AEIJST - April 2016 - Vol 4 - Issue 4 ISSN - 2348 - 6732

Literature Scans Identifies Dearth of Research on Leveraging Microfinance

* Asha Antony. P
* Phd Scholar at Mother Teresa Women's University
Introduction
Genesis of Micro finance illustrates that, it originated as micro credit a trivial- trial based
unorganized sector and later on flourished worldwide in multiple models, under respective
constitutional setups and elaborated on conceptual wise from micro credit to microfinance
with triple bottom line (financial, social and environmental). Recent efforts to stick to
microfinance social missions had result in client protection principles, Social performance
management (SPM) and Universal Standards on Social Performance Management
(USSPM), which provide universal standard to measure social performance. From the
social waves, its clear that social aspect of MF clientele need a special focus for leveraging
microfinance. The transformation of microfinance industry into organized sector,
emblematized as poverty alleviation tool, financial inclusion endeavor, social inclusion
strategy and pivotal of feminist empowerment program, invited the contribution of
scholarly studies from donors, practitioners, research scholars, policy makers,
Governments and world organizations. The researcher had reviewed few drops from
mighty ocean of intellectual works, which are placed underneath.
Micro finance SHG-model and Empowerment
The research throws light on role of microfinance for economic empowerment of rural
India by a conducting a comparative study among the members of primary cooperative
credit society and SHGs providing microfinance in Baduria block of north 24 Parganas
district of west Bengal. Comparative living condition was judged on dwellings [almost
same with meager variations], electrification [cooperative had 100% were as SHGs had
89%], water supply, domestic toilet, monthly income [in case of average monthly income
cooperative members had a higher end]. The loan availed by SHGs varied between Rs.2000
Rs.20000, collateral free loans used mainly for buying livestocks. The cooperatives loan
amount varied between Rs.10000 Rs.60000, availed against security or guarantee and
used for agricultural activities. Despite joining microfinance the economic condition of
sampled household were weaker as compared to cooperatives (Amaresh Samantaraya
2015)
This literature states the social exclusion and role of third sector -SHGs in inclusion. It
examines the social exclusion of women and impact of SHGs intervention on inclusive
development of women. Primary data collected through focus group discussions,
unstructured interview and observation during group meeting as well as during social
audit. Multistage random sampling method is followed to select the Taluk and villages for
the study. Proportionate random sampling is followed to select SHGs within the selected
villages from Periyapatna Taluk. The findings states exploitation of poor women by money
lenders and pawn brokers has stopped, the problem of asymmetric information among the
rural women has been solved, attained financial inclusion, able to voice their concerns,
feel empowered, address their own health issues, enhancement in community
participation and creation of social capital. (Navitha Thimmaiah 2013)
The study observed large-scale exclusion of women from the formal financial sector.
Women SHGs offer MICRO saving and credit. This strategy is helpful for inclusive growth
and empowerment. The study recommends that community based MF interventions
increases the status of Women. Observed risk factors are price, general illness, lack of
resources, indebtedness, death of animal, death of family members and breadwinners,
natural calamity, business loss, crop failure, fewer employment opportunity and food
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shortage. Respondents claimed MF played vital role to face above mentioned risk. Few
claimed dependency on money lenders and relatives to fill the shortage [apart from using
MF] (Vikas Batra 2013)
Firstly, the study demonstrates the demographic characteristics of the respondents [318
SHGs members (53x6), which comes under Dr. Soundram women federation]. It portray
the nature of training given such as small business, basket making, toy making, masala
making, mushroom cultivation, vermin culture, pickles making, bag making, napkin
making etc. 71% of respondents have under gone skill training. 88% have received loan
from the federation for variety of productive and consumption purposes. Joining SHGs
have improved the saving habits and social status but there is no much change in
possession household assets. (Balichami 2013)
The case study describes how lack of insurance inclusion negatively leveraged MF. MFC Savitha with the help of SHGs loan was running goat business. The animal husbandry
business was doing well. Her husband was diagnosed to be suffering from cancer,
although she received a sum of Rs.1,00,000 from Government it was not sufficient for
treatment. Suvarna doing flower business and saved in banks, post office, SHGs,
diversified business to fruit business [for son] and she built a house availing loan. Her
mother illness eroded all her savings and house in absence of a proper insurance facility.
Illness was an end for life survival and progress in both cases. (Lakshmi Kumari and Jyoti
Prasad Mukhopadhyay 2013)
This study was conducted in 3 villages under Kimin C.D. Block of Papumpre District of
Arunachal Pradesh. These SHGs function without cooperation of monitoring authority and
without financial help from NGO or bank; some unregistered SHGs are formed by their
own efforts. It elaborates on women empowerment through the medium of SHGs, brief on
SHGs and its movement in India. The SHGs were selected using purposive sampling and
study 5 unregistered SHGs [without financial help]. It study the empowerment level of
women pre-SHGs stage and Post SHGs stage, post stage shows wide improvements in
Awareness level, decision making, facing problems, personality development, leadership
quality, enterprising knowledge and knowledge in rights and legal issues. Women
empowerment is a sign of positively leveraged MF.(Ram Krishna Mandal 2013)
The literature highlights the socio-economic impact of SHG-model-MF on clientele. MF
Impact assessment aids in finding the degree of MF leverage. The study assessed the
impact of the micro-finance program on social as well as economic status of the members
during the pre and posts SHGs situations. The study covered 162 members of 10 SHGs
promoted by Gramudyog Hastakala Kendra (GHK) in Kathna district of Jammu Region
(GHK). The study exhibited that the impact of the micro-finance program was significant
and positive in changing the socio-economic conditions of the SHG members. It discovered
that the possession of assets, saving skill, communication skill and confidence level of the
SHG members had increased after being SHGs members i.e., post SHG period. (Mehta etal
2011).
The study contemplates on leveraging MF through women empowerment. The study
primary data were collected from the beneficiaries of Micro State Branch of Hyderabad, a
unique initiative of Indian Bank. Sample consisted of equal numbers of borrowing and
non-borrowing SHG members. It exposed that the reasonable percentage of members
experience increase in income, ability to find new source of income, increase in saving,
improvement in decision making-awareness level and self-esteem. SHG-members
experienced very low impact on asset creation about 23 percent only. Its concluded that
in presence of various challenges SHGs intervention is able to create positive impact on its
members. (Aruna etal 2011)
The study is done among 120 members, SHGs promoted by three NGOs in the study
areas. The financial inclusion level [income, savings, and loans] of members had been
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increased after joining the groups. The repayment rate of the SHGs to the lender banks
was significant, i.e., more than 90.0 per cent. Loan amount was used for various purposes
such as education, businesses, marriage expenses, households expenditures; redeem old
debts and festival expenses. The SHGs intervention had improved the leadership quality,
decision-making power, social awareness and social status of women members. The study
suggests that SHGs should involve in Services such as literacy development, improving
awareness in health and environmental issues. (Dhavamani, P 2010)
The study carried out in five States in India - Orissa, Andhra Pradesh, Tamil Nadu, Uttar
Pradesh and Madhya Pradesh. Methods involved a household-level survey, quantitative
survey of the SHGs, Focus Group Discussions and interviews. About 1000 households
were surveyed and the SHG members were compared with the non-members to find out
the actual impact of the Program. It describes on role of MF in women empowerment
concept and measurement. Focus group discussions classify empowerment area as
Efficiency improvement, Community development -SHGs activity and Enhancement in
women power in resistance, confident level, decision making, communication skills and
interaction skill with Government officials. Women empowerment to be holistic SHGs in
particular and MF in general has to put greater emphasis on training, education and
creating awareness. Minimalist MF approach is contradictory for women empowerment
(Ranjula bali swain 2007)
The literature focuses on role and status of SHG participants in Solamadevi village of
Coimbatore district. The primary data was collected from 54 SHG members through an
interview schedule. The results revealed that all the participants who received bank loans
under this scheme started their own businesses. There was an increase in the income
level, savings, value of assets and household durables after joining the SHGs. The SHGs
empowered the women to develop relationships with government department and banking
institutions. They had been equipped with leadership skills through various human
resource training programmes and interaction with other SHGs. An improvement in
courage, self-confidence level and human right perception was observed among SHG
members. (Yamuna 2007)
Inspect the impact of participation in microfinance program on womens autonomy and
gender relations within the household. For this purpose participants of the program were
surveyed in Hill and Terai areas of Nepal during the period 2004 to 2006. The MFIs
participants who had adopted Grameen model for at least four years were selected and
compared on pre- and post-SHG participation. The program conferred women with greater
participation in household decision-making, greater access to economic resources, wider
social networks, freedom of mobility, increased spousal communication on family issues.
The MFIs reached only a tiny fraction of the population and its challenging to extent the
service (Sharma 2007)
An examination of SHGs performance, in promoting women empowerment in Gajapati
district of Orissa were done, interviewing a sampling of 800 members from 50 SHGs. The
SHG members were tribal with a literacy rate of just 7.43 percent, not economically welloff and they were involved in collection and marketing of minor forest products even after
joining SHGs. Only a scanty percentage used loan for productive purpose and members
were lack skills on non-traditional profitable activities. The perceived benefits of SHGs
members were increased self-confidence, promotion of saving habits, increased social
interaction and freedom from old debts. (Sahu etal 2007)
Study examined the personal and economic empowerment of rural women of Udaipur
district, from Rajasthan, India through SHGs participation and data was collected from
100 rural women. SHGs women were trained on stitching, embroidery, and patchwork
designing through a Sewa Mandir NGO.

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The working women perceived enhanced meaningfulness in their daily lives, increased
personal control over spending, enhanced social networks, reduced boredom, increased
decision-making power in home and enhanced independence. Micro-enterprises and
employment provided women with the means for survival, security and growth. The study
stated high incidence of pressure, challenge, excessive workloads and stress was
indicated. (Tracey etal 2006)
The literature evaluates the role of SHGs in the empowerment of women from Goa, India.
Out of total 500 SHGs functioning in Goa 100 groups were promoted by National Cooperative Union of India, 25 women SHGs promoted by NCUI from Bardez and Bicholim
Talukas were selected on the basis of random sampling. A comparison is done between
pre and post SHGs intervention period. Microfinance program impacted financially by
increase in income, savings, consumption expenditures and empowerment-wise increase
in self-confidence, enhanced social horizon, increase in ability to take collective action,
decrease in gender based problems such as domestic violence, dowry, polygamy etc. SHGs
had created better understanding between the members of different religious groups.
(Gaonkar 2004)
The research explained SHGs as a practical option to achieve the objectives of rural
development and to get community participation in all rural development programs. The
SHGs intervention is glued by social capital and collateral free micro loans options
encouraged them to enter into entrepreneurial activities. The SHGs intervention
strengthens group savings and enabling enterprising women. (Gurumoorthy T. R. 2000)
Micro Finance SHG-Model and Financial Inclusion
The research elaborates on role of SHGs in financial inclusion using case study approach.
It states that socio economic justice can be provided only with inclusive growth. The
sampled area for the study is Hunsurtaluk of Mysore district of Karnataka State. An
empirical study was conducted with 300 members, to test the hypotheses of the study.
The variable are number of bank account holders, amount of credit availed and repayment
rate. Paired T test was applied to test hypothesis and it was proved that there is
statistically significant difference between the mean values of the two variables after the
introduction of SBLP ( SHG- Bank Linkage Programme) and before the introduction of
SBLP in both the cases (credit availed and repayment rates), alternative hypothesis is
accepted at 1% significant levels. (Uma .H.R etal 2013)
The study assesses the socio economic profiles of selected SHG-members and reveals the
outcome of the MF-program on the SHG-members. The study is restricted to the women
SHGs promoted by the Rural Extension Service Trust (REST) in Coimbatore. From the150
SHGs who were ready to provide information were sampled. Along with simple
percentages, t test were used to fulfill the above stated objectives. Garretts ranking
technique was also applied to convert ranks on the impact of SHG on group members to
scores. It finds that income, expenditure, savings and asset holdings of SHG-members has
increased after joining SHGs. The economic, social and political impact ranking revealed
highest impact was on business conditions, social security, self confidence and active
participation in local bodies. As the program had positive outcome on members its
positively leveraged. (P.Ambiga Devi etal 2012)
The study concentrates on the extent of financial exclusion in Rural India by analyzing the
secondary data [All Indian Debt Investment Survey 2002 & Invest India Incomes and
Savings Survey 2007]. Underprivileged sections of the society have very less or nil access
to financial services. SHGs transformations in rural India are high and state its progress
under SHGs-Bank Linkage. RBI reveals improvement area such, books of accounts,
transparency in functioning, and attendance in group meeting, minutes of meetings and
prompt repayment of bank loans. MF criticized for charging high interest rate but its
important for success of MFIs (Christabell & Vimal Raj 2012)
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This empirical analysis focuses on the determinants of financial inclusion and the
significance of SHGs in achieving financial inclusion. For the purpose of the study, the
cross-section data of 42 Regions from different states and UTs of India was used. The
degree and the level of financial inclusion were assessed in terms of percentage of adults
having credit and saving bank accounts. Multiple regression technique was applied to find
out the determinants of financial inclusion. The regression equations revealed that the
branch density had positive and significant coefficient with the percentage of adults
having saving as well as credit accounts. The coefficient of per capita income was also
positive and significant. The results substantiated that the persons having low income and
less geographical access to bank were excluded from the financial inclusion. The
regression equations show positive association between SHGs member and the level of
financial inclusion especially in credit accounts. The SHGs play significant role in
achieving the financial inclusion especially for women and low-income families. (Sangwan
2008)
Micro finance SHG-model and functional efficiency
Functional efficiency is one of the main parameter to positively leverage MF and the study
is based on a sample of 150 women SHGs from Ujjain district Madhya Pradesh. These
SHGs are being run block-wise in the district under the Swarnajayanti Gram Swarozgar
Yojana (SGSY). The SHGs were selected through stratified random sampling from the list
provided by the district agencies and mapped with the villages in different blocks. Two
women were selected from each SHGs, one women was purposively selected from the office
bearers and the other one was random selected from the remaining members. The said
study concentrate on functional aspect of SHGs such as:- SHGs meeting, saving amount
deposit, receipt of deposit, passbook issuance, records maintenance, grading and Training
of SHGs. Based on the above mentioned parameters functional efficiency index has been
formed and most of the respondents comes under moderate performers. (Neeta Tapan
2013)
The study analyzes the performance of SHG on functional phase, economic aspect and
financial inclusion level of SHGs. The geographical areas under study consist of Himachal
Pradesh, Rajasthan, Madhya Pradesh and Gujarat. Sample consists of 1000 members of
200 SHGs having completed at least five years of age. MF provides both saving and credit
inclusion to SHGs. The study showed members were able to make regular savings after
joining the SHGs. The functional phase, such as group meetings, selection of leaders and
documentation of rules were done in a satisfied manner among most of the SHGs. Only
20.3 percent of members used loan for productive purpose and their repayment rates were
pleasing. The SHG movement had increased the degree of financial inclusion. (Sahu etal
2010)
Micro finance and impact assessments
The thesis concentrates on impact of microfinance on women empowerment of Meghalaya
state during period of five years (2004-2005) to (2009-2010). The data is collected through
field survey and observation. The data is analyzed using logistic regression. The analysis
of data follows a flow based upon the process of empowerment, first analyzed the impact
of microfinance intervention on economic empowerment and subsequently the relation
between economic empowerment and socio-politic development is analyzed. Economic
impact is that, increase in monetary aspect is used for meeting family expenditure,
exhibiting little scope for saving. Increase in family expenditure proofs the economic
transformation process.

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Social and political impact depict that monetary gains has led to positive social status, but
enhancement in political status is low comparing to social status. (Benjamin Franklin
Lyngdoh 2015)
The paper evaluates the impact of microfinance on development and poverty. The paper
highlights Key problems of MF such High operating expenses leading to high interest
rates, create microenterprises that cannot scale up, microfinance tends to reduce funding
for larger scale enterprises, the emphasis on financial sustainability creates pressures and
requires compromises on social mission, MF have a narrow vision which cannot drive
economic development and it discuss use MF to control the poor for narrow political ends.
This paper analyzes the potential impact of microfinance and other forms of social
entrepreneurship on economic development, especially in Africa. The paper states MF and
other forms of Social entrepreneurship play an important role in development by
facilitating the creation of organic, productive, communitycentered organizations that
build on local culture and institutions. (Berhanu Nega and Geoff Schneider 2013)
The study describes evolution of Indian Banking system and its failure to provide credit to
poor people. SHGs-Bank Linkage program in 1992 is a landmark development. The
assumed credit demand and supply gap is 96%. Bihar is low on all Socio-Economic
parameters. Empirical evidence shows that MF turns prostitutes into business women
(bangle shop, tailoring, milk business etc.). MF reach in Bihar is almost nil or say 4%
(Sharda Kumari & L.N.Mishra 2013)
The particular literature tells us how to leverage MF through financial inclusion. The
study analyzes the promotion of financial inclusion in rural areas in terms of access to
banks, savings, borrowing and insurance by SHG members and non-members and
analyzing the gender equity in financial inclusion among SHG members and non-member
households. The study covered 120 respondents, which included 60 SHG members and 60
non-member households. To assess the impact, analysis was separately done for
households with SHG and without SHG. The percentage of households reaching the
medium degree of financial inclusion was relatively high among the member households
as compared to non-member households in landless and small farm size groups. The
financial inclusion was low among marginal and small farm size categories. The study
concluded that SHG-Bank Linkage Program had increased the flow of institutional credit
to landless and marginal farm households and discouraged non-institutional borrowings.
(Anjugam, M 2011)
The literature explains saver graduation and built-in-tendency towards membership
expansion as key to SHGs sustainability. To check economic impact initial poverty ranking
(poorest of the poor, poor and non poor) has been done. Estimate result shows positive
significant effect on SHGs expenditure, nutritional intake and assets accumulation mainly
by poor participants. Paper states economic effects may take longer to materialize due to
deficient human & physical capital endowments. (Klaus Deininger Yanyan liu 2009)
The study assesses (impact) the quality and sustainability of SHGs promoted by SHPIs,
the issues or challenges in strengthening SHG movement and capacity building needs of
SHGs and their promoters. The primary data collected from 109 SHGs located in four
districts of Assam such as Kokrajhar, Sonitpur, Sibsagar and Cachar and from 50 key
stakeholders representing banks, blocks, district officers, State level institutions, NGOs
and key informers. The sample SHGs consisted of three types such as women groups, men
groups and mixed groups. The quality of women groups was substantially high compared
to two other groups. Qualities of SHGs aged 5 years and above were good. The SHG
members had improved savings habit, increased income, decreased family debts and
reduced dependence on moneylenders. Approximately 50 percent of SHGs were able to
increase expenditure on food, education and health.

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The leadership of women and their interaction with the government officials had improved
after joining the SHGs. (APMAS 2009)
The study assesses the socio-economic status, living condition and employment of rural
poor women to know the impact generated by SHGs. The study assessed the impact
among the respondents for both in pre and post SHGs period and compare the impact
among SHG-members and non members. The study comprised of 216 members of 54
SHGs and 216 non-members of 4 Development Blocks in Cuddalore district of Tamil
Nadu. The sample consist of two categories i.e. Category I consisted of SHGs that had
completed at least three years of age and Category II consisted of SHGs who had
completed more than three years of their existence. The SHG registered a positive and
significant impact on the economic life of the SHG members in terms of employment,
savings, and asset holdings, per capital income and consumption expenditure. It had also
recorded positive impact on skills such as improvement in communication skillsinteraction skills-problem solving skills (Devi etal 2008)
Assessment of the impact and sustainability of SHG Bank Linkage Programme on the
socio-economic conditions of the individual members and their households in the pre and
post SHG period was conducted in Assam, Andhra Pradesh, Karnataka, Madhya Pradesh,
Maharashtra and Orissa. Multistage sample design adopted to select SHGs and members
of SHGs and the study covered a total of 4,791 respondent members of 961 SHGs of these
six States. The study pointed out that the level of income, asset accumulation,
employment generation, consumption expenditure for food and non-food, expenditure on
education and health etc of the SHG members had been significantly improved in the post
SHG period. The repayment rate of the member respondents was 96.4 per cent. The share
of households living below the poverty line had decreased from 58.3 per cent to 33.0 per
cent during post-SHG period. The SHG intervention had improved self-confidence level,
financial ability, communication skill, decision-making capacity etc. of the member
respondents had improved due to the intervention. (NCAER 2008)
The study focus on, role of credit in generation of employment, role of SHGs in promoting
the saving habits and the contribution of the program in socio-economic empowerment of
the poor in general , particularly women. Most of the members in sampled SHGs were
from poor families and they were engaged in gainful economic activities. The program
infused the habit of saving among the members and freed them from informal credit. Most
of the beneficiaries expanded their income generating activities and set up a number of
micro-enterprises. The Credit & Saving Program was exclusively for rural poor, adopting a
credit delivery system designed especially for them. The supportive trained staff and policy
with no political intervention led program to be successful. (Borbora and Mahanta 2008)
The paper elaborated on impact of microfinance program and assessed the socio-economic
impact of SHG bank linkage program of microfinance sampling 93 client households from
5 SHGs from 3 different locations of western and central part of India. SHGs that attained
at least two years were surveyed. Positive impacts on SHGs-members were saving at
regular intervals, reduction of dependence on moneylenders and social development index
of SHGs-members (Likert scale) exhibited positive signs. Economic development was very
low the bank credit and savings were used for consumption and emergency needs. SHGs
had a definite impact on building social capital, but marginal impact on financial capital.
In the absence of any significant economic development, high loan repayment rate was the
result of reduced consumption, overtime work as farm labour, borrowing from relatives other groups- money-lenders. Reliance on high loans volume, outreach and repayment
rate as a proxy for positive economic development ignored the issue of impact assessment
at client level. (Misra2006)
The focus was on objective and subjective poverty and particular attention was paid to the
length of time, the program participants had access to micro-credit.
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Objective poverty is based on the costs associated with obtaining a minimum daily adult
requirement of 2,112 calories. Subjective poverty is calculated based on the personal
views of the household head regarding the poverty level of his family by asking whether
they consider their family poor based on their yearly income. A household-level survey was
carried on 954 micro-credit recipients from Grameen Bank, the Bangladesh Rural
Advancement Committee (BRAC) and the Association of Social Advancement. The program
impacted by lowering objective and subjective poverty. Poverty was differentiated between
new and old group members and had an inverse relation [higher the SHGs age lower the
poverty rate]. (Chowdhury etal 2005)
Impact study of PRADANs microfinance program carried out in Godda, Dumka and Banka
districts of Jharkhand, India. Impact was assessed by comparing 400 SHG members were
104 non-members in these three districts. The study revealed that basic needs were
concerned, the members had adequate food diet- drink water access-improved housingbetter schooling and cultivations as compared to non-members. Members had higher
levels of savings and lower incidence of indebtedness to high interest of moneylenders as
compared to non-members. The members had acquired more practical skills and
demonstrated greater awareness of government program for the welfare of poor. The
participation in household decision-making is low among members and non-members.
(Kabeer and Noponen 2005)
A study commissioned by NABARD surveyed 115 SHG members from 60 SHGs in eastern
India. The study concluded that institutional credit played wider and deeper role among
the rural poor, concurrently observed reduction in loan from informal sources. The
findings of states majority had a rise in annual income, increase in asset ownership in
post-SHG situation, a fair percentage used bank loan for income generating purpose,
nonfarm activities command highest increase comparatively and SHGs members exhibited
considerable empowerment in all aspects. (Puhazhendhi, V.2002)
The study assesses the impact made by microfinance programme initiated by Sahyadri
Grameen Bank in Thyagarthi village in Shimoga district of Karnataka. The income
generating economic activities and womens empowerment in rural areas was studied. For
the purpose of study, three SHGs were personally interviewed and data was collected for
the years 1994-1995 to 1999-2000. Out of these three SHGs first group was run by a
forward community, second run by SC/ST and third run by a backward community. The
SHGs intervention impacted 3 groups by diversifying income generation, proving
financially sustainable and elimination of informal source of borrowing. The SHGs formed
by forward community created their own capital base, but for other 2 group capital was
major constrain. The case study concluded that there is a great potential for implementing
various program for the rural poor through SHGs (Raghavendra 2001)
Micro finance-issues, Crises and International experiences
The author says that in spite of globalization wave the poverty is still persisting worldwide.
Micro credit program worldwide witnessed that poor are bankable is the major innovations
in rural credit. Microfinance can change the rural society, as the reason for stagnation in
rural society is (lack of inclusion and capability) lack of land, lack of resource, illiteracy,
no access to finance and technology. International experiment in micro credit was lighted
by Professor Yunus, it was tried all over the world during 1990. Association of social
advancement and international NGO provided assistance to 30 organizations in 17
countries; it assisted Bandhan (NGO) in west Bengal. Micro credit is also a tool to achieve
millennium development goals, but persisting challenges are absence of legal framework,
barriers to accept deposits, lack of conceptual clarity at the international level and funding
problem for NGOs. (Saikumar C etal 2014)

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The study exhibits that, unsustainable pattern of lending and increasing vulnerability of
poor in international and national scenario is the reason of melting down of international
MFIs. It criticizes that MFIs leads to saturization and de-industrialization of local
economies by following similar micro enterprises. It also states that MFIs transfer the
lenders risk and responsibilities to borrowers [monitoring-supervising/leading penalizing] which hampers the social cohesiveness of group. It also explains about the
functioning pattern of Indian MFIs and exploitation of poor due to multi-little regulated
multi models of MFIs. It also discuss the context of MF crises and legislators intervention
in the form of MFIs AP ordinance 2010 and MFIs [Development and Regulation] Bill 2012
(Jayati Gosh 2013)
The study expresses that MFIs issues impede leveraging MF positively, it describes
different models of microfinance, Institutional Arrangements for Microfinance
Disbursement in India & Key Issues in Microfinance in India. Issues are :- low outreach,
high interest rates, negligence of urban poor, client retention, loan default, Debt
mismanagement, language barrier-education level of client, high transaction cost, lack of
access to fund, coercive loan collection method and occurrence of fraud. External
challenges like high competition, lack of insurance service, quality of SHGs, unregulated
MF, regional disparity and uneven distribution of population. These issues question the
efficiency of MFIs. (Sibghatullah Nasir 2013)
Micro finance and social performance management
This report throws light into leveraging MF through social performance management
[SPM]. MF is to help needy poor to start business and improve their lives. SPM puts social
mission into practice. The report discuss about the need of SPM. It states that poor need
to be respected and MF product should meet their needs. It also state that people living in
poverty is deprived of power of choice. It contains detailed description of its SPM practices
and case studies of MFIs. Cashpor case study in the report reveals that its a partner of
opportunity international serving Indias two poorest states Bihar and Uttar Pradesh. It
offers voluntary savings and pension services, linking clients with local and national
banks, and providing basic health services to clients in collaboration with a health-related
NGO, Healing Fields Foundation. Cashpor was one of the first six MF organisations
globally to receive SMART Campaign client protection certification in Feb 2013. It discuss
about piloting digital SPM solutions in Ghana. Above mentioned steps are essential to
LMF. (Opportunity international social performance report 2013)
The report elaborates on concepts/principles/standard through which MF can be
leveraged. It includes views on Governance of MFIs and SPM, it discuss about MF
challenge and role of credit bureaus to assess level of MFCs debt from MFIs. Staff should
assess level of client debt in presence of multiple source of credit other than MFIs. It
states about The Principles for Investors in Inclusive Finance and Universal Standards of
Social Performance Management. Private investors in MF are 2 types, profit seekers and
patient capitalists. It speaks about low pricing done by MFIs such as Equitas, CASHPOR
and Grameen Koota. In general it discuss about customers at the core, responsible
finance, Fair treatment of clients and Outreach,-Outcomes -impacts of microfinance
(Girija Srinivasan etal 2012)
MF will be leveraged by contextualizing MFIs social performance to meet the requirement
of local vulnerable clients. The report junctions the view that MFIs funder role is confined
to provide equity and liquidity, social performance have a very weak consideration. It do
have a detail discussion on Development of Social Performance Concepts, practice in
Social Performance Management (SPM) in India, microfinance Funders and SPM, targeting
and Monitoring Social Performance, responsibility in Product Design and Marketing, HR
for responsible Finance and client Protection principles. The report states that potential
vulnerable people should be included as MFCs. MF regulation should give MFIs the
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liberty of pricing as social performance management do entail high cost and the affordable
loans cost should be borne by the state. SPM reporting need not be compulsion. SPM
should be internalized and made a humanitarian act to invite change in the context of
BOP. (Girija Srinivasan etal 2011)
Micro finance and status / role / trends
This study focuses on the role of SHG model and MF in general in rural transformation. It
also pins the importance of technology and e-banking in rural transformation. The study
is based on secondary sources. It states that as per NABARDs estimates there are 2.2
million SHGs in India, representing 33 million members, which are not registered. The
researcher concludes that microfinance industry suffers from number of issues, which
result from its fast proliferation. (H.H.Ramesha 2014)
The study expresses that Minimalist approach [only provide finance] stops leveraging MF,
it observes increase in income levels and household assets among the MF clients,
occupation were agriculture- farm labor & poultry. Lack of irrigation facility; declining
agricultural outputs, fragmentation of land, lack & non-receipt of any handicraft skill
forced them to use loans for consumptions and emergency need. Climate conditions & low
commodity prices deters investment in farming, while lack of skills and invasion of rural
market by big FMCGs companies reduce the scope for micro enterprises. Post reform era
reduces the access of rural poor to credit through traditional system. MF is not meant for
destitute poor but for economically active poor. (2012)
The study elaborates on current trend of using technology to leverage MF. This study
which is a trend projections of 2010-2015, discuss about role of technology in MF stating
that technology will take lead in front end and back end operations of MFIs and it will
connect remote poor client. MFIs will try to cover-up white spots in MF industry. The
presence of high competition meeting double and triple bottom line will prevail but there
will be no lack of funds for this industry as capital market, private placement,
securitization and other innovations will come up.(Stefan Platteau and Hedwig Siewertsen
May 2009)
The study focuses on the role of information technology to leverage MF. Information
Technology is used to improve health care delivery service in Andhra Pradesh since 2000 a
Government owned computer network, Gyandoot increasing access to Government
services for villagers in the poor, Dhar district of Madhya Pradesh. Its also Expanding
Microfinance service through smart cards that hold information on clients credit histories.
Smarts cards lowers transaction costs for SKS Microfinance institution in Andhra
Pradesh. (World Bank 2002)
Micro finance and poverty alleviation
The study mentioned the success of micro finance is due to lack of collateral against
loans. The negative point of the conventional micro finance is the fixed high interest rate.
Interest is not acceptable in Islam that is why the Muslim clients prefer Islamic micro
finance. According to the researcher, if conventional micro finance is combined with the
Islamic financial system like Zakat and Awqaf, an integrated poverty alleviation model will
be developed with much positive result. (Hassan 2010)
Khandker (2003) measured the impact of microfinance institutions on the poor people
using the panel data of two time periods of 1991-92 and 1998-99 in Bangladesh. He found
diminishing return over time to the borrowings. A typical borrower would experience the
greatest impact from earlier loans and the relative improvements would level off over time.
For every 100 Taka lent, consumption increased by 20.5 Taka, out of which 4.2 Taka were
from current borrowings (1998-99) and 16.3 Taka were from past borrowings (1991-92).
He had also proved that microfinance reduced poverty among non-participants as well
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through spillover effects in which non-participants benefit from increase in the level of
economic activity. (Khandker S. R. 2003)
Micro finance and repayment performance
Literature focuses on repayment rates to leverage MF. The study describes factors of
repayment such as installments size and period, loan recovery committee, marketing
services, savings, trained bookkeeper, audit, type of SHG members etc., investigate the
impact of exogenous monitoring and loan recovery agreements. States that in-kind
consumption credit predicts increased probability of full payment. Neither caste
composition nor homogeneity has a significant impact on repayment. Lower repayment
rate is experienced in groups with poor individuals. Data suggest that even groups
comprised of very poor borrowers in high-risk conditions can achieve high repayment
rates if proper rules and management practices are adopted. (Klaus Deininger Yanyan liu
2009)
Micro Finance and Reach
The article speaks about macro factors that makes MFIs reach out. MFIs serve more
clients in the richer countries of developing world. Minimum level of development is need
before MF take off (LMF need minimum degree of development). MFIs reach is high in
those countries, who receive more international aid. MFIs clusters around densely
populated area, this is why MF sector is not developed in rural area. It discusses a lot
about uneven development of MF. The factors which attribute to uneven development of
MFIs are GNI per capita, inflation rates, literacy rates, population density, countries that
receives a higher proportion of international aid and industrialized economies (Annabel
Vanroose 2008)
Microfinance and Models
The paper exposed the new model of microfinance [a leveraging model] in Bangladesh and
stresses the need for, MFs institutional reforms in India. The Grameen Bank [GB]
introduced a more flexible credit system Grameen-II for customizing loans to individual
needs. G-II had flexible loan duration, flexible weekly installments, pay less during the
lean season and more during the demanding season. The borrowers with a basic loan were
simultaneously given a housing loan and a higher education loan. G-II the flexible loan,
never see non-payers as defaulters, rather they had a legitimate way to remain within the
folds of the organization and continue to receive loans. The GB had a pension fund (with
minimum contribution) and insurance scheme (pay off a members debt in case of death)
The SHG bank linkage model of India lacks such customization. (Sarkar, Debnarayan
2008)
The study differentiates between Grameen Bank model and conventional banks. The
Grameen Bank methodology was almost the reverse of the conventional banking
methodology. The GB principles based on belief that credit should be accepted as a
human right, one who did not possess anything gets the highest priority in getting loan
and was not based on the material possession but on the potential of a person. GB, had
the objective of bringing financial services to the very poor, particularly women to help
them fight poverty, stay profitable and financially sound. Yunus -They were poor because
society had denied them the real social and economic base to grow on. GBs effort was to
move them from the flowerpot to the real soil of the society. (Yunus 2006)
Indian has been a fertile breeding ground for a large number of models of Microfinance,
each of which has become hugely popular. Various traditional as well as innovative
approaches have been adopted by MFIs (NGO-MFI, Mutual Benefit MFIs, and For-Profit
MFIs) for increasing the credit flow to the unorganized sector. They are:-(i) Self Help Group
Model, (ii) Federated SHG Model,(iii) Grameen Bank Model, (iv) Cooperative / MACs Model
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& D19(v) NBFC approach. Different institutions in the microfinance sector have
successfully tried out these approaches to deliver microfinance services. (Sa-Dhan 2003)
Microfinance and Social Change
The study states that microfinance can be leveraged through an integrated approach. It
says MF is an opportunity for the poor to start business, earns sustainable income,
improve living standard and improve well being of society at the large. It states three
critical factors, such as poor health, natural disasters, and lack of education stop MFCs
from LMF or three elements that diminish microfinance participants chances for being
successful in a program. Poor are the vulnerable section even the nominal adversity
question their survival. The study reveals that MF has proven the reach but still, it is to be
leveraged. It talks about MF as an Anti-Poverty Tool, Increasing Microfinances Reach with
Integrated Services, Enhancing Microfinance Efficacy through Integrated Services and
BRACLinking Food and Training with Microfinance. It also says LMF, the insolvent
client (IC) must be lifted to microfinance ready client. The Beggars Program (BP) for
struggling members, its collateral interest rules free loan and was an excellent success.
(Marge Magner 2007)
Micro Finance and Social Capital
The research explained the letdown of government initiated anti-poverty program, as they
were centrally invented (lacking participation of local level institutions), politically
motivated, had leakages, misappropriation and heavy administrative expenses. More than
250 million people in India remained poor, even after 50 years of independence. Failures
of these institutional initiatives and learning from the success of the Grameen Bank in
Bangladesh had given way to the development of microfinance program in India in 1992.
Many NGOs who were following SHG promotion approach such as Mysore Resettlement
and Development Authority (MYRADA) in Karnataka, Society for Helping and Awakening
Rural Poor through Education (SHARE) in Andhra Pradesh, Rural Development
Organisation (RDO) in Manipur, Peoples Right and Environment Movement (PREM) in
Orissa and Andhra Pradesh, Youth Charitable Organisation (YCO) in Andhra Pradesh, Acil
Navsarjan Rural Development Foundation (ANaRDe) in Gujarat, ADITHI in Bihar
Professional Assistance for Development Action (PRADAN) and Rural Development Society
for Vocational Training (RUDSOVAT) in Rajasthan came forward in this sector. These
NGOs proved successful in poverty alleviation, generating additional employment
opportunities, impact on income, employment, health, education, housing and sanitation
etc. (Singh 2003)
Research Gap
While scanning comprehensively through microfinance literatures, the researcher
observed ample of studies in empowerment (economic empowerment, social empowerment
and women empowerment) and on poverty alleviation aspects. There are also fair amount
of researches on microfinance SHG model and financial inclusions, which exhibits varying
degrees and levels of financial inclusion (credit inclusion, saving inclusion and insurance
inclusion). Impact assessment studies had dominated the literatures as it exhibits
outcome of Microfinance program participation. It studies the economic impact, social
impact, impact on households level of SHG members, impact on women and so on.
The studies based on functioning of SHGs, role of microfinance, status of microfinance,
reach of microfinance and models of microfinance also command a descend amount of
total literatures. Apart from these studies, there are also literatures on microfinance
clients repayment rates, social change, social capital, funding aspects and recent waves
such as digitalized microfinance (MF) as well as social performance management (SPM) of
microfinance.

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Diagram No.1 Absence of literatures on leveraging microfinance (LMF)

LMF-Studies

MF studies

But there is a need of studies based on leveraging aspect of microfinance, which focus on
the action to be performed to create an impact on the lives of the microfinance clientele by
increasing the inclusion level and capabilities. There are lots of efforts to leverage like
concentrating on SPM, Digitalization of MF and using technology for financial inclusion
but no studies on pattern of leverage and models of leverage. So researcher hereby
determined to conduct a study on leveraging pattern of microfinance with special reference
to SHGs Model in Dindigul district.
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8. The Role of Microfinance in Women Empowerment-A Study on the SHG Bank Linkage
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