Wednesday, 9 March 2011

Status of Different Micro-finance Models in India


Status of Different Micro-finance Models in India Under the Guidence of Dr. Ashish Shrivastav & Dr. Shweta Singh Faculties of IIIT Allahabad

Authors :- Vikas Singh, Jagjeet Kumar Mittal, Atul Kumar, Abhishek Narain Sharma

ABSTRACT In recent years Microfinance has attracted widespread attention for its developmental Impact for the poor, but it too has multitude of issues and complications. This research project has adopted a mix of empirical and theoretical approach with the objective to identify a comprehensive range of implementation and impact issues of microfinance and make detailed deliberations over these for the chosen area- i.e. Allahabad, Sitapur, Kanpur and its adjoining region. (A typical northern Indian agrarian setting).This paper will seek to examine what is the current status of the different microfinance models in India and how they are contributing in achieving the financial inclusion. A comprehensive field survey in real-life setting of the donors, the practitioners and the beneficiaries (the groups) through various means such as formal and informal talks, on-site questionnaires and audio-visual means has been performed. The deliberations are focused around examining the implementation issues; the economics behind the issue, the complications involved thereon, the impact- individualistic and wider context, providing practical solutions for the problems and the case for including health and education among its domain of services.

Introduction By micro-finance we mean to say that provision of financial services to poor or low-income clients, including consumers and the self- employed. Micro credit (or loans to poor micro enterprises) should not be confused with micro finance. Micro Finance is relatively a bigger term which addresses a broad range of services especially financial and banking needs for poor people. Microfinance exists as a collection of banking practices centered on providing access to basic financial services to poor people, particularly in developing countries. The form in which it has developed and evolved proves it as a reliable and consistent organizational mechanism for providing access to financial services to the poor. A small initiative which started in 1976, as experimental lending to poor households in the village Jobra (Bangladesh) which later came to be known as Garmin Bank is a widely acclaimed example which bring forth a methodology that brought a paradigm shift breaking the preoccupation of banking channels thus demonstrating the possibility of eradicating poverty and having enormous implications. Essentially in terms of practice it revolved around providing small loans (typically without any collateral) and accepting small to very small deposits and similar financial services as it is progressing. Microfinance presents a series of exciting and acknowledged possibilities for extending market thereby reducing poverty, gender empowerment and promoting social change. India has christened as a developing country with its characteristic demographic unction's and skewed distributed income structure certainly a rip case for implementing it and so it has happened albeit, on the national scale. The forms, features and working pattern that exist with MFI's can clearly be categorized similar to that in South India and those working in North India. Regional demographic features such as literacy, occupation, group dynamics, existence and prevalence of institutions and regional pressure group characteristics may explain this distinctness. However, Allahabad district may be considered as a typical representative of North India, especially that of Central India. The extents to which MFI's have spread and covered the district obviously pronounce that there is lot of work that needs to be done. Every event/process to assess the shortcoming or gaps for identifying and explaining the cause for that as well as for becoming supportive of its expansion necessitates for examining the issues related with the microfinance practice. It exhibits direction and trends, which helps in locating the loopholes and the way forward. So was the objective of our project. Further it also take time to compare whether these trend are consistent or deviating from the national trend or global trend for that matter. Various models for micro finance
The SHG model The self help group model has evolved in the NGO sector. A variety of models arise out of NGO nurturing among which SHGs have become the most popular. SHGs are small informal groups comprising of membership of 10-20 persons. The composition of membership is mostly exclusively male or exclusively female. The members are self selected with a liberty to choose their group depending on their level of affinity with the other potential members. The group meets regularly at an appointed time and place and carries out its financial transactions of savings and credit. The roles and norms of the group are determined by the members themselves. The NGO provides them with support services, training and developing linkages. However, there are certain features of SHG that need to be looked into: • The group promotion process is long and the poor have to wait for long periods. • The amounts available in the beginning are very small and all the members cannot take loans at the same time. • The functioning of the group relies completely on group dynamics which are very difficult to build in. • Conflicts arise on seemingly trivial reasons which can lead to the break-down of the group and it is difficult to rebuild it. Despite these few disadvantages SHG still is a popular model for micro finance in India.
Federated SHG approach The federated SHG approach builds upon the unique features of SHG based micro finance and contributes to factors that improve the sustainability of SHGs. Federations increase the opportunity offered by the SHGs, expands empowerment through leadership building and addresses the component of security through insurance services. Federations usually come under the Societies Registration Act. PRADAN and MYRADA, two large NGOs that pioneered the concept of SHGs.
The Grameen Bank Model The grameen bank methodology which was a case of exceptional success first evolved in Bangladesh and was launched by many other organizations in India with slight variations. Some of the features are as follows: • Homogeneous groups of 5 members are formed at village level • The field worker facilitates the process of group forming • All the group members undergo a 7 day compulsory training • Some groups undergo the group recognition test • 8 joint liability groups affiliate together to form a centre • The centre meets every week at a defined time and a bank assistant attends the meetings. Group discipline is enforced through peer pressure. Collateral is replaced by peer pressure. The incentive to timely repayment is repeat loans and continuous access to increasing credit from the bank. A field worker maintains a check on loan utilization.
Non Banking Finance Companies The NBFCs has emerged as a nearest substitute for those MFIs who want to go the for-profit route. Since getting registered as a bank is costly and the local area bank idea has not been pursued beyond the initial approvals, the NBFC route is increasingly being chosen by profit driven MFIs. They can also enter the capital markets. Since the poor are bankable and lending to them can be commercially viable it is not necessary to depend on low cost funds to lend to them. Secondly, since the amounts required are huge, the financial markets are the only way to mobilize resources. This would mean mobilizing debt at market rates of interest. The for-profit NBFC route is currently the best way to operate in the capital markets. For regulatory purposes, NBFCs have been classified into 3 categories: (a) Those accepting public deposits, (b) Those not accepting public deposits but engaged in financial business (c) Core investment companies with 90 per cent of their total assets as investments in the securities of their group/holding/subsidiary companies.
Methodology
I. Comprehensive literature survey, general and specific for understanding the development of MF, economics of microfinance, the trends and issues as emerging in this field (National and Global scale) and the implication of various MF models.
II. As the most important component for reaching the objective of the project we performed a detailed scientific survey of the microfinance institution (SONATA), NGOs (MANVODAYA), SHGs and Banks (Bank of India, Kasmanda Sitapur) working in Allahabad and Sitapur (such as Naini and Karchana in Allahabad and Kasmanda in Sitapur) and the members of the groups/SHG's whom they are serving. Later on, the statistical and general inferential analysis of the data as obtained from survey provides some rather interesting findings which would certainly be helpful in modifying the ways of microfinance already working and the way forward for those venturing to enter.
The Selection of the Study Area The study areas selected were 1. Sitapur district in which individual study of SHGs were carried out to form the very base of the study. All these SHGs were promoted by an NGO MANVODAYA. 2. Allahabad district in which groups were taken whose having lent by sonata MFI. Areas covered- Naini, Bahadurpur and Karchana Block. 3. Kanpur district which has two federations: (a) Jagriti Mahila Samiti (b) Boond Bachat Sangh, Kulgaon. Both these federations are promoted by the NGO Shramik Sansthan Sample: - Following points were specially taken care of: a. SONATA (an MFI institution) which having presence in Allahabad was consulted (Formal Talk session and detailed questionnaire). b. To study the bank linked SHGs model, specific locations (such as Kasmanda in Sitapur and Kanpur) was selected and a specific NGO which having presence in that location was consulted along with its promoted SHGs (Formal Talk session and detailed questionnaire). c. Groups / SHG's as served and inhabited in different pockets of the region as chalked out are included in survey. d. Rural and urban to semi-urban areas in regard to group members inhabited and working there should be properly represented in the survey e. Members of various age groups, income level, and with varying literacy levels are properly taken into account. f. As many as 20(5 Bank linkage SHGs and 15 MFI promoted) groups dispersed into various pockets were surveyed, beside to understand the federation model of microfinance, two federation were surveyed too. Three members, on an average, three members from each group were chosen for questionnaire based survey. In addition to this, focus group discussions were conducted when some additional group members from the SHGs were present. Finally, data on loans and member characteristics were gathered from internal records of each group. Means and Measures a. Specifically designed comprehensive Questionnaires (enclosed in Appendix) b. Questions were orally asked to the members and responses were marked in the questionnaire by the survey team members. Although it was time consuming but necessary for bringing out any meaningful result to the whole endeavor. c. Team members also gone through some formal & informal talk sessions with the group, during and after their weekly meetings with the MFI agents. d. Sessions were video graphed: - This on the one hand facilitate ourselves to dig out every minute inferences, especially in regard to satisfaction level, economic and social impact, in consultation with our project guide (as on some occasion they were not able to be present there physically) and on the other hand arouse the eagerness among the group members (SHGs) to take part into these sessions. Background: The NGO, the MFI, the Federation, Groups and their Members It has seen over the year that the basic principles of group formation are generally common to most of SHGs in India. However, great variations were found in the practical implementation, nature and objectives of the agencies promoting these groups (such as which would be target group, what would be internal policies of the group and what would be the size of group). We have hereby described in brief the models used by our selected NGOs, MFI and Federations which we have chosen for our study. Current Growth Pattern of SHGs Bank linkage programme (NABARD Promoted) The SHG - Bank linkage programme launched by NABARD in 1992 continues to be the predominant Micro Finance model. During the year 2006-07, 6, 86, 408 new SHG were credit linked with banks as against 6, 20, 109 during the year 2005-06, taking the cumulative number of credit linked SHG to 29, 24,973 (Table 1 and 2). The phenomenal reach of the programme has enabled an estimated 409.5 lakhs poor households to gain access to MF from the banking system as on March 31, 2007. Table 1. Growth pattern of SHGs Year No's of SHG Growth (%) Cumulative 1992-1999 32995 - 32995 1999-2000 81780 148 114775 2000-2001 149050 82 263825 2001-2002 197653 33 461478 2002-2003 255882 29 717360 2003-2004 361731 41 1079091 2004-2005 539365 49 1618456 2005-2006 620109 15 2238565 2006-2007 686408 11 2924973 (Source: NABARD Annual report) CASE STUDIES Case 1. JAGRITI MAHILA SAMITI Goal Implementation of all government and non-government schemes at all local level especially through SHG. Management Model From each SHG a person is selected as a member of the general body of the federation. Since there are 165 SHGs in the federation, therefore there are 165 such members. From these 165 members, 9 members are selected in the governing board of the federation, which administer the federation. Out of these 9 members, 3 are selected as the President, Secretary and the Treasurer, who are also responsible for accounting. Modus Operandi The federation facilitates the SHG. The governing board produces the whole proceedings of the federation before the general body once in a year. Also the future plans, which had been chalked out by the board, are presented. The federation charges a fee of Rs.910 every year per SHG. The breakup of the fees is as follows: 1. Federation member-Rs. 200 2. Book writer fee-Rs. 360 3. SHG Audit -Rs. 200 4. Stationary-Rs. 150 The fee of Rs.910 is regular and is paid by all the SHGs as mandatory money which in turn is utilized for their own benefits. Till now no SHG has been found to be a defaulter in payment of this fee. Intermediary Role Federation acts as an intermediary in providing services for Cattle Insurance, Agriculture, Group Meeting, and Audit etc. Extension and Marketing services provided The federation has not been able to achieve success in marketing at the individual level but has been hugely successful in providing insurance facilities to members of the SHG. Cattle and household insurance facilities have been provided to the SHGs. Local needs and resources are taken care of by the federation. Various initiatives like pickle making, vermiculture were launched. The federation for proper maintenance of the account of the SHGs now keeps book writers Medical aids distributed at the subsidized and reasonable rates, which are verified has been a huge initiative taken by the NGO itself. Since 2000-2004 self-development projects focusing on the training and development of the women SHGs was launched. The federation is also actively involved with developmental activities of PACS and Panchayats. From 2004-2007 formation of PACS and panchayats was done. From 2007-till date there are 2 workers, which are continuously involved for the support in the upcoming projects. TARAKSHAR program launched for education of women and children. Sewing school was developed and promoted. HELPAGE INDIA initiative was launched which focuses on the self sustainability of the SHGs.
Maturity Level of the federated SHGs Average size of the SHG was 12 members per SHG whereas the average age of the SHG was 11 years. The number of SHGs enrolled in the federation was 165, which has a total of 1855 members. The federation covered over 40 panchayats.
Credit Linkage The federation is linked to the U.P Baroda Grameen Bank. The bank gives loan to the SHG members. The interest rate charged was 9% for regular payers and 10.25% for non-regular payers. The grading was done by the bank on various parameters for determining whether the payer is regular or non-regular. If more than 85 marks out of 100 is obtained then the recovery is categorized regular and if less than 85 then the recovery is categorized as non-regular.
Need of the SHGs to join the federation Initially before the formation of federation projects the SHGs were formed but they were not sustainable in the long run. Joining the federation transformed the SHGs from a self-sufficient unit to a self-recognizable unit. The SHGs joined the federation to indulge in income generating activities vigorously. The federation also encourages the SHGs to increase their volume of business and maintain sustainability. Joining the federation gave them a bigger platform to initiate an activity and was supported by other federation members. Joining the federation helped in better access to funds.
Reach in the District Administration Initiatives were taken by the District Magistrate on being approached by the federation members to help them in inheritance of the land. DM Kanpur Dehat had helped them in the building of the roads in their villages and also solving sewage problems. Some federation members are also contesting elections at the Panchayat level.
Loaning Status Table 2: Purpose wise loaning status S. No. Loan Purpose No. of persons Amount of the loan (In Rs.) 1 Medical needs 50 284968 2 Education 6 42400 3 Self consumption 165 1180348 4 Agriculture/Animal husbandry 733 5643676 5 Income generating activities 238 3163016 6 Other 49 314165
Quarterly Report Average loan size =Rs. 8564 Minimum number of persons took loan for the education purpose Maximum number was observed in the agriculture/animal purpose. The loan size for income generating activities is found to be 1.5 times the average loan size. Case 2. BOOND BACHAT SANGH, KULGAON Evolution of the Federation Rashtriya Mahila Kosh was not ready to provide loans to those people who were living below poverty line and who did not have BPL certificates certified by CDO. Owing to the complexity of the loaning procedure and an urge for an independent source led to the formation of federation on 30th Sep 2002. Objectives • To inculcate habit of saving in poor women. • To bring them out of the clutches of the money lender. • To provide loans to manage household cash flow crisis during emergencies. • To provide loans for income generation activities. • To provide business development and business upgradation services. • To make sure the loans available to the poor. Federation Management Model Number of SHGs enrolled by the federation was 170.The federation is currently promoted by the NGO Shramik Bharti. SHGs are divided into four clusters on the basis of geographical area. Each cluster had three main representatives 1. Leader 2. Secretary 3. Federation representative
Leader and Secretary were largely responsible for looking after the work pertaining to the SHGs. At the cluster level one representative from each SHG meets once in a month on a fixed date. Out of these representatives members are chosen which look after the working of the cluster and hence represent the cluster as a whole. Since the federation was divided into four clusters there were a total of twenty members which represent the federation advisory committee. Out of twenty members two were selected by voting who represented the board, which altogether comprises of five members. The other three members are the Chairperson Trustee and two persons chosen by the Chairperson Trustee himself. Status Pre-Federation When the federation was not formed the source of money to the members of the SHGs was through: 1. Inter loaning among members. 2. Through financial institutions like SIDBI, HUDCO, RMK (Rashtriya Mahila Kosh) established by World Bank. Of these the major source were the financial institutions esp. RMK which charged 6% rate of interest on the loans given. Another 1.5% was charged for the training purpose. Financial Modeling Saving An SHG had following two kinds of saving 1. Compulsory 2. Surplus • A compulsory saving of Rs.1000 per annum is supposed to be deposited with the federation. • If there is any surplus the SHG also deposits the surplus. • On both kinds of savings the SHGs are paid an interest of 6% per month. Saving of SHG pre federation was Rs.3083 per SHG whereas saving of SHG post federation was Rs.12676 per SHG per annum Loan distribution model • The loan granted to a SHG was 8 to 10 times the compulsory saving of that particular SHG. For example if an SHG is 10 years old then the compulsory saving of that SHG will be 10×1000=10,000 Rs. Hence the maximum loan granted to that SHG will be 10×10000=Rs.1.0 lakh. • The loan sanctioned to the SHG is at the rate of 12%.The SHG in turn lend this to its member at the rate of 18%. • On repayment of loan the SHGs are entitled for fresh loan. When a SHG is not capable of providing loan to its member then it approaches the federation. The SHG fills the form on behalf of the member who wants the loan. The form entails the details of the loan like purpose of loan, amount etc. The loan is sanctioned by the cluster members who approve the loan on the guarantee of the SHG. The loan repayment will be on behalf of the SHG. At last 2 members out of the 5 chosen members should be present at the time of sanctioning the loan. The document is then sent to the Sr. Group Organizer who endorses the same by verifying the loaning status and track record of that SHG. The loan repayment is splitted according to the amount of loan in installments as follows: • For loan up to Rs.5000 the maximum installments fixed are 10. • For loan from Rs.5000-Rs.10000 the amount of repayment was Rs.500/month • For loan greater than Rs.10000 a maximum of 20 installments is fixed
Saving Status The average saving per member per year was observed to be Rs.891. During the last financial period (2008-09) it was observed to be Rs.548. This also comes from the fact that the average saving per year per federation increased from Rs.1324171 during 2007-08 to Rs.2155058 during 2008-09. Interest Analysis 1/3rd of the interest received on loaning the SHGs was used for the general working of the federation like stationary, rent, stock, training, and auditing. The part saved was distributed as profit. Loaning Status Direct loaning is not being done by the financial institutions to the federation. Instead the loan is given to the NGO promoting the federation. 15% of the applications for loan were for meeting medical needs,8% for repayment of existing loans, 20% for social purposes like marriage etc, 20% of the applications were for consumption purposes like house repairing etc, where as 38% of the loan is used for income generation activities. Efficiency and Sustainability Indicator OCR (Operational Cost Ratio) is defined as the cost incurred by the federation in maintaining a loan portfolio of Rs.100. OCR on analysis was found to be 9.3% OSS (Operational Self Sufficiency) is defined as the ratio of operational expenses over operational income. OSS on analysis was found to be 190%
Constraints and Issues • Lack of proper infrastructure for conducting meetings. Extreme weather condition during summer and winter acting as a impediment in regular holding of meetings. • Federation was not capable of providing extension services due to lack of leadership. • No marketing interventions. Federation was not involved in marketing of products produced by SHGs. This would have gone a long way in attaining sustainability of federation as well as SHGs.
Important Findings of the Survey & Analysis of the same The major reasons for low penetration of financial products like health insurance, crop insurance, remittance facility, and other financial products among the SHG members are:
1. MFI's are unable to develop new innovative products for the poorest of poor and they are merely acting as micro-creditor in Allahabad region. This is quite evident in other parts of India; though it is found in the study that those which are linked to the SHGs Bank Linkage programme are far better than those promoted and financed by the MFIs.the reason for these could be several and few majors ones we found out during our talk with NBFCs are: • Lack of risk sharing among different players from lenders: banks, insurance companies, financial intermediaries, and other financial institutes due to high risk associated with micro-finance. • The SHGs which are developed on Bank linkage model are generally get subsidy from government programme (programme like SGSY, DWCRA etc). • Lack of financial incentives provided to MFIs listed as NBFC and other institutes by Indian government in the form of tax incentives, reduced excise & custom duty on IT solutions (both hardware & software), which can help MFIs in early adaption of latest IT solution helping them in improving operating efficiencies, improving service to its clients, developing new financial solutions, improving its reach thereby achieving the economies of scales which will ultimately help in reducing interest rate for the poor and access to better services. • High transaction cost involved in handling financial products like insurance & remittance facility is another reason which is forcing MFIs not to enter into uncharted territories. • Although micro-finance is growing at 30-35 percent annually according to various sources like Intellecap, it is still unable to attract highly talented and skilled individual, who can reshape the entire industry. • And, last most micro-finance companies are reluctant to test new financial products and are happy to merely act as micro-credit provider, the reason for this is lack of risk sharing between different players and lack of government incentives. 2. Second, it is due to the low level of financial literacy of the members and "Cole & Fernando, (2008) reported that financial literacy is very important determinant of finance", as shown in figure (1) the literacy level of interviewed members is quite low, making them unable to comprehend the benefits and cost issues of complex products like health insurance, crop insurance, and other financial products. The poor in Allahabad and surrounding region are not even aware of these products and the only insurance product sold to them (in this case members of Sonata Finance are charged Rs 100 per year) is to cover the loss of MFI in case of any unfortunate happening to the group member.
Fig 2: Education Level of SHG member
3. Though Microfinance's penetration is growing at a much higher speed, still they haven't succeeded in changing the saving behavior of the people. It is found in survey of the 50 member of the different groups promoted by SONATA MFI in Allahabad region that 4% of the people still don't have any saving other than what they have in group saving, 50% people have their saving in form of gold, 32% people have their savings in bank and around 14-15% people use the service of chit funds for their saving.
Fig 3: Saving behavior of SHG members in Allahabad Region 4. The average earning per day of the 42 & 32 % of respondents were in region of Rs 50- 100 & Rs 100-150 and only 20 percent of the respondent have average earning per day below US $1 as evident from the figure. From this we draw out conclusion that the microfinance (read microcredit in context of Allahabad and surrounding region) hasn't reached the 'poorest of poor', the segment of poor i.e. approximately 300 million people in India who are in dire needs of credit at low interest rates to save them from the hands of local moneylenders, and other financial services like saving, remittance, and insurance. The low interest capital can help these "poorest of poor" to move out of "poverty trap" by investing the capital into income generating activities like dairies, tea-shops, and grocery stores. Fig 4: Average Earning per day of the respondent Conclusion From the research various conclusions can be drawn but our interest was in the following main areas. First of all the participation of research institutions in the microfinance sector is very low as compared to the other developing countries. So in order to develop microfinance sector it is necessary to promote these institutions to come forward and take initiatives to develop new instruments, products and models for the upliftment of this sector. One more important thing which we have found is that use of ICT is still very low in this sector which is needed to be improved. Because in current situation one cannot think of growth without ICT. But there is one problem with the implementation of ICT in microfinance sector. The end users of this sector are not techno-savvy and mostly come from the bottom of pyramid. So in order to implement ICT first of all the government has understand that everyone has right to computer education and everyone should get it.
Recommendations
To move approximately 300 million people in India, who are below the poverty line out of 'poverty trap' and serving the 'poorest of poor', it's imperative for MFIs to move to next wave of growth in microfinance and not restrict themselves to microcredit lending only, and develop innovative financial products keeping in view the interest of the 'poorest of poor' so that the actual benefits can percolate to the people who really need them. While analyzing the findings of our survey, we are recommending few important suggestions: 1. Training SHG members (especially of those who borrowed from MFI) to enhance their financial literacy and earning power. 2. Changing the repayment schedule and made it more flexible. The changes which are required to be made are explained through the following model. Training: We can forget for some time to provide credit facility and saving mobilization to the poor but it is injustice to provide credit without any training and input to the poor people. It is well accepted fact that a credit will not attain its objective, until and unless it will use in right way and it can be achieve only if the people will get a proper training. Generally the poor continues with their family occupation, many a times related with their cast to which they belong, particularly in northern India. Traditional knowledge and skills as gained through generations, certainly has importance, but not able to a good sustenance. Large scale mechanized production has let it down. In short, role of training for better occupational efficiency can hardly be overemphasized. Additionally, following factors goes in favor for providing training: -
1. The model which is adopted by the MFIs is not including NGOs or any other social service group as intermediary and so to provide some sort training or better implements is grossly untouched, though it is found that most of the MFIs work as a consultant and lender both for the borrower but still the number of such MFI is very low. On the other side illiterate and poor people can neither explore other available avenues nor may have access to it. So there is ground for linking providing micro credit facilities & related occupational training. 2. Members of group (Linked to a MFI) feel the need of occupational training and better implements, whether they are with their traditional occupational or have ventured into some other area, while the member of group which are facilitated by an NGO feels the need for a personnel who can do the documentation work on behalf of them. For that a better way is to choose a person from a group itself who is enough educated to do the document of work for not only his own group but also for the other group as well.
Quick Repayment 1. Repayment schedule should start from the very next week of borrowing. 2. Repayment rules should remain same irrespective of the growth status of the SHG. 3. Better training should be given to ensure additional income. It will ensure timely return. 4. Repayment installments should remain of the same size throughout the outstanding of the loan amount and must not vary with time.

References

1. Tor Jansson, IADB, Micro-finance From village to wall street. 2. Bansal Hema (2003), "SHG - Bank Linkage Program in India: An Overview", Journal of Microfinance, Vol. 5 No's 1. 3. John Weiss, Heather Montgomery and Elvira Kurmanalieva: Micro Finance and Poverty Reduction in Asia: What is the Evidence? (ADB Institute Research Paper Series No. 53 December 2003). 4. Lucie Gadenne, Veena Vasudevan, Institute for Financial Management and Research Centre for Micro Finance, Working Paper Series No. 18, November 2007 (How Do Women in Mature SHGs Save and Invest Their Money?). 5. Dr. Kimberly Leonard (Impact of Micro-finance on poverty, Income inequality and entrepreneurship). 6. Priya Basu (World Bank) and Pradeep Srivastava (NCAER, India), (Scaling up Microfinance for India's rural poor). 7. NABARD, Annual Report 2008-2009 (http://www.nabard.org/FileUpload/DataBank/AnnualReports/Annual_Report_2008-2009_ENGLISH_100809.pdf). 8. http://www.microfinanceinsight.com

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