Explanation:

Only statement 2nd is correct.

Self-Help Groups (SHGs)

• Self-help groups (SHGs) are informal associations of individuals with similar socio-economic backgrounds, aiming to collectively address common issues such as poverty, illiteracy, and lack of skills.

• These groups promote self-governance and peer support, fostering self-employment and poverty alleviation within marginalised communities.

• The SHG model was introduced in India in 1984, inspired by Prof. Yunus's Grameen Bank model.

• Kudumbashree in Kerala, Mahila Arthik Vikas Mahamandal in Maharashtra, and Looms of Ladakh are a few examples of success stories from SHGs.

• Looms of Ladakh, a Pashmina brand with 427 women SHG members, recorded sales of Rs 34 lakh in FY 2022-23 and Rs 42 lakh in the first 10 months of 2023-24, showcasing exponential growth.

SHG-Bank Linkage Programme (SHG-BLP)

• The SHG-BLP, initiated by the National Bank for Agriculture and Rural Development (NABARD) in 1989, evolved from an action research to a pilot project by 1992.

• This collaborative effort between SHGs, banks, and NGOs, with support from the Reserve Bank of India (RBI) and NABARD, aimed to provide financial services to underserved poor households.

Rise of SHGs and Lakhpati Didis

• Lakhpati Didi is a government initiative that aims to empower women in SHGs to earn at least Rs 1,00,000 per year through sustainable livelihood practices. 

• The program was launched in 2023 with an initial target of 2 crore women, but the target has been increased to 3 crore in 2024-25.

Hence option 1st is correct.