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k™Àus Kaenr jbaebW ma†eº¡aPa†nanesr inÆdukgenr pãit!

-ibpåb

hW †ˆnuesr Ÿnaebl 'k™iQkren' †knimö 500 piºkaiF ibinÅ rjnI jaigeteC| purïar pãaiÐr
s„baed †Haedr ibeSx¯k™l iliKyaiCeln Zidw hW †ˆnus pãa¹n ibjyIedr AepQa AiDktr
ŸZagY, Ÿnaebl kimiF SaiÇ»r ŸnaebliF Vera ibebcna kirya pãdan kirel, ibtàk km H†bar
AbkaS Taek| mntbY kirbar pãŸyajn ŸdiK na†| ibeSxt ŸZ pãa†j ŸHnir ikis„gar …b„ †yasr
VraPtek Ÿdwya H†yaeC, taHa l†ya VmsaDarN VHçaed Baiselw hW †ˆnuesr nYay s‡ …b„
mHan bYi¹¡tÔr †Ha ŸSãò ÷káit÷rœp, suóù mió»eï Baib na†| itin ŸgaFa ibeSÿr HtdirÅ
ŸlaksaDareNr VSIàbad k™Ra†yaeCn| †Hay tar ŸSãò ÷Ikáit|

sÚpãit †knimö 500 Vera …kiF pãbÉ ˆpHar pãdan kiryaeC| ZaHar b¹¡bY hW †ˆnuesr ÷Ikáit
AZaict| karN taHar gãamIn bYaªk dirÅdUrIkrenr mehl iHsaeb bYàT| †Ha mHajnI bYbsar
nbYrœp maº! gãamIn bYaeªkr gƒa†ya Ÿpaxak CaiRya, ŸlKkiF ˆpedS id†yaeC saebik bYaeªkr
saeT imiSya Za†et| †ˆnus †Ha ibSÿbajaer Ÿbicet sQm H†yaeCn, ta† Ÿnaebl pa†yaeCn|
ŸZeHtu KYaitr AiBlaS pUàN H†yaeC, hW †ˆnus ba„laedeSr pãDanmǽIetÔr jnY la†en dƒaRa†el
ŸxalklapuàN Hy| Vim †Har tIbã pãitbad kirya †knimeör sÚpadkek iliKyaiC (Capa†ebn ik
na jain na):

Dear Sir,

I wish the author of the article would have been more careful while castigating the approach
of micro-finance. First of all, the article intermingles the words micro-credit and
micro-finance. In reality, they are related but micro-finance is a very special case of
micro-credit which is employed to stimulate entrepreneurship among the poor, specially
those below poverty line. Where as even small loan from credit card (like the credit card
issued by the departmental stores) to do consumer shopping can also be categorized as
micro-credit.
Author's assertion that micro needs to be coalesced with macro, i.e. micro-finance must get
dissolved into the grand system of banking, because it has failed to achieve the very
objective of wealth creation, can not be substantiated from the works of the greatest
researchers in this field of micro-finance like Prof Dean Karlan of Yale or Sendhil
Mulaintham in Harvard. Of course, like any other economic model, micro finance needs
innovation and dynamism to cope with the latest and greatest technology but so far, I have
failed to find any research work, that has been able to prove conclusively that conventional
credit system or even its offspring micro-credit system can replace the model of
micro-finance where social welfare gets the priority over profit. I would remind the editor
that economics is a science based on empiricism. Such comments without substantial
research do not fit with the reputation of the Economist 500, the best magazine of economics
in the world.
Thanking You,

Biplab Pal
Anaheim, California

†kenaimeör Ÿpãem piRya k™Àusdaw …kiF ViàFkl Hƒaka†yaeCn| ZaHa Vpnara †knimö 500 …r
b¹¡ebYr Babanubad bilya Baibet paern| sÚpãit nanan †eParaem nanarœep, nana Clnay gãamIn
bYaeªkr smaelacna H†eteC| pUeàb hW †ˆnuesr bYi¹¡gt Vº¡mnkairedr ibr›eÁ klm Dirya
iClam| …Qen taHar AàTEnitk mehelr smaelackedr ibr›eÁ Vmar b¹¡bY ŸpS kiret ca†|

ma†eº¡aeº¡ihF na ma†eº¡aPa†nans? †ˆnus kaHar jnk?

ba„lar ZabtIy pºpiºka …b„ ŸlKkk™l, …† du†eyr meDY Ÿgal paka†yaeC| Vimw paka†yaiC|
pUeàbr gebxkgnw Ÿgalmal kiretn| …† ibÙaiÇ» dUr kiret †eyelr ma†eº¡a Pa†nanesr
ADYapk ihn karlan …b„ …m V† iFr nYaeTnl Ÿgalhbaàg ma†eº¡aPa†nanesr s„¯a dâ• Baeb
Ÿmataeyn kiryaeCn (2006 August, Impact of Microfinance -Methodological
issues) ZaHa H†et ma†eº¡aPa†nansek, ma†eº¡aeº¡ihF H†et pâTk kra sÝb| †Haedr s„¯ay
(http://aida.econ.yale.edu/karlan/downloads/WB_methodology_paper_aug7.pdf)
ma†eº¡aeº¡ihF tKn† ma†eº¡aPa†nYaÆs H†eb, ZKn ˆHa inmÈiliKt Sàt§il pUrN kirebW

s„¯aiFr AnuDabn †ˆnuesr mehl buiJbar jnY §r›tÔpuàN| Ÿöar Ÿº¡ihF kaàhw ma†eº¡aeº¡ihF, ikǼ
†Ha ma†eº¡aPa†nYaÆs neH karN †Ha 1) dlek Ÿdwya H†eteC na 2) bYbsa kirbar inim¹Ô Ÿdwya
H†eteC na 3) grIb narIedr jnY ŸýpSal neH|

…† s„¯aÃara mHajnI bYbsaw ma†eº¡aPa†nYaeÆsr AÇ»àBu¹¡ neH| karN taHa gãep ba bajaerr ŸrF
H†et Aenk ˆ¬c ŸreF Ÿdwya H†ya Taek|
AàTa‡ hW †ˆnus ma†eº¡aPa†nYaeÆsr jnk, ma†eº¡aeº¡iheFr neH| ma†eº¡aeº¡ihk V†ihyaiF
Hajar Hajar bCerr puratn| ZaHa Vmra mHajin bYbsa bilya jaintam| ZaHar ˆeLK ŸkOiFelYr
AàTSaeó½w imileb| ikÇ» ma†eº¡aPa†nYaÆsiF ntun|

ZaHara bileteCn †ˆnus ntun ikCu kern na†, gãamIn bYaeªkr r„ maiKya, kabuilyalar bYbsa
kireteCn, taHaedr sÚmeÉ ba–alI pafk …tQen inëcy buiJeteCn ba–alI buiÁjIibk™elr
ŸpanamaeCr nYay Ÿhabaet jl ŸGala kirbar ÷BabiF|

ma†eº¡aPa†nYaÆs mehl ik óùa yI ikCu? na ik …kiF pãitiòt mehl?

ba„laedeSr ma†eº¡aPa†nYaÆs mehelr siHt Baretr mehl Vlada| Baretr siHt Ÿpr›r
Vlada| ikǼ ZaHa† eHak ˆHara ˆpera¹¡ satiF §n mainya cel| AnYanY nbY mehelr nYay †Harw
ikCu duàblta sàbjnibidt| …b„ …† duàblta zaikya, †Haek Vera sbl kiret† gebxna
cileteC| ma†eº¡aPa†nYaÆs …kiF óùanub‡ Aclaytn DarNa …mn Baibel Bul, hƒaHa Bul H†eb|

1. ZaHaedr ŸkalYaeFral ba garaiÆF pãdan kirbar Qmta ibdYman, taHara Aitir¹¡ suedr jnY,
†Haet ˆ‡saH Hara†yaeCn| ADYapk karlan bileteCn †Haet Vpi¹r ikCu na†| karN
ma†eº¡aPa†nYaÆs sàbHaraedr jnY| taHara ˆ‡saH Haray na†|
2. Faka pireSaeDr ŸPçi¤ibiliF km Taikbar kareN, manux †Har perw mHajenr inkF CuiFya
Taek| †Har kareN HaàBaehr AàTnIitibd ŸsiÆdl mula†yaTn bileteCn ma†eº¡aPa†nYaÆsek
Faka pireSaeDr bYapaer Vera nmnIy H†et H†eb| karN Q™ÅbYbsay Ainëcyta ŸbSI|
grIebr †nkam pãkáitr Ÿkapanl †tYaidr kareN Ainiëc‡| nec‡ mHajin bYbsa Taimeb na|
hW mula†yaTn diQn Baret ma†eº¡aPa†nYaeÆsr wpr Aenkkal gebxna kirya …† isÁaeÇ»
VisyaiCeln|

From:
Is micro-finance too rigid?

3. Hfa‡ bnYa ba pãakáitk dueàZaegr sÚmuKIn H†el, bYaªkiF huibbar ˆpº¡m Hy| karN
ŸkalYaeFral na†| ŸZmniF gãamIn bYaªk 1998 ba 1991 sael ŸdiKyaeC|
4. gã›ep Ÿlan pãdaenr jnY, Aenk smsYa pirliQt Hy| pãTmt Ÿlan ŸSaD kirbar jnY
bÉ™beàgr cap †Haet pãbl| Vbar †Har kareN† gãamIen ŸlanpirŸSaeDr Har seàba¹m| gã›epr
…k bYi¹¡ ŸbSI Ÿlan caiHelw, Apr bYi¹¡iF mana kiret paer| …† mnó»etÔr wpr pãcur
gebxna H†yaeC| smsYa ZaHa† ŸHak, ADYapk karlan †Har wpr kaj kirya isÁaeÇ»
VisyaeCn grIbedr ma†eº¡a Pa†nanes †Har ibkæp na†|
gã›p Pa†nYaeÆsr wpr ˆnar ŸppariFr …böäa¢ Vim tuilya idlamÎ

( Karlan, Social connection and group banking-May 2006)

5. Ÿlaenr s„KYaiDekY …b„ Q™Åtar kareN, AnYanY bYaeªkr siHt smpirman ˆpay kiret,
†Haedr Aenk kàmIlaeg| kàmIedr Ÿbtn imFa†et ma†eº¡aPa†nYaeÆs suedr Har pãcilt bYeªkr
içn raiKet Hy| ADYapk karlan diQn ViÒkay prIQa kirya ŸdiKyaeCn, sàbHaraedr
jnY suedr biàDt HariF smsYa neH| karN †Hara jIbn DareNr jnY Ÿxal GÆFa KaiFya Taekn
…b„ sud ŸSaD kirbar jnY †Hara kefartm pirSãm kiret pãó¼t Zid †Ha taHaedr jIben
muifmaº AàTEnitk samàTY Vinya idet smàT Hy| †Har bYaKYa He¬C …†-AmàtYesenr ceyesr
t¹Ô AnuZayI †Haedr samen Vr Ÿkan Aelak baiàtkar ceys na†| †Har kareN suedr ŸrF
ZaHa† ŸHak na Ÿkn, bƒaicbar taiged, †Hara Ÿs† Haer† Ÿlan l†ya Taek|

6. †Haet grIb bRejar inmÈmDYib¹Ô ba km grIb H†et paer| samaijk snMan pa†et paer| ikǼ
bâH‡ pƒuij na Taikel jaitr ˆÊit ba dairÅY dUr H†eb na|

…† AiBeZagiF Vmar ŸbaDgmY Hy na†| ma†eº¡aPa†nYaeÆsr Ÿkan ba†ebel bla na†, ˆHa
grIbek bRelak bana†bar ZaduZǽ ibeSx| ba jaitek DnI krar pÁit! ba jaitr ˆÊitr jnY
bâH‡ pƒuijr pãŸyajn na†| karlan ŸdiKyaeCn ZaHara ma†eº¡aPa†nYaÆs kaej laga†ya, samanY
sÚpi¹ kiret paer, taHara w† sÚpit ŸkalYaeFrael raiKya bYaªk H†et ÷æp Haer sud l†ya
Taek …b„ ma†eº¡aPa†nans tYag ker| AàTa‡ dirÅ Abóùa H†et ˆe¹airt H†ya, Ÿs tKn
Dntaiǽk iseöemr saeT Zu¹¡ H†yaeC|

AàTa‡ ik H†eteC? Vmaidegr ŸpaRa ŸdeSr 40-50% Ÿlak ZaHara HtdaireÅr kareN Dntaiǽk
pÁitr saeT Zu¹¡ H†et paer na, ma†eº¡aPa†nYaÆs Ÿöip„ Ÿöan iHsaeb taHaedr Dntaiǽk bâe¹r
meDY Vinya ideteC| †Haet Dnteǽr kelbr bâiÁ pa†eteC| maeàkF bâiÁ pa†eteC| grIebra …†
bâe¹ zuikbar VSar Vela ŸdiKeteC, ZaHa pUeàb taHar VyetÔr baiHer iCela| Dnteǽ
ma†eº¡ama†PYaeÆsr Buimka …etaFuk™†| ma†eº¡aPa†nYaeÆsr Ÿkan gebxk Ÿkan kael daib kern
na†, †Ha l†ya jait VDuink smaejr obtrnI par H†eb| bó¼t, ma†eº¡aPa†nYaeÆsr s„¯ay,
grIbedr jnY …b„ narIedr jnY …b„ taedr Q™Å bYbsar jnY …† itniF kTa raiKya,
ma†eº¡aPa†nYaeÆsr pi¸tgn pirïar bilyaeCn-†Ha grIbedr jnY, grIbedr Ãara …b„ grIbedr
bYa„ik„| †Haet gebxnart AàTnIitibedra Ÿkan kael daib kern na†, †Ha iSeæpr jnY ba
iSæppitedr jnY ba †Haet ŸdS iSeæpaÊt H†eb ba bR bR gebxna H†eb|

ZaHa †Har ˆeÀSY neH, taHa l†ya †ekanimkö500 ZKn hW †ˆnusek kFaQ ker, buiJet l†eb
ŸlKkiF ma†eº¡aPa†nans l†ya na pRaeSana kirya rkbaij kiryaeC| jaPrˆLaH ba taj Haesim
…mn mntebYr tubiRbaij PaFa†ya, ‰àxa bSt Ÿlak Hƒasa†et paern| ˆnaedr BƒaRaema Vmra
mainya l†yaiClam| karN †Ha byskael BImritr lQn …b„ Vmaedr nYay nbIenr dl bâÁedr
byskaelr Ÿdax bilya Qma kirya idyaiCl| ikǼ †ekanimñ 500 …r nYay piºkaiF …mn mntbY
kray màmaHt H†yaiC|

Builel cileb na, †Ha …kiF iseöemr mehl| ZaHar wpr gebxna cileteC| Ÿcña cileteC º›iF
zaikya mehliFek Vera ˆÊit kirbar| pãZui¹¡r saHaeZY bYaªkkiàmr s„KYa kmaenar Ÿcña cileteC,
ZaHaet suedr pirman kmaena sÝb H†et paer|

ˆedar ipi¸ buedar Gaer capa†bar Ÿdax ba–alI keb CaiReb?

-kYailePaiànya, 10/20/06