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Homework Title / No. : Term Paper Course Code: MGT801

Course Instructor: Dr.Subhendhu Dutta Course Tutor (if applicable):

Date of Allotment: 19-Sep-2010 Date of submission: 26-Sep-2010

Student¶s Roll No.RQ3001A04 Section No. : _________________________


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I declare that this assignment is my individual work. I have not copied from any other student¶s work
or from any other source except where due acknowledgment is made explicitly in the text, nor has any
part been written for me by another person.

Student¶s Signature: Dolly Mehta

Evaluator¶s comments:
_____________________________________________________________________

Marks obtained: ___________ out of ______________________

 
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Poor households face many constraints in trying to save, invest, and protect their livelihoods.
They take financial intermediation seriously and devote considerable effort to finding
workable solutions. Most of the solutions are found in the informal sector, which, so far,
offers low-income households convenience and flexibility unmatched by formal
intermediaries. The microfinance movement is striving to match the convenience and
flexibility of the informal sector, while adding reliability and the promise of continuity, and
in some countries it is already doing this on a significant scale. Getting to this point reaching
poor people on a massive scale with popular products on a continuous basis has involved
rethinking basic assumptions along the way. One by one, the keyw ords of the women,
groups, graduation, micro businesses, and credit ± are giving way to those of the new century
convenience, reliability, continuity, and a flexible range of services. We describe the
elements that we feel have contributed most and that are most relevant for India.c
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The term micro finance is commonly used in addressing Issues related to poverty, financial
support to micro entrepreneurs, gender development etc. There is no definition of micro
finance. Microfinance has defined microfinance as ³Provision of thrift, credit and other
financial services and products of very small amounts to the poor in rural, semi-urban or
urban areas for enabling them to raise their income levels and improve living standards´. The
term ³Micro´ literally means ³small´. But the task force has not defined any amount.
However as per Micro Credit Special Cell of the Reserve Bank Of India , the borrowed
amounts up to the limit of Rs.25000/- could be considered as micro credit products and this
amount could be gradually increased up to Rs.40000/- over a period of time. The mantra
³Microfinance´ is banking through groups. The essential features of the approach are to
provide financial services through the groups of individuals.

Basically groups can be of two types: Self Help Groups (SHGs): The group in this case does
financial intermediation on behalf of the formal institution. This is the predominant model
followed in India.
Grameen Groups: In this model, financial assistance is provided to the individual in a group
by the formal institution on the strength of group¶s assurance. In other words, individual
loans are provided on the strength of joint liability/co obligation. More than 94% of Grameen
loans have gone to women, who suffer disproportionately from poverty and who are more
likely than men to devote their earnings to their families.
Muhammad Yunus (born28June 1940) is a Bangladeshi economist and founder of
the Grameen Bank, an institution that provides microcredit to help its clients establish
creditworthiness and financial self-sufficiency. In 2006 Yunus and Grameen received
the Nobel Prize for Peace. He developed the concept of microfinance and microcredit. These
loans are given to entrepreneurs too poor to qualify for traditional bank loans. Yunus is also
the founder of Grameen Bank. In 1976, during visits to the poorest households in the village
of Jobra near Chittagong University, Yunus discovered that very small loans could make a
disproportionate difference to a poor person. Jobra women who made bamboo furniture had
to take out loans for buying bamboo, to pay their profits to the moneylenders. His first loan,
consisting of US$27.00 from his own pocket, was made to 42 women in the village. From
his experience at Jobra, Yunus, an admirer of Dr. Hameed, realized that the creation of an
institution was needed to lend to those who had nothing. While traditional banks were not
interested in making tiny loans at reasonable interest rates to the poor due to high repayment
risks, Yunus believed that given the chance the poor will repay the borrowed money and
hence microcredit could be a viable business model. Yunus finally succeeded in securing a
loan from the government Janata Bank to lend it to the poor in Jobra in December 1976. The
institution continued to operate by securing loans from other banks for its projects. By 1982,
the bank had 28,000 members.

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1. To provide or promote the provision of micro-credit to poor women for income generation
activities or for asset creation.

2. To use the group concept and the provision of credit as an instrument of women¶s
empowerment, socio-economic change and development.

3. To disseminate information and experience among all agencies in the Government and
non-government sectors in the area of microfinance for poor women.

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Micro-finance refers to small savings, credit and insurance services to socially and
economically disadvantaged segments of society. In the Indian terms like "small and
marginal farmers", ³rural artisans" and "economically weaker sections" have been used to
broadly define micro-finance customers. The recent Task Force on Micro Finance has
defined it as "provision of thrift, credit and other financial services and products of very small
amounts to the poor in rural, semi urban or urban areas, for enabling them to raise their
income levels and improve living standards". At present, a large part of micro finance activity
is confined to credit only. Women constitute a vast majority of users of micro-credit and
savings services.

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Micro finance aims at communities of the economically excluded to achieve greater levels of
asset creation and income security at the household and community level. Access to financial
services and the subsequent transfer of financial resources to poor women enable them to
become economic agents of change. Women become economically self-reliant, contribute
directly to the well being of their families, play a more active role in decision making and are
able to confront systematic gender inequalities. Access to credit has long been considered a
major poverty alleviation strategy in India. Micro credit has given women in India an
opportunity to become agents of change. Poor women, who are in the forefront micro credit
movement in the country use small loans to jump, start a long chain of economic activity.
Micro finance is accessing financial services in an informally formal route, in a flexible,
responsive and sensitive manner which otherwise would not have been possible for the
formal system for proving such services because of factors like high transaction cost starting
from the low scale of operation, high turnover of clients, frequency of transaction etc. Micro
finance and Self Help Group (SHG) must be evolved to see that SHGs do not charge high
rates of interest from their clients and improve access to those who cannot sign by making
their use through thumb impression.


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Due to its large size and population of around 1000 million, India's GDP ranks among the top
15 economies of the world. However, around 300 million people or about 60 million
households, are living below the poverty line. It is further estimated that of these households,
only about 20 percent have access to credit from the formal sector. Additionally, the segment
of the rural population above the poverty line but not rich enough to be of interest to the
formal financial institutions also does not have good access to the formal financial
intermediary services, including savings services. A group of micro-finance practitioners
estimated the annualised credit usage of all poor families (rural and urban) at over Rs 45,000
crores, of which some 80 percent is met by informal sources. Credit on reasonable terms to
the poor can bring about a significant reduction in poverty. It is with this hypothesis; micro
credit assumes significance in the Indian context. With about 60 million households below or
just above the austerely defined poverty line and with more than 80 percent unable to access
credit at reasonable rates, it is obvious that there are certain issues and problems, which have
prevented the reach of micro finance to the needy. With globalisation and liberalisation of the
economy, opportunities for the unskilled and the illiterate are not increasing fast enough, as
compared to the rest of the economy. This is leading to a lopsided growth in the economy
thus increasing the gap between the haves and have-nots. It is in this context, the institutions
involved in micro finance have a significant role to play to reduce this disparity and lead to
more equitable growth.

In the NSSO survey it has also been estimated that a large percentage of rural women in the
age group of 15 years and above who are usually engaged in household work, are willing to
accept work at household premises (29.3 percent), in activities such as dairy (9.5 percent),
poultry (3 percent), cattle rearing, spinning and weaving (3.4 percent), tailoring (6.1 percent)
and manufacturing of woodland cane products etc. Amongst the women surveyed, 27.5
percent rural women were seeking regular full-time work, and 65.3 percent were seeking
part-time work. To start or to carry on such work, 53.6 percent women wanted initial finance
on easy terms, and 22.2 percent wanted working capital facilities.

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The purpose of this paper is to examine the role of micro finance in the empowerment of
people and the realisation of financial inclusion in India. While there are reservations about
the efficacy of MFIs in handling public money, their growth and achievements demand
attention and appreciation. Today the MFIs want the government to empower them for
mobilising savings. With increasing demand for rural finance, and the inadequacies of formal
sources, the MFIs have immense opportunities in the new avatar of micro credit in India.
However, in the light of recent experiences, and the need for qualitative growth, we suggest
that MFIs should be managed with better scrutiny in terms of finance and technology as well
as social responsibility. This is of utmost importance in order to upgrade MFIs from thrift and
credit institutions to capacity-building and livelihood-sustaining associations of people.
Socio-economic prosperity of a developing nation, like India, demands an active participation
of all, particularly women. Credit availability is one of the important conditions to this
prosperity. In this regard micro credit through microfinance has been a catalyst in
empowering its clients, prevalently women of rural areas. Experiences, national and
international show the potency and efficacy of microfinance in transformation. This article
delves into the empowerment impact of micro credit in North Eastern Region (NER)
of India in general and specifically concentrates on the state of Meghalaya as a micro case.
The NER shows ample scope for further growth of the activity in future. An analytical study
of 150 samples is done on one of the districts of Meghalaya in order to analyze the impact of
microfinance on women empowerment. Findings suggest that microfinance has transformed
the lives of the clients to the better over a period of time. Evidences of
economic empowerment are observed in form of increase in income, asset accumulation,
more participation in economic decision making of household etc. Similarly, more
participation in family planning decisions and decisions of health and nutrition concerning
family members and in children education are found significant. Clients have got more access
to several social amenities and derived more respect in family and outside. These evidences
are very encouraging which demand a systematic and well planned micro finance
intervention in this region.

Although there has been considerable recent interest in micro -credit programs, rigorous
evidence on the impacts of forming self-help groups to mobilize savings and foster
social empowerment at the local level is virtually non-existent, despite a large number of
programs following this pattern. The authors use a large household survey to assess the
economic and social impacts of the formation of self-help groups in India. They find positive
impacts on empowerment and nutritional intake in program areas overall and heterogeneity of
impacts between members of pre-existing and newly formed groups, as well as non-
participants. Female social and economic empowerment in program areas increased
irrespective of participation status, suggesting positive externalities. Nutritional benefit was
more pronounced for new participants than for members of pre-existing groups. Evidence of
higher consumption - but not income or asset formation - by participants suggests that at the
time of the survey, the program's main economic impact had been through consumption
smoothing and diversification of income sources rather than exploitation of new income
sources. Evaluation of such programs in ways that allow heterogeneity of program impact can
yield highly policy-relevant insights.

Weber (2006) says that the impact of microfinance is used to justify its expansion, much of
this assessment is based on institutional success and avoidance of engaging with impacts.
Very significantly he points out this focus by observing. Thus as long as institutional
sustainability obtains, it has been fairly common practice among the policy makers-and their
commissioned researchers-to interpret financial viability as indicative of the social, political
and economic success of microfinance programmes. He also argues that such an approach
constitutes the ideology and practice of neoliberalism as it is based on the ontological premise
that competitive financial institutions provide the foundation for entrepreneurial success and
are best suited to reduce poverty.

Simanowitz & Walter (2002) correctly observe that ³Microfinance is a compromise between
social and financial objectives. To date most emphasis has been on financial and institutional
performance´. In order to bring the social aspect back into microfinance, Imp-Act based on
three years of action research covering 30 organisations in 20 countries has been advocating
mainstreaming of Social Performance Management (SPM) to improve the effectiveness of
microfinance in reducing financial exclusion and poverty.

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Microfinance approach is based on certain proven truths which are not always recognised.
The approaches said that the poor are bankable; successful initiatives in micro finance
demonstrate that there need not be a trade off between reaching the poor and profitability -
micro finance constitutes a statement that the borrowers are not 'weaker sections' in need of
charity, but can be treated as responsible people on business terms for mutual profit. That
almost all poor households need to save have the inherent capacity to save small amounts
regularly and are willing to save provided they are motivated and facilitated to do so. That
easy access to credit is more important than cheap subsidised credit which involves lengthy
bureaucratic procedures. 'Peer pressure' in groups helps in improving recoveries.

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A majority of microfinance programmes target women with the explicit goal of empowering
them. There are varying underlying motivations for pursuing women empowerment. Some
argue that women are amongst the poorest and the most vulnerable of the underprivileged and
thus helping them should be a priority. Whereas, other believe that investing in women¶s
capabilities empowers them to make choices which is a valuable goal in itself but it also
contributes to greater economic growth and development. A more feminist point of view
stresses that an increased access to financial services represent an opening/opportunity for
greater empowerment. Such organisations explicitly perceive microfinance as a tool in the
fight for the women¶s rights and independence. Finally, keeping up with the objective of
financial viability, an increasing number of microfinance institutions prefer women members
as they believe that they are better and more reliable borrowers.

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Micro Finance is emerging as a powerful instrument for poverty alleviation in the new
economy. In India, micro finance scene is dominated by Self Help Groups (SHGs) ± Bank
Linkage Programme, aimed at providing a cost effective mechanism for providing financial
services to the ³unreached poor´. Micro Finance for the poor and women has received
extensive recognition as a strategy for poverty reduction and for economic empowerment.
Increasingly in the last five years , there is questioning of whether micro credit is most
effective approach to economic empowerment of poorest and, among them, women in
particular. Development practitioners in India and developing countries often argue that the
focus on micro finance as a solution for the poor has led to neglect by the state and public
institutions in addressing employment and livelihood needs of the poor. Credit for
empowerment is about organizing people, particularly around credit and building capacities
to manage money. The focus is on getting the poor to mobilize their own funds, building their
capacities and empowering them to leverage external credit.
Before 1990¶s, credit schemes for rural women were almost negligible. The concept of
women¶s credit was born on the insistence by women oriented studies that highlighted the
discrimination and struggle of women in having the access of credit. However, there is a
perceptible gap in financing genuine credit needs of the poor especially women in the rural
sector. There are certain misconception about the poor people that they need loan at
subsidized rate of interest on soft terms, they lack education, skill, capacity to save, credit
worthiness and therefore are not bankable. The experience of several SHGs reveals that rural
poor are actually efficient managers of credit and finance. Availability of timely and adequate
credit is essential for them to undertake any economic activity rather than credit subsidy.

The Government measures have attempted to help the poor by implementing different
poverty alleviation programmes but with little success. Since most of them are target based
involving lengthy procedures for loan disbursement, high transaction costs, and lack of
supervision and monitoring. Since the credit requirements of the rural poor cannot be adopted
on project lending app roach as it is in the case of organized sector, there emerged the need
for an informal credit supply through SHGs.

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In India, the trickle down effects of macroeconomic policies have failed to resolve the
problem of gender inequality. Women have been the vulnerable section of society and
constitute a sizeable segment of the poverty-struck population. Women face gender specific
barriers to access education health, employment etc. Micro finance deals with women below
the poverty line. Micro loans are available solely and entirely to this target group of women.
There are several reason for this: Among the poor , the poor women are most disadvantaged ±
they are characterized by lack of education and access of resources, both of which is required
to help them work their way out of poverty and for upward economic and social mobility.
The problem is more acute for women in countries like India, despite the fact that women¶s
labour makes a critical contribution to the economy. This is due to the low social status and
lack of access to key resources. Evidence shows that groups of women are better customers
than men, the better managers of resources. If loans are routed through women benefits of
loans are spread wider among the household. Since women¶s empowerment is the key to
socio economic development of the community; bringing women into the mainstream of
national development has been a major concern of government. The ministry of rural
development has special components for women in its programmes. Funds are earmarked as
³Women¶s component´ to ensure flow of adequate resources for the same.

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Concern with women¶s access to credit and assumptions about contributions to women¶s
empowerment are not new. From the early 1970s women¶s movements in a number of
countries became increasingly interested in the degree to which women were able to access
poverty-focused credit programmes and credit cooperatives. In India organizations like Self-
Employed Women¶s Association (SEWA) among others with origins and affiliations in the
Indian labour and women¶s movements identified credit as a major constraint in their work
with informal sector women workers. The problem of women¶s access to credit was given
particular emphasis at the first International Women¶s Conference in Mexico in 1975 as part
of the emerging awareness of the importance of women¶s productive role both for national
economies, and for women¶s rights. This led to the setting up of the Women¶s World
Banking network and production of manuals for women's credit provision. Other women¶s
organizations world-wide set up credit and savings components both as a way of increasing
women¶s incomes and bringing women together to address wider gender issues.
The 1980s and 1990s also saw development and rapid expansion of large poverty-targeted
micro-finance institutions and networks like Grameen Bank, ACCION and Finca among
others. In these organizations and others evidence of significantly higher female repayment
rates led to increasing emphasis on targeting women as an efficiency strategy to increase
credit recovery. A number of donors also saw female-targeted financially-sustainable micro-
finance as a means of marrying internal demands for increased efficiency because of
declining budgets with demands of the increasingly vocal gender lobbies. The trend was
further reinforced by the Micro Credit Summit Campaign starting in 1997 which had
µreaching and empowering women¶ as its second key goal after poverty reduction. Micro-
finance for women has recently been seen as a key strategy in meeting not only Millennium
Goal 3 on gender equality, but also poverty Reduction, Health, HIV/AIDS and other goals.

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Micro Finance is emerging as a powerful instrument for poverty alleviation in the new
economy. In India, micro finance scene is dominated by Self Help Groups (SHGs) ± Bank
Linkage Programme, aimed at providing a cost effective mechanism for providing financial
services to the ³unreached poor´. Micro Finance for the poor and women has received
extensive recognition as a strategy for poverty reduction and for economic empowerment.
Increasingly in the last five years , there is questioning of whether micro credit is most
effective approach to economic empowerment of poorest and, among them, women in
particular. Development practitioners in India and developing countries often argue that the
exaggerated focus on micro finance as a solution for the poor has led to neglect by the state
and public institutions in addressing employment and livelihood needs of the poor. c
Perception women is that learning to manage money and rotate funds builds women¶s
capacities and confidence to intervene in local governance beyond the limited goals of
ensuring access to credit. Further, it combines the goals of financial sustainability with that of
creating community owned institutions. Before 1990¶s, credit schemes for rural women were
almost negligible. The concept of women¶s credit was born on the insistence by women
oriented studies that highlighted the discrimination and struggle of women in having the
access of credit. However, there is a perceptible gap in financing genuine credit needs of the
poor especially women in the rural sector. The Government measures have attempted to help
the poor by implementing different poverty alleviation programmes but with little success.
Since most of them are target based involving lengthy procedures for loan disbursement, high
transaction costs, and lack of supervision and monitoring. Since the credit requirements of the
rural poor cannot be adopted on project lending app roach as it is in the case of organized
sector, there emerged the need for an informal credit supply through SHGs. The rural poor
with the assistance from NGOs have demonstrated their potential for self help to secure
economic and financial strength. Various case studies show that there is a positive correlation
between credit availability and women¶s empowerment.
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India has to understand that micro-finance is workable and sustainable anywhere where there
is poverty. And to make it successful, it needs to emphasise and mobilise the role of women
in each rural and poor household, the chief architect of Bangladesh's Grameen Bank told a
conference organised by the Federation of Indian Chambers of Commerce and Industry
(FICCI). 'India and Bangladesh have no major difference in poverty. If micro-finance or
micro-credit is successful in Bangladesh, it can be successful in India as well,' Yunus
emphasised. The Grameen Bank and the work that we do is not something extraordinary and
neither is it a model. It is a rather simple way of solving the complex problems of poverty.

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All over the world, the significant of women entry into the workforce over the past three
decades has produced transformations in the organisation of families, society, the economy,
and urban life. Since the late 1950s, women's economic activities have been steadily
increasing. Women have always actively participated in their local economies. For example,
in Africa women produce 80 percent of the food and in Asia 60 percent and in Latin America
40 percent. In many cases, women not only produce the food but market it as well, which
gives them a well-developed knowledge of local markets and customers. This is a small
example of the importance of women's work in society. It does not illustrate the real extent of
women's contribution especially in developing countries not only to the labour force but also
their role as a significant income-source for the family. Due to cultural and traditional
aspects, a woman's presence has been a question of survival of her family.
Women especially poor mothers must divide their time between work "productive role" and
family "reproductive role", and balancing all the demands. Time is valuable for these women,
as their livelihoods depend largely on their ability to fulfil the multiple demands of the
household and the marketplace. In spite of the remarkable importance of women's
participation, their jobs have been considered as an "extra income" to family survival or
simply to improve its living conditions. Moreover, micro enterprises owned by women have
been considered as a way to meet primary needs instead of a profitable source of income.
Unfortunately, labour markets have followed this perception and have offered less favourable
conditions to women. Women workers consistently earn less than their male partners do. That
is the case of Cameroon women who work, for example, up to 10 hours a day, but at the end
of the month, their income is far below the Cameroon monthly minimum wage of 29000 CFA
francs (US$ 60).Women have had to fight against an adverse environment, which
traditionally had been minimising and exploiting their capacities. As a consequence of this
reality, in some cases, women are just satisfied with the non-financial benefits, such as the
psychological satisfaction of "social contact".

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There are many elements contribute to make it more Difficult for women empowerment
through micro businesses. These elements are:
The lack of knowledge of market and potential profitability thus making the choice of
business difficult. Women¶s have inadequate knowledge of book-keeping. Employment of
too many relatives which increases social pressure to share benefits. Setting prices arbitrarily.
Lack of the capital. High interest rates. Inventory and inflation accounting is never
undertaken. Credit policies that can gradually run their business many customers cannot pay
cash; on the other hand, suppliers are very harsh towards women.

Burden of meeting: Time consuming meetings in programmes based on group lending, and
time consuming income generating activities without reduction of traditional responsibilities
increase women¶s work and time burden.

New Pressures: By using social capital, in-group lending/group collateral programmes,

additional stresses and pressures are introduced, which might increase vulnerability and
reflect disempowerment.

Reinforcement of traditional gender roles: Micro finance assists women to perform traditional
roles better and women thus remain trapped in low productivity sectors, not moving from the
group of survival enterprises to micro-enterprises. There is evidence of men withdrawing
their contributions to certain types of household expenditures. There are many more
challenges face by women¶s like challenging well being and intra house hold relation and
challenging social and political empowerment.

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1.c One of the fastest growing sectors of India, microfinance is spearheading intense
competition among the largest players.c
2.c Microfinance institutions at present serve an estimated 120 million clients in the
world.c
3.c By the end of March 2007, microfinance institutions expanded their outreach to 50
million households and about 36.8 million borrowers. c
4.c The microfinance institutions are organised under three models: SHG, Grameen
model/Joint liability groups and Individual banking groups as in cooperatives.c
5.c Indian microfinance market is dominated by SHG bank linkage and MFI model.c

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The traditional and informal system of credit that was already in existence before micro
finance came into vogue. Micro finance needs to be understood from a dimension that is far
broader- in looking at its long-term aspects too .Very little attention has been given to
empowerment questions or ways in which both empowerment and sustainability aims may be
accommodated. Failure to take into account impact on income also has potentially adverse
implications for both repayment and outreach, and hence also for financial sustainability. A
conclusion that is that micro finance can contribute to solving the problems of inadequate
housing and urban services as an integral part of poverty alleviation programmes. The
challenge lies in finding the level of flexibility in the credit instrument that could make it
match the multiple credit requirements of the low income borrower without imposing high
cost of monitoring its end use upon the lenders. A promising solution is to provide
multipurpose lone or composite credit for income generation, housing improvement and
consumption support. Consumption loan is found to be especially important during the
gestation period between commencing a new economic activity and deriving positive income.
Careful research on demand for financing and savings behaviour of the potential borrowers
and their participation in determing the mix of multi-purpose loans are essential in making
the concept work. Poor households face many constraints in trying to save, invest, and protect
their livelihoods. They take financial intermediation very seriously and devote considerable
effort to finding workable solutions. As a result, the informal sector in India teems with
lenders of different sorts and mechanisms offering widely varying ways to save and insure.
The informal sector has, until recently, offered low-income households convenience and
flexibility unmatched by formal intermediaries. But the informal sector also has many
weaknesses and cannot do what a well-functioning formal sector institution can.

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c
Basu, P (2006): Improving access to finance for India¶s rural poor, Washington DC: World
Bank.

Ghate, P (2006): Microfinance in India A State of the Sector Report, 2006, New Delhi:
Microfinance India.

International Review of Business Research Papers Vol. 5 No. 5 September 2009

Jonathan Murdoch and Stuart Rutherford April 4, 2003.

c


 , G. Kartikeya, R., Kapoor, R and Rajat K. B 2008, Micro finance in Indian
Scenario ± A study on the existing models, Indian Journal of Commerce.



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National Council of Applied Economic Research, New Delhi, India

Valerie Rozyckic
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Yunus, Muhammad (2002). Grameen Bank II: Designed to Open New Possibilities. Dhaka:
Grameen Bank.

Y.S.P Throat (2005) MICROFINANCE IN INDIA: SECTORAL ISSUES AND

CHALLENGES

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