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Microfinance means building a financial system that serves poor for alleviating their poverty and enhancing their standard of living. It is an attempt to improve access to small deposits and small loans for poor household neglected by formal banks. Micro credit started in India in the early 1980s with small efforts at forming informal SHGs to provide access to muchneeded savings and credit services. Now microfinance sector has grown significantly and forming SHG strategy has become an integral component of the Govt. of India"s thought to reduce the poverty of the country. As a result SHG strategy has been introduced in every annual plan since 2000. An attempt has been made to examine the growth of performance of microfinance through SHGs formation.
Related papers
OVERVIEW OF THE PROGRESS OF MICROFINANCE PROGRAMME IN INDIA
Throughout this paper, we tried to discuss the progress of microfinance programme in India. The main objective of microfinance programme is to provide financing facilities to those areas of thrust from where the generation of income and the employment may be takes place. There are certain principles and delivery models also through which the microfinance process takes place. In this regard, Self Help groups play a vital role. In this sector, many banks (public and private), NGOs, Cooperative banks have shown very keen interest. There are also many programmes/schemes through various agencies and departments are going on to promote the SHGs. In addition, it also provides the services of Micro savings, Micro insurance, Micro Leasing and the money transfer which are similar to banking services.
The Scope of Microfinance in Indian Context
Microfinance is gathering momentum to become a major force in India. The selfhelpgroup (SHG) model with bank lending to groups of (often) poor women withoutcollateral has become an accepted part of rural finance. The paper discusses the state of SHG-based microfinance in India. With traditionally loss-making rural banks shiftingtheir portfolio away from the rural poor in the post-reform period, SHGbasedmicrofinance, nurtured and aided by NGOs, have become an important alternative to traditional lending in terms of reaching the poor without incurring a fortune in operating and monitoring costs. The government and NABARD have recognized this and have emphasized the SHG approach and working along with NGOs in its initiatives. Over half a million SHGs have been linked to banks over the years but a handful of states, mostly in South India, account for over three-fourth of this figure with Andhra Pradesh being an undisputed leader. In spite of the impressive figures, microfinance in India is still presently too small to create a massive impact in poverty alleviation, but if pursued with skill and opportunity development of the poor, it holds the promise to alter the socioeconomic face of the India's poor. Rs.54456.20 million and more than 4.24 million SHGs credit linked with loan outstanding of Rs.226808.5 million as on 31 March 2009. It is the largest microfinance programme in the world in terms of outreach covering nearly 86 million households, largest financial inclusion programme in India. SHGs have become the common vehicle of development process, converging all development and livelihood programmes. The programme has transformed the rural financial institutions and their approaches to microfinance delivery to the poor, led to emergence of large number of SHPIs, Federations, Business Facilitators and above all, ushered socio-economic empowerment of the poor, particularly women. The massive growth of the programme has brought to the fore several new issues and challenges e.g., ensuring balanced distribution of SHGs across the regions, micro-enterprise promotion for matured SHGs/members, sustenance of quality of SHGs, etc.
Evolution and Progress of Microfinance in India
International Journal of Creative Research and Thoughts, 2018
Poverty is a major concern in India, being one of the rapid-growing economies in the world, with a growth rate of 7.6 percent in 2015, and a considerable consumer economy. According to World Bank there are about 179.6 million people who live below the poverty line in India. So it is one of the greatest challenges in India to deal with one of the BRIC nations with such a huge population are seen by many countries as an emerging economy. India has failed to make a significant improvement in its poverty alleviation. Government of India with its concern started various poverty alleviation programs but they have failed to deliver the objectives to the level which is desired. The poverty alleviation programs in India can be differentiated on different basis for rural or urban areas. Most of them are designed to cover rural as it is high in such areas. The programs can be mainly grouped into, wage employment, self employment, food security, social security, and urban poverty alleviation. All these programs were programmed with the one theme to minimize and eradicate the poverty and thus uplift the socioeconomic status at individual level. The subsidized credit used by many countries including India was also a failure because of rising Nonperforming assets (NPA). The microfinance came forward and became the most popular tool to fight against the poverty when the Muhammad yunus a noble laureate from Bangladesh came up with the modern microfinance model called Grameen model. On the basis of that India progressed forward and was successful to make self help groups (SHGs) with the help of NABARD. A number of NGOs and MFIs have also delved into the business. From the past years government and various organizations like NABARD and national banks are thrusting to promote the microfinance at various levels but there is a long way to go because the outreach is too small as compared to the requirement and potential. The paper defines three distinct facets of microfinance, first is microfinance and its history, secondly Growth of microfinance in India from last decade, third is role played by the government of India with NABARD and other National banks in growth of SHGs and Grameen bank. The paper also discusses the evolution of microfinance and its role in global scenario.
ISSUES IN MICROFINANCE SECTOR IN INDIA Dr Ritu Chandna Associate Professor in Commerce
Microfinance is defined as any activity that includes the provision of financial services such as credit, savings, and insurance to low income individuals which fall just above the nationally defined poverty line, and poor individuals which fall below that poverty line, with the goal of creating social value. The creation of social value includes poverty alleviation and the broader impact of improving livelihood opportunities through the provision of capital for micro enterprise, and insurance and savings for risk mitigation and consumption smoothing. A large variety of actors provide microfinance in India, using a range of microfinance delivery methods. Since the ICICI Bank in India, various actors have endeavored to provide access to financial services to the poor in creative ways. Governments also have piloted national programs, NGOs have undertaken the activity of raising donor funds for on-lending, and some banks have partnered with public organizations or made small inroads themselves in providing such services. This has resulted in a rather broad definition of microfinance as any activity that targets poor and low-income individuals for the provision of financial services.
AN ANALYSIS ON PROGRESS OF MICROFINANCE UNDER SHG-BANK LINKAGE PROGRAMME IN INDIA
In the development paradigm, micro-finance has evolved as a need-based programme for women empowerment and alleviation of poverty. Micro-finance has become one of the most effective interventions for economic empowerment of the poor. The main objective of this paper is to discuss the progress of microfinance under SHG-Bank linkage programme in India; the aim of the microfinance programme is to provide income generating activity by reducing the unemployment and to eradicate poverty. NABARD provides capital support to various MFIs which in turn provides financial assistance to SHG'S .Further, this study also helps to know the present status and operating system of SHGs (Self Help Groups) for mobilization of saving, loans disbursement and outstanding loans, delivery of credit to the needy, establishing linkage with banks and examines the social benefits derived by the members. Secondary data was gathered from various sources.
Microfinance: Issues and challenges in India
International Journal of Research in Economics and Social Sciences, 2014
Micro Finance may be defined as provision of thrift, credit and products of very small amounts to the poor people in rural, semi urban or urban areas, for enabling them to raise their income levels and improve living standards. Microfinance mechanism ultimately support poverty alleviation programme in India. This working paper tries to outline the prevailing condition of the Microfinance in India in the light of its emergence till now. The prospect of microfinance is dominated by SHG-(Self Help Group)-Bank linkage programme. The main aim of microfinance is to provide a cost effective mechanism of credit. This research paper highlights the hierarchy of microfinance institutions, delivery models and major challenges like regional disparity, high rate of interest, uneven growth of credit schemes, lack of insurance services etc. Finally this paper concludes with some suggestions to improve MFIs in India so that they fulfill the intent of their establishment.
Microfinance and Economic Development-The Indian Experience
International Journal of Humanities and Social Science Invention, 2021
Indian microfinance is huge industry to empower low income group and unorganised sector. Now a day microfinance is an alternative of viable business along with social development. At the same time the sector faces huge criticism and challenges from every stakeholders after the Andhra Pradesh crisis in 2010. After 2010, microfinance today is a highly regulated industry with the purpose, segment of clients, size of loans, and even price being regulated. As now it is regulated by the RBI, the political risks are also reduced. There are more than one way to provide a finance to poor people. Self Help Group (SHG) is a main component of microfinance. SHG mainly is a group culture to provide women a financial support or draw them into work force. SHG is a channel through which facility of microfinance reach to every door of marginalised sector. In this project, we want to established how microfinance helps poor peoples and how through SHG microfinance reach to every marginalised people. Our objective is to analyse impact of microfinance as a tool of Economic Development in India.In this project,we basically want to analyse performance of three types of microfinance institutions.These are-i)MFI(Microfinance Institutions) ii)SHG (Self Help Groups)and iii)JLG.(Joint Liability Groups).Datas are collected from RBI and NABARD. Our special focus is on SHG as SHG plays an important role in case of microfinance.In case of SHG,we are focusing on yearwise performance of SHG and SHG under NRLM (National Rural Livelihood Mission).Lastly,we calculate Average number of SHG Per state.In each cases,our time period is from 2010-11 to 2017-18,The details performance of these three types of institutions analysed graphically.We also run a correlation coefficient between performance of SHG and SHG under NRLM to judge whether NRLM is a successful mission or not.
Microfinance -A Tool for Socio -Economic Development in Rural India
Microfinance stands as one of the most promising and cost effective tools which fight against global poverty. The findings from this study suggests that there is rise in the history and perspectives of rural credit in India in form of microfinance and there is need for improved governance to manage challenges for future so that socioeconomic growth is possible. The present paper discusses conceptual framework, development process, growth of SHG linked microfinance programme, types of micro finance services and developmental role of these institutions in rural India. It also focuses on the status of microfinance and provides some policy framework to meet the challenges faced by Indian microfinance. The article traces that the evolution of the microfinance revolution in India as a powerful tool for socioeconomic development in rural India.
AN OVERVIEW OF MICROFINANCE IN INDIA
In a country like India where 70 percent of its population lives in rural area and 60 percent depend on agriculture (according to the World Bank reports), micro-finance can play a vital role in providing financial services to the poor and low income individuals. Microfinance is the form of a broad range of financial services such as deposits, loans, payment services, money transfers, insurance, savings, micro-credit etc. to the poor and low income individuals. The importance of micro-finance in the developing economies like India can not be undermined, where a large size of population is living under poverty and large number of people does not have an access to formal banking facilities. The taskforce on Supportive Policy and Regulatory Framework for Microfinance constituted by NABARD defined microfinance as " the provision of thrift, saving, credit and financial services and products of very small amount to the poor's in rural, semi urban and urban areas for enabling them to raise their income level and improve their standard of living. " (Sen, 2008) Micro-finance is regarded as a useful tool for socioeconomic up-liftmen in a developing country like India. It is expected to play a significant role in poverty alleviation and development. There are two broad approaches that characterize the microfinance sector in India is Self Help Groups (SHGs)-Bank linkage programme and Microfinance Institution (MFIs). In India microfinance is dominated by Self Help Groups (SHGs)-Bank linkage programme aimed at providing a cost effective mechanism for providing financial services to the unreached poor. The present paper aims at identifying the current status and role of microfinance in the development of India.
A Study on Microfinance in India
— Microfinance is a source of fi nance to the poor segments of society. It i ncludes loans, savi ngs, credit, insurance services, money transfer and other basic financial services to the economically weaker section of society. Deli very mechanism incorporates the systems that can be used to ensure that micro finance products reach remote area and poor. It is consi dered as an effecti ve tool for eli minating poverty in Indi a. It provi des credit and other financial services of small amount to the economically disadvantaged segment of society in urban as well as rural areas. Micro finance institutions include N.G.Os, Credit Uni ons, N.B.F.Cs. Cooperati ves and banks. In India, the future of microfinance is largely depending upon the self-help groups (S.H.G.)
IJBEMR
Volume 2, Issue 4 (April, 2011)
ISSN 2229-4848
The Journal of Sri Krishna Research & Educational Consortium
INTERNATIONAL JOURNAL
OF BUSINESS ECONOMICS
AND
MANAGEMENT
RESEARCH
Internationally Indexed & Listed Referred e-Journal
Performance Evaluation of SHGs and Microfinance (Agency-wise) in India
Subir Kumar Chowdhury,Assistant Professor of Commerce
Sonamukhi College, Bankura. West Bengal
Abstract:
Microfinance means building a financial system that serves poor for alleviating their poverty
and enhancing their standard of living. It is an attempt to improve access to small deposits
and small loans for poor household neglected by formal banks. Micro credit started in India
in the early 1980s with small efforts at forming informal SHGs to provide access to muchneeded savings and credit services. Now microfinance sector has grown significantly and
forming SHG strategy has become an integral component of the Govt. of India‟s thought to
reduce the poverty of the country. As a result SHG strategy has been introduced in every
annual plan since 2000. An attempt has been made to examine the growth of performance of
microfinance through SHGs formation.
Key words: Microfinance, SHGs (Self Help Groups), Poverty, Formal Banks, Micro Credits,
Savings.
Introduction:
In most developing countries, poor people are majority of the population. In India, after
independence, the credit delivery in rural areas was mostly confined to co-operatives. In
1969, the Govt. of India nationalized the commercial banks to give boost to the rural finance
through these banks. But objectives of this nationalization failed to extend the credits in rural
areas as desired, mainly due to non-availability of equivalent physical collateral securities
from the poor. In 1999 Govt. of India merged all existing credit programmes providing for
rural sector and launched a new programme (SGSY) to provide credit to poor through banks
to generate self employment through Self Help Groups (SHGs).
Objectives and Methodology of the Study:
This study aims to throw light on present status in number of Self Help Group – Bank
Linkage Programme in India and also the performance of bank agency-wise (Commercial
Banks, Regional Rural Banks and Co-operative Banks) SHG savings, loan disbursements and
loan outstanding. For the purpose of the study, secondary data is collected from annual
reports of NABARD on status of Microfinance in India and from RBI. Simple measurements
viz. percentages, year-on-year growth percentages are used. For better understanding at a
glance, statistical bar diagrams are used.
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IJBEMR
Volume 2, Issue 4 (April, 2011)
ISSN 2229-4848
Review of Literatures:
Ratna Ravikumar (2006) stated that SHG is a small economically homogeneous and affinity
group to poor voluntarily. It is formed to save and contribute a common fund to be Lents to
its members as per group decisions and for working together for the socio economic uplift of
their families and community. SHG is a medium for the development of saving habit among
women. These SHGs take a vital role to rescue the women and enhance the quality of status
of women as participants and decision makers in the economic, social, political and cultural
spheres of life.
Sinha (2006) conducted a study taking 214 SHGs in 108 villages across two northern and two
southern states of the country. He observed in his study that microfinance contributed
significantly in the field of saving and borrowing of the vulnerable section of the society of
the country.
Swain, et al (2007) conducted a study on SHGs and Bank Linkage Prrogramme in India to
judge the impact of microfinance on women empowerment. In his study he gave importance
on two matters to judge the impact, one was change of income level and other was change of
level of vulnerability. He also watched in his study that women taken micro credit have
increased in control, management ability, self confidence in decision making process, greater
awareness and participation in local politics.
Self Help Group:
An SHG is a group of people containing 10 to 20 members and members have the same
social and financial background that meets regularly to discuss issues of interest to them and
to look at solutions of commonly experienced problems. Objectives of SHGs are –
To mobilize the rural savings.
To extend the external and internal credits facilities.
To generate the income and share the same among the members.
To discuss the common problems of rural masses.
To strengthen the spirit of co-operation through social development
To contribute for the growth and development of rural household and cottage
industries.
Microfinance:
Microfinance refers to very small credit facilities provided to the needy and poorest
households of the society. It is an important income generation tool for the poor and
marginalized in the developing countries. The system of microfinance has been viewed as a
powerful tool for uplifting the socio-economic status of the country people who belongs to
the poorer section of the society through group approach with special emphasis on
empowering women. It envisages mobilizing thrift and supplementing it with loan from the
financial institutions. The features of micro credit are –
Credits under microfinance programmes are very small.
Credits under microfinance follow thrifts, i.e., mobilized savings and lend the same.
No collateral securities required for getting credit
Low transaction cost
Shorter repayment periods
Targets for giving credit refer to rural and urban households mainly women
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IJBEMR
Volume 2, Issue 4 (April, 2011)
ISSN 2229-4848
Liberal procedure for processing the delivery of credits
No ceiling in respect of minimum and maximum repayment amounts.
SHG – Bank Linkage Programme (SBLP) In this programme SHGs are directly financed by the banks. This programme is treated as a
cost effective mechanism for providing financial services to the unreached poor. The SBLP
model was introduced in 1991-92 with a pilot project of linking 500 SHGs with banks which
increased to 69.53 lakh at the end of the period 2009-10 and these SHGs accessed credit of
Rs. 6198.70 crore from banks during that period.
There are three models of credit linkage of SHGs with banks.
Model –I SHGs formed and financed by banks :- In this model, banks themselves take
up the work of forming and nurturing the SHGs, opening their savings accounts and
providing them bank loans.
Model – II SHGs formed by formal agencies (other than banks) and NGOs but directly
financed by banks:- NGOs and formal agencies act as facilitators here. They organize, from
and nurture the groups and train them in thrift and credit management.
Model – III SHGs financed by banks through NGOs:- In this model NGOs take on the
additional role of financial intermediate. Here NGOs are encouraged to approach a suitable
bank for lump-sum bank loan assistance.
Performance of SHG-Bank Linkage in India:
Table – 1 SHGs linked with Banks in India (2005-06 to 2009-10)
Year
Number of SHGs
Growth in Percentage
2005-06
2238565
-
2006-07
2924973
30.66
2007-08
5009794
71.28
2008-09
6121147
22.2
2009-10
6953250
13.6
Source: NABARD reports of respective year.
Growth of Self Help Groups in India is shown in the above Table-1. In the year 2005-06,
2238565 SHGs were linked with the banks and it was increased to 6953250 in number in the
year 2009-10. In the year 2006-07 the number of SHGs has been increased by 30.66% against
the previous year 2005-06 and also the positive growth of the period 2007-08, 2008-09 and
2009-2010 were71.28%, 22.2% and 13.6% respectively. So there is a trend with high growth
rate to form SHG and to link with banks.
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IJBEMR
Volume 2, Issue 4 (April, 2011)
ISSN 2229-4848
Savings of SHGs with Bank – Agency-wise
From the table-2, it is clear that the savings amount with the banks have been increased
during the period. At the end of the period 2009-10, Commercial Banks (CBs) lead in savings
with a
Table: 2 Agency-wise SHGs savings in India (2007-08 to 2009-2010)
Year
2007-08
Particulars
No. of SHGs
Bank Agencies
Total
Commercial
Banks
Regional Rural
Banks
Co-operative Banks
2810750
(56.1)
1386838 (27.7)
812206
Growth/
Performance
5009794
(100)
(16.2)
Amount (in Rs.
Crore)
2077.73
(54.9)
1166.49 (30.8)
541.17
3785.39
(100)
-
(14.3)
2008-09
No. of SHGs
3549509 (58)
1628588 (26.6)
940305
6121147
(100)
(15.4)
Amount (in Rs.
Crore)
2772.99
(33.5)
1989.75 (35.9)
782.88
5545.62
(100)
40.49
(14.1)
2009-10
No. of SHGs
4052915
(58.2)
1820870 (26.1)
1079465
6953250
(100)
(15.5)
Amount (in Rs.
Crore)
3673.89
(59.2)
1299.37 (20.9)
1225.44
6198.70
(100)
11.78
(19.7)
Source: Microfinance in India, NABARD. Figures in parentheses indicate percentage.
total of Rs. 3673.89 crore followed by Regional Rural Banks (RRBs) with Rs. 1299.37 crore
which is closed to Co-operative Banks. Following figure-1 (Bar Diagram) represents the
growth (+ve or - ve) of each agency in the given three years. Overall growth in savings for
the period 2008-09 is 40.49 percent and for the period 2009-10 is 11.78 percent.
Fig. – 1 (Savings of SHGs)
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IJBEMR
Volume 2, Issue 4 (April, 2011)
ISSN 2229-4848
Credit Disbursed by the Banks - Agency-wise
Table: 3 Agency-wise Credit delivered to SHGs in India (2007-08 to 2009-2010)
Year
2007-08
Particulars
No. of SHGs
Amount (in Rs.
Crore)
2008-09
No. of SHGs
Bank Agencies
Total
Commercial
Banks
Regional Rural
Banks
Co-operative Banks
735119
(59.9)
327650 (26.7)
165001
1227770
(13.4)
(100)
793.52
8849.26
(8.9)
(100)
199430
1609586
(100)
5403.90
(61.1)
1004587
(62.4)
2651.84 (30)
405569 (25.2)
Average
credit
per
group
(in
Rs.)
and
their growth
72075
(12.4)
Amount (in Rs.
Crore)
2009-2010
No. of SHGs
Amount (in Rs.
Crore)
8060.53
(65.8)
977521
(61.6)
9780.18
(67.7)
3193.49 (26.1)
376797 (23.7)
3333.20 (23)
999.49
12253.57
76128
(8.1)
(100)
(5.62)
232504
1586822
(14.7)
(100)
1339.92
14453.30
91083
(9.3)
(100)
(19.6)
Source: Microfinance in India, NABARD. Figures in parentheses indicate percentage.
Table-3 presents credits disbursed to SHGs for three years periods from 2007-08 to02009-10.
In the initial study period 2007-08, the relative share of CBs, RRBs and Co-operative Banks
are 61.1 percent, 30 percent and 8.9 percent respectively. In the terminal period 2009-10
share of CBs, RRBs and Co-operative Banks are 67.7 percent, 23 percent and 9.3 percent
respectively. Thus CBs and Co-operative Banks increased their shares but RRBs lost her
share. And, also there is a trend in positive growth in per group credit amounts. The
following Fig-2 represents the growth of each formal agency among the study periods.
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IJBEMR
Volume 2, Issue 4 (April, 2011)
ISSN 2229-4848
Bank Loan Outstanding - Agency-wise
Table: 4 Bank Loan Outstanding - Agency-wise (2007-08 to 2009-2010)
Year
2007-08
Particulars
No. of SHGs
Bank Agencies
Total
Commercial
Banks
Regional Rural
Banks
Co-operative Banks
2378847
(65.6)
875716 (24.2)
371378
Average loan
outstanding
(in Rs.)
3625941
(100)
(10.2)
Amount (in Rs.
Crore)
11475.47
(67.5)
4421.04 (26)
1103.39
16999.90
(100)
46884
(6.5)
2008-09
No. of SHGs
Amount (in Rs.
Crore)
2831374
977834
415130
(67.1)
(23.1)
(5.8)
16149.43
(71.2)
5224.42 (23)
1306.00
4224338
(100)
22679.85
(100)
53689
(5.8)
2009-2010
No. of SHGs
3237263
(66.7)
1103980 (22.8)
510113
4851356
(10.5)
Amount (in Rs.
Crore)
20164.71
(72)
6144.58 (22)
1728.99
28038.28
(6)
(100)
57795
Source: Microfinance in India, NABARD. Figures in parentheses indicate percentage.
Table-4 represents that in case of loan outstanding, CBs also captured first place and
followed by RRBs and Co-operative Banks. Agency-wise year to year outstanding loan
amounts are shown by the following diagram. An increasing trend in average loan
outstanding per group is observed. If this trend continues, it may creat fund problem on part
of banks.
Fig – 3 (SHGs loan outstanding)
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IJBEMR
Volume 2, Issue 4 (April, 2011)
ISSN 2229-4848
Findings:
CBs and RRBs combined share 70 percent in SHGs savings in 2009-10
CBs alone hold a predominated share in bank loan disbursement and in bank loan
outstanding which are 67.7 percent and 72 percent respectively at the end of the
period 2009-10.
Average amount of loan outstanding is increasing, which may reflect a bad impact on
fund.
RRBs exhibit a down trend in share of credit disbursement.
Conclusion:
Microfinance has been identified as a way to alleviate poverty and to empowerment. The
SHGs – Bank Linkage Programme is the largest micro credits and micro savings programme
of its kind in the world and unique in India. To form SHGs and provide credits through
formal banking institute is a gradual and constant process, but poor people should build their
mindset for taking additional efforts willingly for their overall development. SHGs have the
potentiality to have an impact on empowerment. To achieve the desire result on account of
socio-economic development of the vulnerable section of the society, the financial services
should be more inclusive. The policy makers should emphasize on increasing the quality of
financial services to serve large number of people and lowering costs to both clients and
financial service providers.
Sen, A, (1998), „Social Exclusion an Alternative Concept for the Study of Deprivation‟, IDS
Bulletin, No.1
Nayak,p. and Mahanta, B (2009), „Women Empowerment in India‟, MPRA Paper No. 12685,
retrived from: http://mpra.ub.uni-muenchen.de/12685
Hashemi, S. M., Schuler, S. R. and Riley, A. P. (1996) Rural credit programs and women‟s
empowerment in Bangladesh, World Development, 24(4)
Pitt Mark M.(2003), “ Empowering Women with Micro Finance”, Journal of Economic
Development and Cultural Change 54(4); 759-831
Sinha,F.(2006), “ Social Rating and Social Performance Reporting in Microfinance: Towards
a Common Framework”, The SEEP Network.
Ratna Ravikumar (2006), “A Premier on Micro-finance. The Paradox of Plenty in Poverty”. Journal
of Chartered Accountant, 54(11): 1631-1633
Pitt Mark M.(2003), “ Empowering Women with Micro Finance”, Journal of Economic Development
and Cultural Change 54(4); 759-831
Swain, R. and Wallentin, F. Y. (2007) „Does Micro finance empowerment women/ Evidence
from India‟ Department of Economic Working paper
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