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By
CHINMAYA H P
IUD NO 0801214200
the requirements of
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CERTIFICATE
______________________________________________________________________submitte
d during Semester _________________ of the MBA Program (The Class of 2010) embodies
Campus : ______________________________________________________
Designation :
Campus :
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ICFAI NATIONAL COLLEGE
FIRST FLOOR SONA HONDA
BH ROAD SHIMOGA
Ref number: date:
EXAMINER’S CERTIFICATION
CHINMAYA H P.
Campus head
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DECLARATION
to society”
To ICFAI National College Shimoga. It is my original work and not submitted for
the award of any other degree, diploma, fellowship, or any other similar title or
prizes.
First, I would like to thank The Almighty for his perpetual blessings and guidance
through out this thesis work.
I express my deep sense of gratitude to our Campus head and the faculty guide for
this thesis work MR. Ramachandra Gunari, ICFAI national college shimoga, for
providing me an opportunity and continuous encouragement for doing this thesis.
His suggestions benefited immensely. Further, he also provided me with valuable
inputs and guidance in writing this project.
I thank all the staff of Dharmastala SIRI Gramodyoga samasthe[R], for their
valuable guidance, and also I would like to thank “Pragathi” and all other self help
group for the valuable information, co-operation and support, which has been a
major contributing factor in the completion of this thesis.
I also like to remember and thank all the respondents who cooperated and
answered all my questions with patience.
Last but not the least, I thank my family and well wishers for their encouragement
and support who have stood by me during this project.
CHINMAYA.H.P
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CONTENTS
1. Introduction………………………………………………….………………………………………09
1. Literature review…………………………………………………………………………………..18
2. Objectives……………………………………………………………………………………………..25
4. Methodology of research……………………………………………………………………..27
5. Data collection………………………………………………………………………………………27
7. Theoretical framework…………………………………………………………………………30
13. Conclusion………………………………………………………..……………….………………..65
Introduction
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1. INTRODUCTION:
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We can see many number of self help group across. Serving micro credit
facilities is the main purpose of this self help groups. These groups has served
nearly 33 million Indians till now as per the statistics given from the government
side and in that, 4 out of 5 microfinance clients in India are women. It means
micro finance is helping the women and making them empowered for the better.
Still micro finance has some bad remarks and negatives regarding its
activities. As per the different articles and other different sources, they say micro
finance is sucking the blood of poor by charging extremely high interest rates and
other charges. As different articles say like, Micro-finance institutions on a looting
spree, making profits from poverty. Poverty has literally become a big and
organized business. If you are educated, and looking for a profitable business
enterprise, and more so if you are a non-resident Indian and want to translocate
to India and still make millions, micro-finance offers you the right avenue.
The Nobel Prize committee awarded the 2006 Nobel Peace Prize to
Muhammad Yunus and the Grameen Bank “for their efforts to create economic
and social development from below.” The microfinance revolution has come a
long way since Yunus first provided financing to the poor in Bangladesh.
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The committee has recognized microfinance as “an important liberating force”
and an “ever more important instrument in the struggle against poverty.”
Almost a decade has passed that the micro finance institutions have started
working properly after the micro finance ordinance. A number of the Bank’s
emerged in the market providing micro financial services in different cities of
India. Some Non Governmental Organizations (NGO’s) like Shri Dharmastala SIRI
Gramodyoga samasthe[R] etc... And their support programmes upgraded
themselves and started delivering micro loans to the different clusters of the
population as part of their service.
Even some of the institutions are providing only the micro credit services.
What ever but still they are in providing services. Majorly, these NGOs and the
Microfinance Institutions were working under the umbrella of the govt too. Here
micro finance can be defined simply as, it is defined as formal scheme designed to
improve the well being of poor through better access to saving and services loans.
Micro finance is not simply a way for micro credit but it is something beyond that.
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1.1 Micro credit:
A typical Self help group consists of twelve to thirty members. The group is
not merely a savings and loan association, but serves as a similar group that
provides a platform for a range of issues such as progress and development,
awareness building, and family planning. An SHG meets regularly often weekly,
and in these meetings, members contribute savings and take decisions on loans to
members of the group. Group leadership is by rotation. The SHG may initially lend
out of its own pool of funds and after gaining some experience with lending (and
recovering loans), it may borrow from a micro credit institutions for lending to
members. The overall concept of micro finance is standing on self help groups and
the NGOs who are providing the services for these groups.
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1.3 Grameen bank groups:
Grameen bank group system actually started in Bangladesh and still its in
existence with Bangladesh. In most of the other countries has adopted the system
of self help group system but in Bangladesh, the Bangladesh Grameen bank
supports opening of this type of groups. Both groups are similar in the way.
Potential clients are asked by the MFI to organize themselves into ‘Groups’
of five members which are in turn organized into ‘Centers’ of around five to seven
such Groups. The members make regular savings with the MFI, according to a
fixed compulsory schedule, and they also take regular loans. They each have
individual savings and loan accounts with the MFI, and the main function of the
Groups and Centers are to facilitate the financial intermediation process, through
performing tasks such as the tasks which are done in case of self help groups.
The overall system of micro credit and micro finance was pioneered by
Professor Yunus in 1976, and has grown very rapidly since. We are considering the
micro credit is a major part of micro finance. There is also a large and increasing
number of MFIs in India, most of which use the SHG method. A small number of
these MFIs use the Grameen system, but the portfolio of the approximately
thirty-five larger MFIs which use the SHG system.
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1.4 Why Grameen in Bangladesh and SHGs in India?
The rural poor in India are not so different from their counterparts in
Bangladesh, and the differences between Northern and Southern India, for
instance, are certainly more pronounced than those between poor rural
communities in West Bengal, or UP, Bihar and Orissa, from their neighbors in
Bangladesh. It seems prima facie to be odd, therefore, that two such different
systems have evolved, and that there are, as yet at any rate, so few examples of
the SHG system in Bangladesh or of the Grameen system in India.
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Let us have a snapshot of small statistical data which provides us to know
about the help taken by the people from the micro finance or simple we say from
self help groups. In the financial year 2007-08,
Microfinance in India through its two major channels SBLP [self help
group bank linking program. Implemented by NABARD] and MFIs, served
over 33 million Indians, up by 9 million over the previous financial year.
4 out of 5 microfinance clients in India are women.
Per 31st March 2008, the outstanding micro-credit portfolio of India
Microfinance was about Rs. 22,000 crores.
- 75% are accounted for by SBLP,
- 20% by large MFIs and
- 5% by medium and small MFIs
Growth of MFI loan portfolios passed 70% annually between March
2006 and March 2008. The strongest impulse came from medium
often urban MFIs in 2006-07 and from large MFIs in 2007-08.
Indian MFIs are true to their mission of serving the poor strata of
society. A stable 8 out of 10 clients have been provided loans sized
less than Rs. 10,000.
The loan segment between Rs. 5,000 and Rs 10,000 has been growing
strongest. This can be explained by two impulses: On one hand,
microfinance customers mature to bigger loans over the loan cycles.
On the other hand, urban microfinance starts with comparatively
bigger loans than rural finance.
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Indian MFIs serve 4.1 million clients from the SC/ST background. The
reported number of SC/ST has been growing alongside the rate of
total outreach, thus the SC/ST share is stable at 3 out of 10 clients.
India's MFIs operate in 209 out of 331 poorest districts of the country;
up by 5% over the previous year.
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CHAPTER - II
Literature review
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2. LITERATURE REVIEW:
The main objective of the literature review is to detail the facts
regarding the study and to see an overview of the literatures which supports
the study. Basically a detailed study and personal interviews of the different
self help groups, NGOs and MFIs is must for this type of study because the true
facts can be gathered through these institutions as well as groups. An
interaction with people makes the study better and comprehensible. Still many
books and other sources help the study to make more realistic.
In his literature he has quoted that, self help groups has enabled
financial intermediation, and taught their members the discipline of saving,
pooling their savings for lending to the members of the group for income-
generating activities. Given their level of poverty in India, it is very difficult for
poor people to save money, yet these self help groups have managed to
collect small amount of savings from their members. Considering that 70% of
these self help groups are in the southern states, the government is thinking of
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replicating this experience particularly the Andra experience, in the states for
Bihar and Uttar Pradesh.
In Tamilnadu state, the self help groups are adopting even the better
technology like satellite programming by the support of government.
Vocational satellite centers are opened at 11 different places of TN.
In the book, Mr. Krishna has focused his view on SHG majorly. The book
contains different view of different authors by their articles. In an article
written by Mr. Hemanth Kumar Pamarthy, he points out that, the products of
the rural India have great potential for sale not only in the rural areas but also
in urban areas like cities and metros.
Even if entrepreneurs initiate micro enterprises in rural areas with the
aid of micro finance, they find difficulty in marketing their products because
the matter of quality. If groups start taking care of these things and if
government takes care of it means automatically the sales comes high and it
leads to the proper utilization of fund given from the micro finance
institutions.
In the article written by Malcolm Harper and RV Ramakrishna, they
points out that, SHGs are co operatives in all aspect except for their name and
legal status. Co operatives such as district central banks and the primary
agriculture credit societies can be ideal instruments fro dispensing with credit
to different SHGs.
In the article “microfinance: An integrated Approach for microenterprise
development in India”. Written by Naveen Kumar Shetty, says the study
conducted in the place named Belthangadi Taluk of Dakshina Kannada district,
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by considering four type of micro enterprise like, food items, chemical items,
textiles and rexine items.
You don’t have to feel ashamed and morally guilty. The elite in the
society have knowingly (or unknowingly) given you a license to loot. The
unprecedented growth in micro-finance tells us that modern-day Shylocks are
everywhere, looking at every possible opportunity to make profits from
poverty. Rich countries become rich at the cost of the poor countries. Rich
people in any society also (of course there are exceptions) follow the same
path. Micro-finance is a classic example.
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He said micro finance player are the game changers. Even an article published
in the Hindustan times. The article named ‘game changers’ supported his view.
He also said, they have shifted the game from the hands of the villains of the
story, the sahukars or money-lenders, to a sophisticatedly organized class of
neo money-lenders.
These are not the usual banias but a highly educated class of people
who use all sophisticated skills to rob the poor. And they have done it
remarkably well.
He gave supporting points for his view. Most of the micro finance
institutions are charging interest rate up to 24% Pa. but no body know up to
what extent this is fair in the micro finance. They have named themselves as
they are empowering the poor still they are charging the rate of interest above
20%. This comes up to the rate which the money lenders charge.
If the poor can be empowered with a 24 per cent rate of interest, how
come the resourceful people in the cities/towns need a much lower interest
rate to get empowered? If the poor in the villages can make a business
enterprise even after paying a 20-24 per cent rate of interest, why do people
in the cities find it difficult to do so? Or is it that we need a different yardstick
(and in this case it happens to be the interest rate on your borrowing) to
empower the poor and the not-so-poor? In other words, since the poor have
no voice, some of us (and that includes banks) have joined hands to exploit the
poor in the name of development.
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India Microfinance Report 2009 tells us that the portfolio of the micro-
finance institutions has grown by 97 per cent, and number of beneficiaries has
also gone up by 60 per cent. More than 150 million are already borrowing
from Micro-finance institutions. What the report however does not tell us but
is quite apparent is that this organized group of money-lenders is now
beginning to take over the unorganized villains of the game the traditional
money lenders.
He also said in his article and given proof as, Another news report tells
us that SKS Micro-finance is charging approximately 24 per cent rate of
interest in Orissa, Karnataka and Andhra Pradesh; in southern India, Equitas
Micro-finance is seeking 21-28 per cent interest rate and Basix Microfinance is
providing small loans at 18-24 per cent interest rate. There are numerous
other players, and they all rake in money. Sewa in Gujarat and the Grameen
Bank in Bangladesh too thrive on a similarly high rate of interest.
Than we can easily say that they are game changers and taking the
business from the hands of money lenders and they are becoming the neo
money lenders. Even while studying on this I have come to know that
exorbitant interest rate is not completely fake information. Because I have
taken interview of one of the group comes under the Stri shakthi
sanga[women empowering scheme] where I came to know that, they takes
the assistance from the local branches of a national bank but the bank charges
24% interest rate on the loan which is issued to the groups as assistance.
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The groups need to pay the installment on monthly basis and they have
to pay the amount including the interest charges and group savings amount.
Though the group will get the sufficient amount as subsidies amounted up to
one lakh. Still the bank will get back the full amount of money including the
interest.
1. At what interest rate MFI get debt from Banks, NABARD, SIDBI and other
financial institutions?
2. Why a poor women is taking loan at 24% from MFI's (Microfinance has
reached 150 million people) when cheaper loans are available from other
sources? Are MFI's forcing them to take loans?
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We should have clear information regarding all this aspects than only we
can comment on the services which are being provided from the micro finance
institutions. Than only we can compare the interest rates properly and able to
say that banks are charging high rate of interest for the micro finance
institution.
We can’t say easily that micro finance have all these negatives in it and
we do not know up to what extent the data is true and fair. Even giving proof
for the information is also a difficult task moreover, this is a controversial topic
and it’s beyond our research limitation to prove it.
3. How these MFI works and helps to the society and what is the importance
of MFIs.
4. Capital and flow of fund to these MFIs and out flow of money.
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4. RESEARCH DESIGN AND METHODOLOGY:
Problem definition:
It is only on careful detailing the research problem that we can work out
the research design and can smoothly carry on all the consequential steps
involved while doing the research.
In the light of the above background, we can illustrate the main problem
definition for the study as, study regarding the positive aspects as well as
negative aspects of the micro finance to the society and to the poor.
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5 METHODOLOGY OF RESEARCH:
Effective research need to take up the following steps so these are the
steps taken largely for the study.
6. DATA COLLECTION:
The required data for the study collected from the primary source of
data as well as secondary source of the data. Time required to obtain the
primary data is higher compared to that required for collecting secondary
data.
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Primary data collection is through personal meeting of the members of
the different groups and interviews.
The scope of the study is mainly to bring out the total and true facts
regarding the micro finance institutions and self help groups. About their work,
process, what all the facilities provided and also the limitations of it. The
research was focused on various reasons for the investments and the ways of
investments the investor goes to make hence the findings are fair reflection of
respondents.
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CHAPTER - III
Theoretical framework
8.1. Difference between conventional banking and microfinance banking.
8.2. Between micro credit and microfinance25
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8. THEORETICAL FRAMEWORK:
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1. DIFFERENCE BETWEEN CONVENTIONAL BANKING AND MICROFINANCE
BANKING:
Now days it also include small and medium enterprises. Where as, a
conventional banking institute has a bigger target market. It covers all the
clusters of the community. Its main aim is profitability and other things are set
aside. Increasingly, formal financial institutions are recognizing the benefits of
serving poorer clients but these institutions are only going there because they
are recognizing that they can also get profits from the poor. Another
difference between the commercial and microfinance banking is of group
lending with only social collateral. Commercial banks have developed products
that are targeting the poor but they also demand physical collateral whereas
the microfinance institutions rely on social collateral.
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8.1. A. COMPARATIVE ANALYSIS OF MICRO-FINANCE SERVICES OFFERED TO THE
POOR:
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In the early1970’s, Microfinance started as a revolution in countries of
Latin America and South Asia with independent initiatives. Now there are
more than one thousand micro finance institutions over 100 countries, 73%
are NGO’s, 13.6% are credit unions 7.8% are banks and rest are saving
unions. And about 65 million people are served by the micro finance
institutions these days. (Morduch, 2005)
Poor can not access to the conventional financial institutions for many
reasons including income. The poorer you are it is less likely that you will
have access to these services whereas the informal financial institutions are
too expensive for the poor.
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For this specific under-served segment microfinance services are offered and
they are the real clients of microfinance services.
At the house hold level most impact assessment studies have found that
borrowers of the micro finance institutions experience positive impacts on
income, asset accumulation and consumption.
Poor people need shelter, clothes and food. The services of the micro
finance institutions are aimed at the economically active poor. The people
who are already involved in some ventures and they need some leverage and
that are the micro finance which seems to be a catalyst to boost their
activities. The economically active poor have some financial literacy. They
know how to diversify their portfolios, how to save and where to invest. To
such people micro finance is useful which increases their income and
improves their lives.
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According to the studies which are done already on micro finance, they say,
impoverished people do not have any assets even they do not have irregular
incomes. For this group direct aid like food, clothing and shelter are much
appropriates not the micro financial services. They further divides the poor
people in categories.
No doubt, micro finance has provided lot many facilities to the poor
and poorer sector of the society by providing many amenities. In most of the
developing countries, existence of micro finance is there in a good structure.
People are utilising the facilities provided by the micro finance institutions.
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CHAPTER - IV
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9.1. LEADING VIEWS ON MICROFINANCE:
The basis focus of the poverty lending approach is the reduction of poverty
through institutions which receive funds from donors or governmental
authorities. The basic aim of the poverty lending approach is to reach the
poorest of the poor. In poverty lending approach to microfinance saving is
only limited to a trivial status i.e. only as a compulsion for receiving credit.
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9.3. FINANCIAL SYSTEMS APPROACH:
Increased access to credit for the poor on a long term and sustainable
basis can bring significant benefits, MFIs must continue to work to improve
efficiency levels, and to increase scale. The role of economies of scale works
same for micro financial services as for other products. By reaching higher
scale, MFIs will bring down the cost of providing loans, and the benefits will
be transferred to the poor in terms improved loan products, better access to
loans, and lower borrowing costs. Operational efficiency is very important
here.
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agencies and subsidies but with the concept of making these institutions
sustainable, these institutions are recognising the need for saving services to
their clients and to access market funding sources (Ledger wood, 1998). This
recognition is a very positive step to make these institutions stand on their
on feet without any assistance from donors or government sector.
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In the poverty lending approach the role of saving is of a trivial nature i.e.
mandatory saving is only considered as a pre-condition for the purpose of
receiving a loan, other than this role there is no other role for the saving to
play in the poverty lending approach.
This approach claims that over all goal of the micro finance should be
poverty reduction and empowerment. Financial stability of the institutions is
worthless unless these institutions have any impact on the lives of the poor.
Further states that in poverty lending approach subsidies and the donor
funding is important.
These funding are of vital importance in reaching the poor out reach
as there will be a lot of delinquencies. The supply lending approach perceives
credit as an important and effective tool for the poverty reduction. The
target market is poorest of the poor.
According to the development economists to enhance economy
growth in the rural areas, the farmers needed credit to attain the production
inputs. The supply lending approach is based upon the assumption that
farmers are faced with shortage of capital and/or are devoid of access to
financial resources. As a result these farmers look forward towards informal
money lenders for funds. The reason for relying upon these sources is to
organize funds for fulfilment of their needs especially during the cultivation
season. Consequently they are exploited by the informal lenders who charge
unreasonably high interest rates.
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In this scenario there is a need of a system that can provide farmers
with funds at subsidized interest rates .There should be a system that is
available to supply loans and inputs required for cultivation of improved
varieties of crops at subsidized interest rates. Institutions using the poverty
lending approach are not sustainable in the long run because they charge
subsidized rates on credit advanced, the interest rates charged by these
institutions are not adequate enough to cover the operating expenses.
Since traditional micro credit institutions relied upon donors for the
availability of funds. The aim of this model is to enable MFIs to reach self-
sufficiency and expand outreach of services to low-income clients profitably.
Impacts
10.1. Moral hazards
10.2. Mandatory savings
10.3. Cash flows
10.4. Social collateral
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10. IMPACTS:
When the MFIs have not done the market analysis and have no clear
objectives. They can not be sustainable as explained earlier. Most of the
Pakistani MFIs are working on the doctrine of poverty lending approach.
They just give the credits without viewing the needs of the people, so most
of their portfolios are at risk.
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10.3. CASH FLOWS:
In order to deliver the micro loans cash flows are conducted by
the bank officers. These cash flows interpret the client’s cash flows
(revenues and expenses).The reason is the repeated borrowers or people
who are aware of the program they provide incorrect information. As this
information can not be verified so they do not present a true picture of the
client’s revenues. People who have already taken the loans from other
sources come under the burden of heavy loans and are unable to repay
them.
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CHAPTER - VI
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11. DISCUSSIONS AND IMPLICATIONS:
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By requiring small repayments before the business venture has reach
maturity, MFIs are essentially requiring that borrowers have a second source
of income and, hence, borrow against their current consumption. This allows
MFIs to screen against high-risk borrowers from the beginning because
borrowers will be able to repay the loan even if their venture fails. Indeed,
weekly repayments give the borrowers and lenders the added benefit of
discovering problems early. The final mechanism is the requirement of
nontraditional collateral, which was introduced by banks such as Bank Rakyat
Indonesia (BRI).This feature breaks from the commercial practice that
collateral submitted must have a resale value equal to the loan.
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The broadest definition distinguishing these two groups comes from
the Consultative Group to Assist the Poorest (CGAP), which defines the poor
as individuals living below the poverty line and the poorest as the bottom
half of the poor. The overall statistics of micro finance and the data of SA-
dhan micro finance report say that micro finance is one of the best ways to
eradicate the poverty and improve the economic status of the poor.
Even with subsidies, many MFIs remain the most cost effective method to
alleviate poverty; and, as we argued previously, subsidies can help change
the profile of the targeted client from the poor to the extremely poor. For an
MFI to be sustainable can mean one of two things: The organization can be
operationally sustainable or it can be financially sustainable.
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An MFI that is operationally sustainable raises enough revenue to cover
the cost of operating the business—paying loan supervisors, opening branch
offices, etc. Subsidies might still be used to issue loans or cover defaulted
loans. An institution that is financially sustainable does not require any
subsidized inputs or outside funds to operate. Instead, it raises money
through its lending operations. The Micro Banking Bulletin of 2003 surveyed
124 MFIs with a stated commitment to becoming financially sustainable. In
their survey, the Bulletin found that only 66 operations were sustainable, a
rate just slightly above 50 percent.
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VIII. Can the Microfinance Experiment Be Successfully Replicated Anywhere?
Overall above study states all the positive points regarding micro
finance. And also answered many questions regarding micro finance. Study
has given the facts and figures regarding the micro finance development and
also statistics of economical developments. We have seen the figures in the
beginning part of this report about how many people have involved in micro
finance and development of themselves effectively.
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CHAPTER - VII
Negative impacts
11.1. Negatives and critics about MFIs.
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12. Negatives and critics about MFIs:
Now we shall have a look over the negatives of the micro finance and
what all the critics are there on the topic of micro finance. These negatives
are just a look over the critics and no assumptions and criticism has done
from these negatives. Moreover we will see only the critics made from the
articles, writers and professors.
First we shall have a look over Devinder Sharma’s negative assessment
of microfinance institutions. Devinder Sharma is an Indian journalist, writer,
and thinker. He is well-known and respected for his views on food and trade
policy. Trained as an agricultural scientist, Sharma had been the
Development Editor of the Indian Express, the largest selling English language
daily in India at that time. He quit active journalism to research on food and
developmental policy issues.
He has penned down his critics in his article ‘ground reality’ Devinder’s
assessment is the latest in a long list of negative articles that have appeared
on the microfinance sector in India.
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Further there are complaints from micro finance state of the sector
report like, although there are some well known exceptions, including MFIs
who rely on methods such as an easy-to use housing index to target the
poor, most MFIs, while contributing to the financial inclusion objective, are
making no special efforts to target the poor.
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CHAPTER - VIII
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13. MICRO FINANCE: CHALLENGES AHEAD.
resources.
4. Design of MIS including user friendly software for tracking accounts and
operations.
marketing.
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CHAPTER - IX
Conclusion
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14. CONCLUSION:
It shows that poor people have diverse credit needs. MFIs have to
provide different and flexible products to help poor get out of poverty. A good
institutional set-up and carefully designed product that is flexible enhances the
capabilities of MFI. It is recommended that the product design and
development by the MFIs be done after understanding the existing financial
service behaviour and the attributes of the poor.
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During the last twenty years, there have been significant changes in
both the understanding of the needs of the poor for financial services and of
the provision of financial services for them.
The poor has developed its needs for different financial services as he
needs to maintain and improve his life style. The microfinance revolution
during the 70’s showed that the poor are bankable and now there is a time to
show that these poor people are not just the people who need only credit to
fulfil their living needs but they have a need for a set of financial services
which can be offered by the MFIs that meet the complex livelihood needs of
the poor.
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CHAPTER - X
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15.REFERENCES:
1. Grameen bank groups and self-help groups; what are the differences? -
By Malcolm harper.
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9. Zeller, Manfred and Richard L. Meyer. (2002). ‘The Triangle of
microfinance: financial sustainability, outreach, and impact.’ Food Policy
Statement.
15. Micro finance in India. A state of the sector report. By Prabhu ghate.
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