive methods to get repayment," said another senior officer of Jeevika. Incidentally, the existing credit disbursal system where loans are given from Rs 10000 to Rs.1 lakh or more has remained fiscally strong with non performing asset( NPA)....