Magazine 2012
Micro-Finance in India
and Maharashtra
Dr. Harshada Rathod
Principal, Maniben Nanavati Womenb s College,Mumbai.
Introduction: Micro-Finance (MF) is the provision of a broad range of financial services, such as, deposits,
loans, bill payment services, money transfers, and insurance to poor and low-income households and their
micro enterprises. In the development paradigm, MF has evolved as a need-based programme to cater to the
neglected groups of society, especially the poor, deprived, rural women. The basic idea of MF is that; if poor
people are provided access to financial assistance, including credit, they may be able to start or expand a
micro-enterprise that will allow them to break-out of poverty. MF has become one of the most effective
interventions for economic empowerment of the poor.
MF sector has traversed a long journey from micro-savings to micro-credit and then to micro-enterprises and
now entered the field of micro-insurance, micro-remittance and micro-pension. This gradual and evolutionary
growth process has given a great opportunity to the rural poor in India to attain reasonable economic, social
and cultural empowerment, leading to better living standard, improved quality of life for the participating
households. Financial institutions in the country have been playing a leading role in the MF programme for
nearly two decades now. They have joined hands proactively with informal delivery channels to give MF that
has registered an impressive expansion at the grass root level.
Since 2006-07, NABARD has been compiling and analyzing the data on progress made in MF sector, based on
the returns furnished by Commercial Banks (CBs), Regional Rural Banks (RRBs) and Co-operative Banks operating
in the country. The Banks operating, presently, in the formal financial system comprises Public Sector CBs (27),
Private Sector CBs (22), RRBs (82), State Co-operative Banks (31) and District Central Co-operative Banks
(
370). Most of the Banks participating in the process of MF have reported the progress made under the
programme.
This paper is divided into seven sections.
Section I gives information on Growth of Micro-Credit Institutions.
Section II presents Overall Progress of MF in India between 2007-08 and 2009-10.
Section III examines Micro-Credit by MF Institutions.
Section IV furnishes information on Financial Support and Promotional Efforts of NABARD.
Section V provides data on the Informal Credit Delivery System in Maharashtra.
Section VI shows the MF Profile of Thane District and Prospects for the year 2011-12.
Section VII Conclusions
Section 1
Growth of Micro-Credit Institutions: A pilot project for purveying micro-credit by linking SHGs with Banks was
launched by NABARD in 1991-92 with a view to facilitating smoother and more meaningful banking with the
poor. The Reserve Bank of India (RBI) has been advising CB to actively participate in this linkage programme.
The scheme has since been extended to RRBs and Co-operative Banks. In India, there are three models of
linking SHGs and Banks.
Model I, provides all assistance directly to SHGs without any intervention or facilitation by NGOs.
Model II, provides all assistance directly to SHGs with facilitation by NGOs or other formal agencies
Model III, provides all assistance through NGO, as facilitator and financing agency.
While the SHG-BPL (Below Poverty Line) has surely emerged as the dominant MF dispensation model in India,
other models too have evolved as significant MF providing channel.
B7
An Intermediate Model works on banking principles which focuses on both savings and credit activities
and banking services are provided to the clients either directly or through SHGs;
(43)
B7
There is a Wholesale Banking Model where the client comprises of NGOs, MFI and SHG Federations.
This model involves a unique package of providing both loans and capacity building support to its partners;
and
b "
Further, there is an Individual Banking-based Model that has its client as individuals or b joint liability
groupsb . While programme management and client appraisal in it may be a challenge, this model is best suited
to lending to enterprises.
Government of India, vide its notification dated August 29, 2000, has included b Micro Credit / Rural Credit;b in
the list of permitted Non-Banking Financial Company (NBFC) activities for being considered for Foreign Direct
Investment (FDI)/ Overseas Corporate Bodies (OBC) / Non-Resident Indian (NRI) investments to encourage
foreign participation in micro-credit projects. This covers credit facility at micro level for providing finance to
small producers and small micro enterprises in rural and urban areas.
Section II
Status of MF in India:
The year 2005 was celebrated as b The Year of Micro-Financeb . The concept of MF has been introduced in India
around 1970. The real impetus was provided by Union Finance Minister in his Budget Speech by announcement
of MF Development Fund of Rs. 100 crore in the year 2000-01.
Table 1 gives the overall progress under the SHG-BPL between 2007-08 and 2009-10. It can be seen from the
Table that savings with Banks increased from Rs. 3785 crore to Rs. 6198 crore by 2009-10. Bank loan disbursed
to SHGs during this period rose from Rs. 8849 crore to Rs. 14453 crore b a rise of nearly 80 per cent. Bank loan
outstanding with SHGs were higher than other two indicators namely savings of SHGs with Banks and Bank
loans disbursed to SHGs during this period.
Table: 1
Overall Progress under MF SHG-Bank Linkage Model
(
2007-08 to 2009-10)
Rs. crore)
Self Help Groups
2008-09
Amount No. Amount No.
(
2
007-08
% Growth (2008 -09)
2009-10 % Growth (2009-10)
With Banks
No.
Amount No. Amount No.
Amount
11.8
Savings
as on
Total
SHGs 5009794
3785.4 6121147 5545.62
809.51 1505581 1563.38
22.2
25.1
46.5
93.1
6956250 6198.71
1693910 1292.62
13.6
12.5
3
1
of
March
which 1203070
SGSY
(17.3)
Loans
Total
disbursed SHGs 12277770 8849.3 1609586 12253.5
31.1
7.3
38.5
8.5
1586822 14453.3
267403 2198.00
(1.4)
1.0
17.9
9.1
during
of
the year
which 246649
SGSY
1857.7 264653
2015.22
Loans
Total
outstanding SHGs 3625941
17000 4224338 22679.8
4816.9 976887 5861.72
16.5
6.5
33.4
21.7
4851356 28038.3
1245394 6251.08
14.8
27.5
23.6
6.6
as on of
3
1 March which 916978
SGSY
Source: Status of Micro Finance in India: 2009 b 2010, NABARD
SGSY: Swarna Jayanti Gram Swarojgar Yogana
Table 1 MFI-Bank Linkage Model revealed that Bank loans outstanding with MFI increased from Rs. 2,748 crore
in 2007-08 to Rs. 10,147 crore in 2009-10 b an almost four-fold increase. Bank loans disbursed to MFIs also
increased four-fold.
(44)
Table: 2
MFI-Bank Linkage Model
(2007-08 to 2009-10)
(
Rs. crore)
Micro Finance Institutions
2
007 -08
2008 b 09
% Growth (2008 -09)
2009 -10
% Growth (2009 -10)
Bank Loans
No. Amount No. Amount No.
Amount No Amount No. Amount
Disbursed during the year 518 1970.15 581 3732.33 12.2% 89.40% 691 8062.74 18.9% 116.0%
outstanding as on 31 March 1109 2748.84 1915 5009.09 72.7% 82.20% 1513 10147.5 (21%) 102.6%
Note: Actual number of Micro-Finance Institutions provided with Bank loans would be less as several Micro-
Finance Institutions could have availed loans from more than one Bank
Source: Status of Micro Finance in India: 2009 b 2010, NABARD
In addition, to the SHG-Bank Linkage model and MFI-Bank Linkage model (Table 2), Small Industries
Development Bank of India (SIDBI) has also supported MFIs. The details for the year 2009-10 are presented in
Table 3 shows that Rs. 2,666 crore has been disbursed and Rs. 3,808 crore is outstanding.
Table: 3
MFI-SIDBI Linkage Model (2009-10)
Micro-Finance Institutions
Loans by SIDBI
Number
88
Amount Rs. crore
2665.75
Disbursed during 2009 -10
Outstanding as on 31st March 2010
Source: Status of Micro Finance in India: 2009 b 2010, NABARD
146
3808.2
Coverage of Women SHGs: The details of total number of women SHGs Savings-Linked, Credit-Linked and
Loans Outstanding for the last two years is given in Table 4. It is interesting to note that the percentage of
women SHGs to total SHGs and three other indicators namely, savings linked SHGs, loan disbursed and
outstanding accounted between 75 per cent and 80 per cent. This clearly shows womenb s empowerment
through SHGs-Bank loan model.
Table 4
Position of Women SHGs
2008-09 and 2009-10 (Rs. crore)
ParticularsCategory
Year
Total SHGs
Exclusive
Share of
Women SHGs
Women SHGs
to total SHGs (%)
No.
31.03.2009 6121147
1.03.2010 6953250
Amount
5545.62
6198.71
12253.51
14453.3
22679.84
28038.28
No.
Amount
4434.03
4498.66
10527.38
12429.37
18583.54
23030.36
No
Amount
80.0
Saving linked SHGs
Loans disbursed
4863921
5310436
1374579
1294476
3277355
3897797
79.5
76.4
85.4
81.6
77.6
80.3
3
72.6
2008 -09
009 -10
1609586
1586822
85.9
2
86.0
Loans Outstanding
31.03.2009 4224338
1.03.2010 4851356
81.9
3
82.1
Source: Status of Micro Finance in India: 2009 b 2010, NABARD
It is seen that, of the total number of savings-linked and credit-linked SHGs, exclusive women SHGs with Banks
formed 76.4 per cent and 81.6 per cent, respectively. Further, the percentage of loans outstanding of exclusive
(45)
women SHGs to loans outstanding of total SHGs which was 81.9 per cent as on 31 March 2009 increased to
2.1 per cent as on 31 March 2010.
8
Section III
Micro Credit by Micro-Finance Institutions: MFIs are playing an important role as financial intermediaries in the
MF sector. The MFIs operate under various legal form viz.,
b "
NGO Micro-Finance Institutions, Registered under The Societies Registration Act, 1860 and / or Indian
Trust Act, 1880
b "
Co-operative MFIs, Registered under The State Co-operative Societies Act or Mutual Aided Co-operative
Societies Act (MACS) or Multi-State Co-op. Societies Act, 2002
b "
b "
NBFC MFIs incorporated under Section 25 of The Companies Act, 1956 (not for profit)
NBFC MFIs incorporated under The Companies Act, 1956 and Registered with The Reserve Bank of India.
Following the RBI guidelines issued vide its circular, dated 18 February 2000, to scheduled CBs including
RRBs, MFIs have been availing bulk loans from Banks for on-lending to groups and other small borrowers. The
data received from Banks for the year 2009-10, showed SIDBI, 21 Public Sector Commercial Banks, 14 Private
Sector Commercial Banks, 4 Foreign Commercial Banks, 7 RRBs and one Co-operative Bank had respectively
financed Micro-Finance Institutions, for on-lending to groups and other small borrowers, to promote MF activities.
Based on the MIS, during 2009-10 Banks have financed to 691 MFIs with Bank loans of Rs. 8062.74 crore as
against 581 MFIs with Bank loans of Rs. 3732.33 crore during 2008-09, representing growth rate of 116.5 per
cent in Bank loans disbursed. As on 31 March 2010, the outstanding Bank loans to 1513 MFIs was Rs. 10147.54
crore as against Rs. 5009.09 crore to 1915 MFIs as on 31 March 2009, showing doubling of outstanding Bank
loan over the previous year.
Further during the year 2009-10, SIDBI had financed 88 MFIs with financial assistance of Rs. 2665.75 crore and
loan outstanding against 146 MFIs as on 31 March 2010 was Rs. 3808.20 crore. As such, the total exposure of
st
Banks and financial institutions to MFIs as on 31 March was to the tune of Rs. 13955.74 crore
The progress under Micro-Finance Institution-Bank Linkage Programme, for the year 2008-09 and 2009-10, is
given in the table below:
Table 5
Bank Loans provided to MFIs ((Rs. Crore)
(2008-09 and 2009-10)
Agency
Year
Amount of loan
disbursed to NGOs /
Micro-Finance
Institutions
Loan Outstanding Range of
against NGOs / MFIs Recovery
as on 31 March
of loans (%)
No. of
No. of
Micro-Finance
Institutions
Amount
Micro-Finance Amount
MicInstitutions
CBs (Public , Private
and Foreign Sector)
2008 -09
2009 -10
522
645
23.5
59
3718.9
8038.6
116.2
13.40
24.14
60.1
1762
1407
(20.1)
153
103
(32.7)
0
4977.89
10095.32
102.8
31.20
52.22
67.4
70 - 100
80 - 100
%
growth
RRBs
2008 -09
87 - 100
100
2009 -10
46
%
growth
(22)
0
Co-operative Banks
2008 -09
0.00
0.00
NA
90
2009 -10
0
0.00
3
0.007
NA
%
growth
NA
NA
NA
NA
(46)
Total
2008 -09
581
691
18.9
88
3732.3
8062.7
116.5
1915
1513
(21.0)
146
500
101
9.09
2009 -10
47.54
%
growth
102.6
3808.20
SIDBI
2009 -10
2009 -10
2665.8
NA
Total of all Banks and
SIDBI to Micro-
Finance Institutions
779
10728.49
1659
13955.74
Source: Status of Micro Finance in India: 2009 b 2010, NABARD
Note: Actual number of MFIs provided with Bank loans would be less as several MFIs had availed loans from
more than one Bank.
N.A.-Not Applicable / Not Available
Section IV
Financial Support and Promotional Efforts by NABARD
NABARDb s Refinance Support to Banks:
NABARD provides refinance support to Banks to the extent of 100 per cent of the Bank loans disbursed to
SHGs. The total refinance disbursed to Banks against Banksb loans to SHGs during 2009-10 was Rs. 3173.56
crore, i.e. a growth of 21.1 per cent from Rs. 2620.03 crore in 2008-09. Further, the cumulative refinance
disbursed under SHG-BLP by NABARD to Banks upto 31 March 2010 stood at Rs. 12861.65 crore.
Scenario of SHGs and Womenb s Employment in Maharashtra
Several studies from Maharashtra have concluded that SHGs have led to womenb s empowerment in the state.
The conclusions drawn by the project completion review report of the Maharashtra Rural Credit Project were
that women perceived a huge difference in their lives, and their self confidence, and mutual help as a result of
the project. There was no backlash from male family members, even when women become vociferous about
their demands (such as agitation against use of alcohol by men) because the whole family has benefited as
women gained financial independence. However, traditional roles within the households still predominated
(IFAD 2003).
The study of SHGs in Dharni taluka of Melghat by Thekkekara (2012) concluded that the participation of women
in SHGs did lead to womenb s empowerment, increase in their mobility, better treatment by family members,
and greater participation in the public space. however, though a majority of women stated that either there was
no violence by their husbands or that violence by their husbands had declined after loan taking, a significant
number (7.7% of women form Running groups and 16% of women from Closed groups) stated that violence by
their husbands had increased after loan taking. As there were instances of losses to families due to the death of
uninsured milch animals purchased by means of loans, the loan repayments in such cases came from the
wages of the women and would naturally lead to tension in households. there were also defaults in loan
repayment which had the potential of creating disputes about repayment of loans.
Case Studies by ten researchers on SHGs promoted by MAVIM in Maharashtra (Parthsarathy et.al., 2011)
examined the issues of 1) womenb s economic development due to their participation in the SHG programme; 2)
their resultant assimilation into the local governance structure; and 3) their involvement in community mobilization
and social transformation. SHGs were seen to make villages like Khusari in Bhandara district free of money
lenders, by means of timely loans at a lower interest rate from the SHGs. The loans helped vulnerable families
to cope with distress situations caused by ill-health, loss of work or crop failure. Women from the backward
Scheduled Caste community were seen to benefit more from these interventions, leading to the social upliftment
of the community. SHGb s also enabled women to come together and elect women Sarpanchas, on the seats
rd
th
reserved for women under the 73 and 74 constitutional amendments. The case studies also cite instances of
community mobilization by SHGs such as the formation of grain banks and the implementation of the total
sanitation campaign.
Section V
Informal Credit Delivery System in Maharashtra
(47)
i.
The genesis of the SHG-BLP has its origin in the felt-need, for a sub-system, to provide hassle-free
Banking services, to the rural poor, in a sustainable and cost effective manner. Over a period of 15 years
since introduction of the SHG-BLP, it has emerged as the largest MF outreach programme in the World.
That the programme is the most cost-effective and fastest growing MF world over. This initiative can be
seen from the phenomenal growth in terms of coverage of the large number of rural poor families and the
financial support to the hitherto unreached poor. As on 31 March 2010, the cumulative coverage of poor
families had gone above 63.60 lakhs with the credit linkage of 4,23,987 SHGs in Maharashtra.
ii.
SHG BLP in Maharashtra has been continuously witnessing significant growth since the last three years
and has maintained the tempo further during the year 2009b 10. As many as 48,568 new SHGs were credit
linked with Bank loan of Rs. 18,134.80 lakh. Cumulatively, 4,23,987 SHGs have been credit linked in the
State as on 31st March 2010.
iii.
One of the important indicators of sustainability of the programme is the flow of repeat finance to the
existing or nurtured SHGs. During the year 2009-10, Banks in Maharashtra provided repeat finance to the
tune of Rs. 21,432.02 lakh to 31,704 existing SHGs. A comparative position of financing of SHG between
2
005-06 and 2009-10 is given in the following table 3.11:
Table No. 6
Comparative position of Financing of Micro Finance
2
005-06 to 2009-10 (Rs. lakh)
Year
No. of new
SHGs financed
Bank Loan No. of SHGs Bank Loan Total Finance
(Rs. Lakh) provided with (Rs. Lakh) (Column 3 + 5)
repeat finance
(1)
(2)
(3)
(4)
(5)
(6)
2005-06
2006-07
2007-08
2008-09
2009-10
60,324,
94,386
100,569
48,145
48,568
13,083.56
21,332,.64
25,896.40
13,954.72
18,134.80
10,008
19,382
32,093
22,668
31,704
4,092.07
8,410.06
12,054.08
11,535.17
21432.05
17,175.63
29,742.70
37,950.48
25,389.89
39,566.85
Source: Status of Micro Finance in India: 2009 b 2010, NABARD
Section VI
Micro-Finance profile of Thane district:
i.
As on 31 March 2010, 8,209 SHGs (excluding SGSY groups) have been linked with the banking sector in
the district, of these 1,895 groups were linked during the year 2009-10 with Bank loan of Rs. 469.95 lakh.
ii.
Repeat finance was provided to 533 SHGs to the tune of Rs. 361.36 lakh during the year 2009-10.
Table No. 7
Micro Finance Profile of Thane District
(Number)
Total blocks in the district
Blocks where SHGs exist
15
15
Blocks were SHGs are credit linked
NGOs in the district
15
21
NGOs participating in linkage programme
NGOs to be roped in during the year
SHGs in the district
6
2
19313
8209
Coop
SHGs credit linked
Particulars
CBs
RRB
(48)
Total Bank Branches
550
153
65
20
19
19
-
83
60
77
-
Total Semi Urban and Rural branches
Of which branches participating in the programme
Additional branches proposed to be roped in
20
1
.6.1 NGOs in the district:
A good number of NGOs are functioning in the district focusing their activities on the issues related to health,
hygiene, literacy, women empowerment, microb credit, watershed development, etc. These agencies need to
be encouraged for taking up micro credit activities.
1.6.2 Estimates for the year 2011-12:
In view of the factors mentioned above, as also the existence of good NGOs, there exists enough potential for
expanding the SHG-BLP. It is estimated that 2000 additional SHGs can be credit linked during the year 2011b
1
2, as per the details given below:-
Table 8
Expected Additional SHG-Bank Linkage Programme
011-2012
Expected to be formed and credit linked
2
Sr. No.
Agency
Commercial Banks
Maharashtra GB
Thane DCCB
Total
1
2
3
800
200
1500
2500
1
.6.3 Strategy / Action Plan:
a)
Long-term objective of SHG-BLP will be to ensure that one woman from every household in rural area
joins the SHG and all the SHGs are credit linked. This is to be achieved within a period of three years. A
rough estimate of the number of SHGs required to be formed and credit linked so as to achieve the
mission that every household in rural areas is covered under SHG is worked out as under:
Table 9
Estimate of SHGs to be Formed and Credit Linked
1
2
3
4
5
6
Population of the district
Rural Population
81 lakhs
22 lakhs
4,40 lakhs
29,333
No. of households (2 above / 5*)
No. of SHG required (3 above / 15**)
No. of SHGs already linked
Balance (4-5)
11620 @
17713
Note: * Rural Population C7 average members per household i.e. .5
*
*
* No. of household C7 average members per SHG i.e. .15
** 8209 (under SHG) + 3411 (under SGSY) = 11620
b)
i.
As may be seen from the above, there is still a potential for more than 17,000 SHGs to be credit linked.
To cover all households in rural areas under SHG linkage programme in the next three years, yearly 6,000
SHGs are required to be linked every year. To achieve this the following strategy is suggested:
Involvement of more number of NGOs under addb on activity support programme for promotion of quality
SHGs.
ii.
Encouraging use of IRVs and Farmersb Clubs for promotion of SHGs.
iii.
Ensuring balanced growth of SHG-BLP in all regions and intensifying efforts in the area where the progress
is slow.
(49)
iv.
v.
Credit Linkage of SHGs by DCCB, as a large number of matured SHGs are available with them.
Capacity building of SHGs for ensuring quality of books of accounts.
Graduation of SHGs from micro credit to micro enterprises.
vi.
vii.
Encouraging Federations of SHGs for ensuring their long-term sustainability.
viii. Encouraging MFIs to take up Financial intermediation.
c)
NABARD had sanctioned assistance under SHPI for formation and credit linkage of 500 SHGs to Thane
DCCB, 255 SHGs to Maharashtra GB (erstwhile Thane GB), 200 SHGs to Gramin Mahila va Bank Vikas
Mandal (NGO), 100 SHGs to Sramik Janata Vikas Sanstha and 200 SHGs to Parivartan Mahila Sanstha.
Another project of 100 SHGs submitted by SHED is under consideration.
d)
Formation of Federations of SHGs by DRDA and NGOs at different levels is in progress in the district.
DRDA has formed and registered 78 such clusters at village level with average membership of 12 to 15
SHGs in each federation. BAIF-MITRA NGO has formed one federation of 280 SHGs at Jawhar, Prasad
Chikitsa NGO at Ganeshpuri has formed 6 federations on a cluster basis with average membership of 12
SHGs in each cluster. The main objective of formation of these federations is to provide guidance to SHG
members. No federation has taken up financing activity till date.
1.6.4 Development Initiatives by women:
i.
Women contribute immensely to the enrichment of family resources without getting due recognition for
their contribution. In India, they contribute almost 50 per cent of the total population and make up one-
third of the labour force. Bringing them into the mainstream through various economic activities by
meeting their small, cyclical and micro credit needs and adoption of appropriate strategies and approaches
by the institutional agencies is therefore needed so as to make them equal partners in development.
ii.
In Thane district, of the total population of 81.32 lakh as per 2001 census, the number of females was
7.54 lakh. Women in the district contribute substantially to the economy of the district. Women are
3
found to be engaged in farming activities. About 95 per cent of the 19,000 SHGs have been formed
exclusively of women in rural areas. A few NGOs are also engaged in promoting women SHGs. More
Banks need to come forward to finance women beneficiaries in a big way.
Section VII
1
.7 Strategy / Action Plan:
i.
Banks and Government departments should adopt micro credit activities as a thrust activity and Banks
should accept it as a bona fide business proposition.
ii.
Banks / NGOs/ Government Departments should take lead to work as a Self Help Promotion Institutions
SHPIs) under NABARDb s SHG-BLP.
(
iii.
iv.
Banks should organize / conduct sensitization training workshops for their officials with the help of
NABARD/ NGOs. Exposure visits may also be arranged to SHGs with good working
Banks may explore the possibilities of collaborating with the existing NGOs, which can be encouraged
to expand their activities in the service area of the Bank.
Conclusions: In this paper gives detailed account of MFb s Institutional structure and its growth in India. Since
006-07, NABARD has been compiling and analyzing data on the progress made in MF sector based on the
2
returns furnished by CBs, RRBs and Co-operative Banks. In India three MF-SHG-BLP are in operation. Of the
three Models, the first model of SHG-BLP has emerged as the dominant MF dispensation Model in the country.
Status of MF in India depicts overall progress under the two models such as SHG-BLP model and MFI-BLP
Model financing during the period 2007-08 to 2009-10 covered by Table 3.1 to 3.5. These Tables cover various
issues of MF, such as, SHG-BLP, MFI-BLP, role of SIDBI, coverage of Women SHGsb savings with Banks, Bank
loan disbursement to SHGs, Bank loan Outstanding against SHGs, NPA of SHGs, Bank recoveries and NABARD
Refinance. The above mentioned indicators reveal significant growth of SHG-BLP.
Maharashtra Governmentb s policy revealed that it has been pro-active in promoting policies for womenb s
development and empowerment. To Implement the concept of Women Empowerment the Mavin was founded
in 1975 by the Government of Maharashtra. Since introduction of SHG-BLP it has emerged as the largest MF
outreach programme in our country.
(50)
Profile of SHG financing in Thane District and prospect for 2011-12 reveal that additional SHGs of 2500 are to
be set up and for that strategy and action plan is already in operation.
References:
1
2
3
.
.
.
Dr. Thekekara T.P. (2012); The Role of Women in Microfinance Economic Digest Vol. XI No. 05 March,
012.
2
Lazar D, Pondicherry P. (2008) ed. Micro Finance and Poverty Eradication, News Delhi, New Century
Publications.
Sinha Franles (2005); Access Use and Contribution of Micro Finance in India. Finding from a National
Study.
4
5
.
.
Website of NABARD
Parthsarathy, D. Thekkekara, T.F. and Poonacha, V. (2011), Womenb s Self Help Groups, Restructuring
Socio- Economic Development, New Delhi, Dominant Publishers.
6
7
8
.
.
.
IFAD (May 2003): Maharashtra Rural Credit Project, Project Completion Review Report, Rane: IFAD.
Website of Thane District.
Rathod Harshada (2012): Women Empowerment Through Micro Finance: Major Research Project, UGC
New Delhi.
(51)