Rejuvenating Rural Economy
Through
Micro-Finance
Introduction
All
over the world, there are nearly 100 crore poor people who have no access to
formal financial services. Of these, nearly 20 percent live in India .
In rural India ,
it can be seen that the poorer sections of the society and destitute cannot
avail of the credit from banks and other formal institutions due to their
inability to deposit collateral security and mortgage property. Usually, credit
institutions provide finance for productive purposes but sometimes poor people
need money for consumption or for emergency purposes, which many a time cannot
be catered by the formal credit system or government sponsored poverty
alleviation schemes. The inability of the credit institutions to deal
effectively with the credit requirements of the poor has led to the emergence
of micro-finance or micro-credit system as an alternative credit system for the
poor. At this point micro financing or group lending is being looked upon as the instrument that can be considered
as the golden stick for poverty alleviation vis-à-vis rural development.
This concept is
based on the understanding that the poor are bankable and the micro-enterprise
finance through repayment incentive structure, streamlined administration and
market-based pricing adopting profit centre approach is sustainable. This
approach leads to major changes in a cumulative cause triggered by credit to
rural masses as well as small and medium enterprises (SMEs) to the ultimate
benefit of rural economics. Thus, micro finance is mainly concerned with providing
credit, thrift and finance related services and products of very small amount
so as to improve the living standards of poor and the downtrodden.
Innovations in Micro-Finance
Micro-credit or
micro-finance is a novel approach to “banking with the poor”. In this approach
which is very successfully tried in Bangladesh , bank credit is extended
to the poor through self help groups (SHGs), non-government organizations
(NGOs), credit uions etc. Micro finance, by
definition, refers to the entire range of financial and non-financial
services, including skill upgradation and entrepreneurship development,
rendered to the poor for enabling them to overcome poverty. In the context of
designing programmes for the poor, micro-finance is recognized and accepted as
one of the new development paradigms for alleviating poverty through social and
economic empowerment of the poor, with special emphasis on empowering women. In
the recent past, the concept of micro-finance has gained significance as it has
emerged as a poverty reduction and employment opportunity tool, having visible
impact on the rural masses. A vibrant and developed micro-finance sector would impact economic development
across the country and help in distribution of wealth among the populous for
ultimately narrowing down the gap between the haves and have-nots.
Under micro-finance,
20-25 persons belonging to similar social strata and sharing a common ideology are encouraged to
form into groups and mobilize small deposits. This deposit is linked with a
savings bank account in a bank. In due course, the bank provides loan to the
groups as per the requirement. Micro-finance has several advantages over credit
linked anti-poverty schemes like integrated rural development programme(IRDP).
Micro-finance
provides a wide range of financial services to the poor on a sustainable basis and is steadily gaining popularity.
Micro-finance service is provided primarily through the following:
a)
Formal institutions- Regional rural banks and co-operatives
b)
Semi-formal institutions- Non-government
organizations(NGOs).
c)
Informal Sources- Money lenders and shopkeepers.
The operational
framework of micro-finance, therefore, essentially rests on the premises that;
a). Formation of a self-employment
enterprise is viable alternate means of alleviating poverty.
b). Lack of access to capital
assets/credit acts as a constraint on the existing and potential
micro-enterprises; and
c). The poor are capable of
saving despite their poor income levels.
In essence,
therefore, micro-finance could be referred to as an institutional mechanism of
providing credit support in small amount and usually linked with small groups
along with other complementary support such as training and other related
services to the people with poor resources and skills for enabling them to take
up economic activities.
Micro-Finance
in Bangladesh
The micro-finance
in Bangladesh
has made waves across the globe both in the academic and planning circles.
Infact, some of the developing countries have even tried to replicate these
models to tackle the problem of poverty in their countries. The operational
network of micro-finance in Bangladesh
in a little less than two and half decades has assumed the intensity to cover
almost the entire width and length of the country. The micro-finance models in Bangladesh ,
despite a few weakness, demonstrated a number of strong positive attributes in
terms of operational simplicities, better accessibilities, wider outreaches,
emphasis on women empowerment and availability of a wide range of credit and
non-credit services. With restricted outreach of the formal credit agencies in India , micro finance models of Bangladesh do offer new lessons in the
efforts to tackle the twin problems of mass poverty and unemployment.
While provision of micro-finance has led
to increase in income of the beneficiaries, it may not be taken as the panacea
for poverty alleviation. It has been found that even though micro finance have
helped the target group in increasing income and rate of recovery has been
fairly good, it has limitations in enabling the family cross poverty line. As a
developing country, India
faces constraints of resources for rapid socio-economic development. While
there may be limitation of financial resources, available human resources are
huge and yet to be fully exploited. Thus, the major challenge before the nation
today is to evolve appropriate strategy for mobilizing the human resources for
optimum utilization of the available financial resources.
Due to issues of
risk and cost associated with serving the large number of low capital input business, the formal
sector lending to micro enterprises is low. Banks offer a variety of potential
advantages for financing micro-enterprises like commercial outlook and
relatively sophisticated skills. However, apart from acting as a credit
provider, banks should act as agents of
change by helping people in acquiring the basic knowledge of business, policy
environment etc. Commercial banks
should encourage newer concepts such as
micro credit, formation of self help groups and credit linking with a view to minimize
the transaction cost in rural lending. Besides low intermediation cost these
strategies have twin advantages of high recovery rate and higher frequency of
recycling of funds. Cohesive group discipline and peer pressure are the
intrinsic strength of the micro-financing activities through self help groups (SHGs).
Socio-Economic Impact of Micro Finance
The
mission of NABARD is to link one million SHGs with the overall banking system
by the year 2008, facilitating access of 100 million rural poor to formal
credit system. In the context of up-scaling the
micro finance programmes in terms of coverage as well as innovative
products, studies are periodically commissioned by NABARD to evaluate the
socio-economic impact of the programme.
Micro-credit
has emerged as a new credit channel to the poor as their access to conventional
credit channels is constrained by the requirement of collateral and high
transaction costs. Micro-finance routed through SHGs has attracted worldwide
attention. The success of Grameena Bank in Bangladesh in wiping tears of a
large number of poor people through creating self-employment with the micro
credit extended by banks has been regarded as role model for several countries.
The micro credit programme of NABARD, which was formally initiated in 1992 with
a modest pilot project of linking around 500 SHG’s has made rapid strides in
India exhibiting considerable democratic functioning and group dynamism. It is
now the largest in the world. As the demand for micro-finance has been
increasing, NABARD in 1992 took pro-active steps and launched a pilot
project of Self Help Group(SHG) – bank linkage programme. In this regard, RBI
on its part provided a supportive policy framework so as to create an
atmosphere for enabling the growth of micro-finance sector. It has really
gained momentum as evidenced in the quantum of bank loan and the number of SHGs
financed by commercial banks.
The SHG-bank
linkage programme, introduced and encouraged by NABARD, is now being
implemented vigorously by more than 30,000 branches of commercial banks, RRBs
and cooperative banks in over 520 districts in 30 States and Union Territories
in the country.
Table 1: SHG- Bank Linkage: Cumulative Progress
|
As on March 31st
|
No. of SHGs (cumulative)
|
No. of SHGs financed by banks
|
Bank loans disbursed
(cumulative) (Rs.Crores)
|
|
1999
|
33,000
|
33,000
|
57
|
|
2001
|
2,63,830
|
1,49,000
|
480
|
|
2003
|
7,17,360
|
2,55,000
|
2050
|
|
2004
|
10,79,090
|
3,61,730
|
3900
|
Source: RBI: Trend and Progress
of Banking, 2003-04, P.107
GOI: Economic Survey, 2005-06,
p.160.
As
can be seen from the above table.1, by the end of March 2004, as many as 10.8
lakh SHGs are linked with banks and 2,80,00 NGOs are associated with the
scheme. Compared to 11.6 million poor families in 2003, 17 million poor families were brought within the
fold of formal banking services. The most notable feature of the SHGs is the
active participation of women. The survey revealed that more than 90 percent of
the groups linked with banks were exclusively women groups. Another notable
feature is the strong repayment performance at more than 95 percent of the
loans disbursed. The table also shows that the cumulative disbursements of bank
loans to SHGs stood at Rs. 3900 crores at the end of March 2004. The survey
found that the average loan per SHG came to nearly Rs. 30,000 and average loan
per family came to around Rs. 1,770.
Micro-finance
initiatives have shown that banking with the poor is a viable proposition.
Micro-credit has been hailed as the best method of creating additional
employment and removing poverty. The refinance support from NABARD came to Rs.
2,120 crores. Thus, NABARD has been playing a catalytic role in terms of
promotional support to NGOs and also in nurturing quality SHGs. By 31st
March 2005, the banks in India
had financed nearly 16 lakh SHGs involving a bank loan of nearly Rs. 6,900
crore, benefiting innumerable poor families.
Role of Self Help Groups
In
India
alleviation of poverty has persistently been on the agenda of the Central
Government. Though a number of programmes were implemented in the country in
eradication of poverty with whooping funds, yet poverty seems indomitable.
Considering the stock of loopholes of erstwhile development programmes, self help group(SHG) was introduced with the
objective to eradicate poverty in the country. Through this programme the group
approach is adopted rather than targeted individual centric beneficiary
approach followed in erstwhile programmes. Infact, the SHG programme which was
originally introduced way back in 1990’s
took its strides from the year 2000 onwards only. Slowly but steadily
the SHG movement has spread over almost
all the states in the country. In this regard the role of NABARD is
appreciable. More specifically, linkage of
banks with SHGs has caught the imagination of not only the financial
institutions, but also government and non-government agencies joining their
hands with NABARD in its efforts.
Origin and Concept of SHGs
The
origin of SHGs is from the brainchild of Grameen Bank of Bangladesh ,
which was founded by Mohammed Yunus. Though SHGs were started and formed in
1975 in India , the initiation of NABARD in 1986-87 brought
them into the limelight. However, the real effort was made during 1991-92 after
the linkage of SHGs with the banks.
The self-help
group is a registered or unregistered group of micro entrepreneurs having a
homogeneous social and economic background, voluntarily coming together to save
small amounts regularly, to mutually contribute to a common fund and to meet
their emergency needs on mutual help basis. The group members use the
collective wisdom and peer pressure to get things done properly. During
meetings of SHG’s they collect their small savings and these savings are used
to meet the credit requirements of the members. It helps women to understand
their problems and plan for future, estimating their requirements and
resources. The SHG platform is built up on the premise that the poor has the
capacity to save, the poor need credit and not charity. Thrift comes first and
credit comes later. All for each and each for all would enhance the team
spirit.
Several
directives and guidelines from RBI and NABARD to commercial banks have clearly
mentioned the need to recognize the SHG as a potential tool of micro
credit. They have been recognized as
useful tool to help the poor and as an alternative mechanism to meet the urgent credit needs of poor through
thrift. SHG is a media for the development of saving habit among the women.
SHGs enhance the equality of status of women as participants, decision-makers
and beneficiaries in the democratic,
economic, social and cultural spheres of life. The basic principles of the SHGs
are group approach, mutual trust, organization of small and manageable groups,
group cohesiveness, sprit of thrift, demand based lending, collateral free women
friendly loans, peer group pressure in repayment, skill training capacity
building and empowerment.
Functions of SHGs
SHGs
are working in democratic manner. The upper limit of members in a group is
restricted to 20. Among them a member is selected as an ‘animator’ and two
members are selected as the representatives. The animator is selected for the
period of two years. The group members
meet every week and discuss about the group savings, rotation of sangha
funds, bank loan, repayment of loan, social and community action programmes etc.
The main functions of SHGs are;
- Creating a common fund by the members through their regular savings.
- Flexible working system and pooling the resources in a democratic way.
- Periodical meeting and decision making through group meetings.
- Repaying the loan amount in time since it is small and reasonable.
- Training the members in the use of extension services and government support.
- Building common infrastructure for the benefit of its members.
- Developing group dynamism and building leadership quality to realize their potentiality and self-belief.
SHGs in Andhra Pradesh
The SHG system
reflects the independence and diversity of the Indian people. As far as state
of Andhra Pradesh is concerned it is the fifth largest state in India having 5 percent share in number of
villages in India .
The major poverty alleviation project through which SHGs are promoted is the state-sponsored
‘Velugu’ working in 22 districts, aiming to reach 29 lakhs of the poorest of
rural poor. The state of Andhra Pradesh is at the forefront of the SHGs-bank
linkage programme. 2,01,338 groups have been linked with banks in Andhra
Pradesh until March 2003 with loans for Rs. 9,753 millions. The experience of
‘Velugu’ phase one, imparted lessons to the second phase. It was seen that it
is important to focus on livelihoods. Livelihood enhancement action
plans(LEAPs), i.e., village micro plans are developed as sub-projects for the
poor. Three types of sub-projects such as income generation, productive
physical infrastructure and social
development are promoted. LEAP starts with the social and resource maps of the
village. Another innovation is the value
chain analysis.
Further, an observation of
region-wise spread of SHGs in the country by the end of 2004, reveals that
southern region has bagged the highest shares in number of groups operating as
well as amount of bank loan granted i.e., 62.50 percent and 78.74 percent
respectively. The attributable reason behind such attractive shares by the
southern region is mainly because of aggressive spread of SHGs movement in the
states of Andhra Pradesh and Karnataka. Likewise, commercial banks have been in
the forefront in the promotion of SHGs in the country. Further, the state of
Andhra Pradesh is a good host for SHG programme. All districts in the state are
more or less involved actively in promotion of the programme.
Financial Inclusion
In Andhra Pradesh phenomenal success, has
already been achieved in the sphere
micro credit to rural poor through the SHG Bank linkage programme. As on
31st March, 2006 there were
5.87 lakh SHGs in the State out of which 2.24 lakhs have been credit linked to
banks. This formed 26 percent of the total SHG bank credit linkage achieved in
the country. The average per group finance stood at Rs. 74,000. NABARD has been
closely involved in entire programme by way of organizing training programmes
for SHGs, banks, conduct of orientation meets, studies, devising accounting
systems, training in book keeping etc. Financial inclusion is also aimed to be
achieved through the formation and financing of Rythu Mitra Groups(RMGs) in the
State. RMGs are groups of small and marginal farmers, tenant farmers, share
croppers, oral lessees etc., who will be benefited with bank credit. Besides,
as on the lines of SHGs, RMGs will also be empowered with transfer of
technology, access to market information, training etc.
Women of SHGs Taking on the Market
Self-help
groups in the Chenchu tribal areas of Andhra Pradesh are participating in a
community process that was initiated by UNIFEM. They have been empowered to
market their small forest produce thereby earning a good profit. The women of
these SHGs have demonstrated women power in the market place. Many rural and
tribal women in Andhra Pradesh are experiencing far-reaching changes in their
economic, social and domestic situations- thanks to poverty alleviation
initiatives using the ‘value chain model’. Projects in the state have shown
that if women are empowered with knowledge and trained, they can shine in the
marketplace. The value chain model enables women to have access and
control over a business enterprise. The
women run their businesses through SHGs in the villages. These women are part
of a community process that was initiated by UNIFEM in 2002, in partnership
with the Society for Elimination of Rural Poverty (SERP), a Hyderabad NGO
implementing AP’s poverty alleviation programme, Velugu- and Kovel Foundation,
an NGO based in Visakhapatnam .
The initiative, called the Women’s Economic Empowerment in the Market
Place-India Gum Karaya Project (WEEM-IGKP), is named after one of the forest
products (gum karaya) that the women collect. The project aims to give market
access to women, eliminate middlepersons and overhead expenses, and keep the
profits within the community. In this project, women are not only the
collectors of forest produce and makers of different products but also sellers
of these products in the market.
The
project focuses on Chenchus, a tribal community concentrated mainly in the
northeastern parts of AP (Mahboobnagar, Kurnool ,
and Guntur
districts) and their main livelihood is collection of non timber forest products.
Some of their forest produce include gum karaya (used as medicine and food),
maredugaddulu (used in preparing sherbets), narmamidi bark (used in making
incense sticks), soap nut (used in soaps and shampoos), pongamia seeds (used in
hair oils and as a bio-substitute for diesel) and adda leaves (used for making
plates).
The
Chenchus are trained in scientific methods of collection and processing as well
as in grading their products. Several forest and agricultural products- neem
fruit, red gram, soya, sunflower, castor
seeds, groundnuts and turmeric are now sold under this project. The project has
now grown from a one district and one commodity project to 16 districts and 57
commodities project, with a turnover of Rs 160 million, according to SERP. Thus,
the results are far-reaching and amazing. They have proved that women,
empowered with the solidarity of their collectives, empowered with product and
market knowledge and supported by their own and external financial resources
can perform very well in the marketplace.
Challenges of Micro-Finance:
As micro credit
has proved to be a catalyst for empowering the poor, such programmes have to be
encouraged and boosted with all the vigour till the weaker sections of the
community are reasonably empowered. With significant growth in micro-finance
activities, the effective benefit would spread to various aspects such as
literacy, empowerment, entrepreneurship,
employment, improvement in living standards, development of rural economy and
finally poverty elimination and would help bring down the number below the
poverty line. There have definitely been significant advances in recent years
and the concept and practice of SHG based micro finance has now developed deep
roots in many parts of the country. Impact assessment being rather limited so
far, it is hard to measure and quantify the effect the Indian micro credit
experience has had so far on the poverty
situation in India .
However, the logic and rationale of SHG based micro finance have been
established firmly enough that micro credit has effectively graduated from an
“experiment” to a widely-accepted paradigm of rural and development financing
in India. The most convincing feature of this form of financing that justifies
its admittedly higher costs is the near-perfect repayment rates. The expansionary zeal of micro credit
practitioners should be balanced with the quality of loans which is indeed a
momentous challenge. Though the government involvement in SHG based micro
finance is a welcome development, it is
not free from its ills.
It is noticed that even though the demand
for micro-credit has been on the increase, problems continue to mar the supply
of adequate credit to this sector. However, the path ahead is obviously strewn
with challenges. Scaling up of projects and bringing millions of people within
the fold of micro finance is no mean task. Doubtlessly, a lot needs to be
accomplished in terms of outreach to make a serious dent on poverty. Out of the
estimated 56 million poor families at the end of March 2004 in the country
(this meant that, at the average rate of 5 persons to a family, there were 26
million poor in the country at the end of March 2004) only 17 million poor
families (i.e., 85 million poor in total) or 30 percent of the poor families in
the country have been covered by micro-finance schemes. Therefore, 70 percent of
the poor families are yet to be covered by micro-finance schemes. These figures
reveal that though the SHG – bank linkage is gaining momentum, it has to grow still faster in order to cover
a larger proportion of the poorer sections in the country.
At
present, Andhra Pradesh accounts for 40 percent of SHGs linked to bank credit.
The next three States are Tamilnadu,
Karnataka and Uttar Pradesh which
together accounted for another 30 percent of SHGs linked to bank credit. Thus,
only four States in the country accounted for 70 percent of SHGs linked to bank
credit and 80 percent bank loans. Thus, these figures clearly show that the
majority States in the country have not yet encouraged the organization and
promotion of SHG – bank credit link. It is time, NABARD initiates and
encourages SHG – bank linkage programmes in these States for the overall
progress and success of micro-finance programmes in the country.
Future Strategies for Micro-Finance Innovations
NABARD as a strategic policy,
has pioneered in formulation of development programmes together with appropriate
guidelines in the area of micro-finance. This has been possible through
continuous innovations based on programme approach, linking support
organizations with the credit institutions through their essential support
mechanism such as training, organizing and capacity building etc. of client
institutions, and non-governmental organizations for strengthening
micro-finance activities in the country.
The
prominent among the various initiatives and innovations that have taken place
in fostering the growth of micro-finance sector with the active involvement of
NABARD include bank credit to self help
groups, creation of credit and finance services fund, grant support to NGOs,
support to RRBs, support to farmers’ clubs, revolving fund assistance to NGO,
development initiative for North-Eastern region and KBK region of Orissa,
capacity building for partner institutions, creation of
micro-finance development fund, establishing collaboration with external
donor agencies (viz. KFW/GTZ, IFAD) in the area of SHG-bank linkage programme
etc.
Micro-finance is
a useful tool in building the capacity of the poor in management of sustainable
self employment opportunities, besides providing other financial services like
savings, housing, consumption, credit, insurance cover etc. The national policy
on micro-finance should emphasize on encouraging initiatives and participation
of different types of institutions in micro-finance, bringing the micro-finance
activities, irrespective of the type of institution involved, within the
regulation and supervision by competent authorities, creating policy
environment for closer linkages of the micro-finance sector with the formal
banking channels and making available equity, start-up capital and
capacity-building funds for the existing and prospective institutions engaged
in micro-finance.
The
strategies for micro-finance must also be matched by a strategy for raising
agricultural productivity through creation of appropriate infrastructure in the
critical areas such as irrigation, soil and water conservation, plant
protection, agro processing, post-harvest management, rural roads, agriculture
marketing etc. Such an integrated strategy will also place a heavy demand on
credit for productive purpose in a sustainable manner, safeguarding the
interest of the rural poor. Simultaneous with the strategy geared to augment
productivity in farm sector, it is necessary to promote accelerated growth of
rural non-farm sector, on which a large number of rural poor are heavily
dependent for their livelihood support through creation of gainful employment
opportunities.
Conclusion
Micro-finance attempts to unleash forces
transforming lives from debt-driven to self-driven, so as to cause and trigger
growth in rural economy. Since the focus of micro-finance is to facilitate the
shift from induced development from the above to initiated development from
below it is likely to change the role of bank credit in the rural segment. As more than one-third
of credit needs in the rural areas in India are still met by informal and
high cost resources such as money-lenders, landlords, friends and relatives,
the scope for the micro-finance to make inroads in rural segment is quite
enormous. The banking system and informal credit agencies would have to evolve
innovative methods and schemes to stay alive to cope with the unmet credit
needs of both organized farmers and informal activities of rural people. However,
the micro credit – SHGs integration could be the way out for overall rural
development vis-à-vis poverty alleviation.
All
said and done, both the mainstream financial institutions and micro-financial
institutions are required to play an increasingly important and prominent role
in nourishing and developing micro-finance sector as a social obligation. Since
the credit needs of the poor are increasingly met from the emergence of a wide
range of semi-formal micro-finance initiatives. Considering various advantages,
particularly the financing of the rural poor, low transactional cost and better
recovery performance, the banks, financial institutions, government and
non-governmental organisations have a
greater role to play in the micro-finance sector.
References
1)
Anand U.K. (2001),
Micro Credit –A Venue for Sustainable Empowerment of Rural Women. Social
Welfare Vol.48, No.4.
2)
Amrit Patel(2004), “Cooperative Banking-Achievements
and Challenges”, Kurukshetra Journal, New
Delhi , Vo. 52, No. 12
October, P.18-24.
3)
Bagchi S.K(2006), “Agriculture and Rural Development
are Synonymous in Reality”, Journal of
the Institute of Chartered Accounts of India, New Delhi, Volume 54, No.8,
February, PP.1162-1164.
4)
Choudhury RK(1996), “Regional Rural Banks: What Their
Functioning and Role Suggest”, Kurukshetra Journal, July, P.7-9.
5)
Chiranjeevulu T(2003), “Empowering Women Through Self
Help Groups- Experiences in Experiment”, Kurukshetra, March.
6)
Deepali Pant Joshi(2002), “Rural Credit” Yojana, New Delhi . Vol. 46,
January, P. 38-44.
7)
Dutt and Sundaram (2002), Indian Economy, S.Chand and
Company Ltd, New Delhi , pp.566-568
8)
Das D (2001), “Micro-Credit: A New Agenda for
Commercial Banks”, SBI Monthly Review Vol. 40(10) pp.520-528.
9)
Das Gupta, R (2001), “An Informal Journey Through Self
Help Groups”, Indian Journal Agriculture Economy. Vol.56(3), pp.370-385.
10) Gourav
Vallabh, Suraj Chatrath(2006), “Role of Banks in Agriculture and Rural
Development” Journal of the Institute of Chartered Accounts of India, New Delhi,
Volume 54, No.8, February, PP.1122-1130.
11) Gupta
R.C.(1998), “Self Help Groups- A Guide for Self Help Saving and Loan Management
for Groups”, Rashtriya Mahila Kosh, Ministry of HRD, Government of India , New
Delhi .
12) Gurumoorthy
T.R(2000), “Self Help Groups Empower Rural Women”, Kurukshetra, Feb.
13) Katar
Singh(2004), “Survival and Growth of Cooperatives & Cooperative Banks”.
Kurukshetra Journal, New Delhi ,
Vo. 52 No. 12, October, P.13-17.
14) Kamesh
S. Vikamsey(2006), “Rural Development”, Journal
of the Institute of Chartered Accounts of India ,
New Delhi ,
Volume 54, No.8, February.
15) Krishana,
Vijaya R. and Das, Amarnath R.(2003), “Self Help Groups”- A Study in A.P.
District, HRD Times, May.
16) Kahlon,
A.S. and Singh, K(1992), New Directions in Agricultural Credit System and Rural
Financial Market. Allied Publishers Limited, New Delhi .
17) Kalra,
S. and Singh(2000), “Overdue of Regional Rural Banks in Punjab- A Macro to
Micro Perspective”, Financing Agriculture, Vol.82, No.2, pp.3-9
18) Karmakar,K.G.(1999),
self Help Groups – Micro Finance Need and Concept in India, Sage Publication,
New Delhi.
19) Karmakar,
K.G. (2002), “Micro-Finance Revisited”, Financing Agriculture. Vol.34(2), pp.
18-23.
20) Lalitha
N. and Nagarajan B.S.(2002), “Self Help Groups in Rural Development”, Domiant
Publishers and Distributers. New Delhi .
21) Manimekali
N. and G.Rajeswari (2002), “Grassroots
Entrepreneurship through Self Help Groups”, SEDMI Journal, Vol. 29, p2.
22) Mohanty
B.K (2006), “Emerging Dimensions of Agricultural Financing”, Journal of the Institute of Chartered
Accounts of India, New Delhi, Volume 54, No.8, February, PP.1132.
23) Murthi
Dasai(1998), “Policy Approach to Women and Poverty Eradication”, The Indian
Journal of Social Work, Vol.59, Issue 4, New
Delhi .
24) Naranaswamy N.S.
25) Nagarajan
B.S and Lalitha N (2000), Self Help Groups in Rural Development, Dominant
Publishers and Distributors, Jaipur.
26) NABARD
(2001), Report of the Export Committee on Rural Credit, National Bank of
Agriculture and Rural Development, Mumbai.
27) NABARD
Annual Report 2005-06.
28) Puhazhendhi
V (2000), Evaluation Study of Self Help
Groups in Tamilnadu, NABARD, Chennai.
29) Pankaj
Naithani(2001), “Micro Financing – The Self Employment Activities”,
Kurukshetra, Ministry of Rural Development, Vol.49, No.10, July, New Delhi .
30) RBI
(2003), Report of the High Power Committee on Urban Co-operative Banks, Reserve
Bank of India
Bulletin, Mumbai.
31) RBI
(2003), Reserve Bank of India, Annual Report 2002-2003, Reserve Bank of India,
Mumbai.
32) Rao,
V.M (2003), Women Self Help Groups, Profiles from Andhra Pradesh and
Karnataka”, Kurukshetra, Vol.50, No.6, pp.26-32.
33) Ritu
Jain(2003), “Socio-Economic Impact Through Self Help Groups”, Yojana, Vol.47,
No.7, pp.11-12.
34) Raghavan
S (2006), “Micro-Finance-Uplifting Rural Economy”, Journal of the Institute of Chartered Accounts of India, New Delhi,
Volume 54, No.8, February, PP.1144-1148.
35) Sabyasachi
Das, (2003), “Self Help Groups and Micro Credit Synergic Integration”,
Kurukshetra, Vol.51, No. 10, pp.25-28.
36) Singh,
Katar (2000), “Reforms in Credit Cooperatives”, Kurukshetra Journal, Annual
Issue, October.
37) Satish,P.(2001),
Some Issues in the Formation of Self-Help Groups, Indian Journal Agriculture
Economy, Vol. 56 (3), pp. 11-18.
38) Srinivasan
G (2003), “Rural Credit Delivery Reaching the Unreached”, Kurukshetra Journal, New Delhi , Vo. 51 No. 10,
August, P.10-12.
39) Sanjib
Kumar Hota and Vinod Sharma(2001),
“Cooperative Credit : Revamping Needed”, Yojana, New Delhi ,Vol. 45, July, P. 13-15.
40) Sabyasachi
Das(2003), “Self Help Groups and Micro Credit Synergic Integration”,
Kurukshetra Journal, New Delhi ,
Vol. 51 No. 10, August, P. 25-30
41) Samwel
K. Lopoyetum(2004), “Problems and Prospects of Cooperative Banking”,
Kurukshetra Journal, New Delhi, Vol. 52,
No. 12, October, P. 25-31.
42) Sinha
Roy, B.P(1993), Regional Rural Banks, Mittal Publications, New Delhi .
43) Tripathy
K.K (2004), “Cooperative Credit in Rural India ”,
Yojana, New Delhi .
Vol. 48, April, P. 23-27.
44) UNDP
Human Development Report 19997, 2000, 2001. Oxford
University Press, New York .
45) Velayudham
T.K and Sankaranarayan V (1990), “Regional Rural Banks and Rural Credit: Some
Issues”, Economic and Political Weekly, September, P.21-58
Reference-Websites:
www.nabard.org
[NABARD]
www.rural.nic.in/drda.htm [DRDA]
www.rural.nic.in
[Ministry of Rural Development]
www.ari.nic.in
[Ministry of Agro and Rural Industries]
No comments:
Post a Comment