Synopsis

The name of the topic

Microfinance reaching poor through SHG-Bank linkage model; A study of the

Udaipur and Banswara Districts of Rajasthan.

Submitted to, Submitted by,

Prof. Sunita Agrawal Veena Baghel (Research scholar)
Pacific University (PAHER) society
Udaipur (Rajasthan)

Dated on- 17/04/2011

 Synopsis

Introduction

The provision of microfinance is becoming a mainstream development intervention for

poverty alleviation and empowerment of the poor. Micro-Finance is refers to - small savings,
credit and insurance services extended to socially and economically disadvantaged segments
of society, for enabling them to raise their income levels and improve living standards. The
main aim of Micro-Finance is too provide loan to the poor people or to below poverty line,
who are not able borrow from other sources and to make their living standard better. The
Micro finance policies enable them to contribute in the growth process significantly in terms
of output, income, employment and consumption and sustainable development. Micro
finance is operated through small groups ranging from five to twenty, group members to
ensure group solidarity and effectiveness with homogeneity in socio economic conditions and
levels of living, group can equip the poor to access financial services on easy terms and
conditions with mutual support and trust.

Introduced by Muhammad Yunus in Bangladesh in the 1970s, Micro finance business has
grown from a small program into a world wide movement today. Major objective of extending
the loans is to alleviate poverty by creating jobs and incomes, build asset bases of their clients
to manage and cope up with risks. Microfinance programmes are also expected to empower
women clients by improving their decision-making roles and self-esteem, among others.
Almost two-thirds (42%) of India's population does not have access to formal Banking
services. In the absence of formal access to financial services, the poor have no choice and
were exploited by local money lenders with exorbitant interest rates ranging from 30 to 120%.

SHGs are proving to be the most effective instruments for financial inclusion. ‘It is a well
known fact that every individual, how so poor s/he may be, has potential to save. SHGs
became effective instruments in realizing that potential. SHGs have inculcated the saving
habit among the poor, SHG saving amounts and their corpuses are growing at very high rate
year after year. SHGs have also proven to be a profitable business for rural and semi-urban
bank branches - banks consider lending to SHGs as a business opportunity. With over 95% of
recovery and aggregated transactions (one SHG means 10 to 20 individual members). It is a
unique model with many challenges and many more opportunities. “A Self-Help Group (SHG)
is a registered or unregistered group of micro entrepreneurs having homogenous social and
economic background voluntarily, coming together to save small amounts regularly, to
mutually agree to contribute to a common fund and to meet their emergency needs on mutual
help basis. The rural poor are incapacitated due to various reasons, such as; most of them are
socially backward, illiterate, with low motivation and poor economic base but also lacks access
to the knowledge and information, which are the most important components of today‘s

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development process. However, in a group, they are empowered to overcome many of these
weaknesses.

The aim of the SHG programme has been to provide microfinance, i.e., credit plus related
services and also focus on empowerment of the members with emphasis on women. The
operating system of SHGs for mobilization of saving, delivery of credit to the needy,
management of group funds, repayment of loans, in building up leadership, establishing
linkage with banks and examine the social benefits derived by the members. The Function of
SHG is to develop Habits of savings, economic independence, self confidence, social cohesion,
asset ownership, freedom from debt, additional employment, etc. Similarly different
economic activities (collection, processing and marketing of minor forest products, individual
business, goatery, dairy etc.) are undertaken by the SHG members after joining the group.
SHGs are also helping to optimize the utilization of the India's vast formal financial
institutional structure of about 160,000 institutions in the rural areas through linkages with
banks and acting as business correspondents for the banks. The SHG has given the poor
women an identity, access to information, and bargaining power. Micro finance role can be
seen in areas like women empowerment, poverty reduction, financial sustainability at
household level, entrepreneurship development at bottom level, financial literacy
improvement at poorest of poor level, mobilizing resources at bottom and joint liability
development among poor population. SHGs are helping donors and government in
accomplishing their broad goals of poverty eradication and empowerment of women.

There is vast unfulfilled demand for micro finance in India, and the MFI sector has immense
potential and scope to grow, supplement and complement the SHG-Bank Linkage
Programme. Self Help Group (SHG) for providing access to financial services to the needy
people who are deprived of credit facilities, emphasizing more to meet the consumption and
micro-enterprise demands of the poor. With the small beginning as Pilot Programme
launched by NABARD by linking 255 SHGs with banks in 1992, the programme has reached
to linking of 69.5 lakh saving-linked SHGs and 48.5 lakh credit-linked SHGs and thus about
9.7 crore households are covered under the programme, envisaging synthesis of formal
financial system and informal sector. The industry has grown into a $7 bn and expanded at an
average 62% over the past years in terms of customers and 88% in terms of credit. And
around $6.7 bn outstanding loans to 30 million borrowers and has turned into a global
business that links global finance with some of the worlds poorest communities. The micro
lending business in India is bigger than Bangladesh and most of it is financed by banks and is
through savings.

MFIs can serve lot of the poor and the underserved but due to absence of a proper regulatory
framework and supervision mechanism, transaction cost of MFIs, transparency in dealing
with poor clients, effective cost of credit to clients etc. need to be attended to. The challenge

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also lies in developing support with qualified professionals & corporate governance with
promoting innovations in use of technology in delivering credit to the clients. The policy
maker’s attention will lead to exponential growth of the micro finance sector in India (SIDBI-
2008).

Micro finance in India

The Indian microfinance sector is expected to grow nearly ten times by 2011 to a size of about
Rs250 billion from the current market size of Rs27 billion, at a compounded annual growth
rate of 76%. Microfinance in India started evolving in the early 1980s with the formation of
informal Self Help Group (SHG) for providing access to financial services to the needy people
who are deprived of credit facilities, emphasizing more to meet the consumption and micro-
enterprise demands of the poor. The Indian micro finance sector presents a strong growth
story; Indian MFIs have penetrated rural areas and successfully helped the poor women. The
industry is growing at the rate of 50%; India can reach $2 billion mark within two years.
Investment in micro finance is rise due to involvement of capital market and private sector
investors.

Poverty and unemployment are the major problems In India, at the end of ninth five year pan
26.1% of the population was living below poverty line.  In the rural area 27.1% of the
population was living under poverty.  The overall unemployment rate is estimated to 7.32%. 
The female unemployment rate is 8.5%.  The rate of growth of women unemployment in the
rural area is 9.8%.  The key to success lies in the evolution and participation of community
based organizations at the grassroots level led to the emergence of new generation of MFIs.

Micro finance in Rajasthan

The microfinance sectors in Rajasthan, there are Number of Self Help Groups increasing at
22% annually approximately 1.5 lakh self help groups of women. Self-Help Group program
has proved to be a flagship program of the State so far as economic empowerment of women
is concerned. A total of 192689 women SHGs have been formed. Out of these SHGs 147786
groups have been provided loan amounting to Rs.323.32 crores from various financial
institutions. During the year 2009-10, till end December 2009 out of target of 15000 groups
to be formed 18679 groups were formed and 13978 groups have received bank loans. The Self
Help Group approach has become the key strategy for social mobilization, increasing access of
poor to financial services and for livelihoods generation. Subsidies and grants will be used for
building social capital of poor, while the capital for asset creation and working capital for
livelihood strengthening is expected from mainstream financial institutions like Banks. Thus
the growth of sector in Rajasthan will primarily depend on the smooth flow of credit from
banks to SHGs and on the quality of SHGs.

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SHGs have shown impressive growth in savings and total savings of all SHGs in state is about
Rs. 450 Crores by March 2010. While about Rs. 180 crores of SHG savings are in Banks, the
annual credit from banks to SHGs (including SHGs formed under SGSY) is around Rs. 200
crores. Rajasthan is the largest state in India and the peculiar natural, social and economic
features of Rajasthan define the need and scope for a strong microfinance movement. In
terms of availability of credit from RFI the state is among the least privileged
states. Rajasthan, Meghalaya, Orissa, Bihar, West Bengal, Madhya Pradesh, and Gujarat
have been identified by NABARD for having higher potential of increasing SHG outreach by a
lack of concentrated efforts by banks; the inability of banks to identify NGOs with savings and
credit groups; a lack of motivation among bankers; a lack of large sized NGOs with previous
background working with SHGs; and the unsuitability of the approach to the region.

Rajasthan has 21.19 lakh below poverty line households, which stands at 22.81% of total
households in Rajasthan, which is better than the all India average. Access to financial
services plays a very crucial role in economic and social development of people. The change in
income level of beneficiaries; reduction of dependence on moneylenders; increase
expenditure/ investment on children education, health, agricultural inputs, increase in
production and most important the increased awareness and self confidence among poor.
Micro Finance due to its inherent qualities of timely supply of financial services and flexibility
of products can give impetus to potential sectors.

SHG BANK LINKAGE MODEL

The SHG-Bank Linkage model is the indigenous model of micro credit evolved in India as a
successful model, Being a savings-first model, where credit discipline is inculcated in the
group with their own funds, banks have found comfort in lending to such groups as they build
up an adequate corpus of their own funds before they approach the bank for credit. The SHG
members meet at fixed intervals, generally weekly, fortnightly or monthly and collect their
savings of a predetermined amount at these meetings. The pooled savings are then used to
make small interest bearing loans among themselves. The members who borrow the money
have to return the same in weekly, fortnightly or monthly installments at predetermined rates
of interest. The group is solely responsible for determining its periodical saving rate, internal
lending policy as well as interest rates. The linkage of SHGs with the banks proved beneficial
to the financial sectors. It opened up new, large market i.e. low income households whose
transaction costs are low and repayment rates are high. Over the years, SHGs have achieved
remarkable progress in bringing about social and economic enhancement in the life of rural
people.

The SHG – Bank Linkage Programme was started as an Action Research Project was
designed as a partnership model between three agencies, viz., the SHGs, banks and NGOs.

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With the small beginning as Pilot Programme launched by NABARD by linking 255 SHGs
with banks in 1992, the programme has reached thus about 9.7 crore households are covered
under the programme. Self Help Group (SHGs)-Bank Linkage Programme dominates the
micro finance In Indian context for providing financial services to the “unreached Poor “in
meeting financial needs of the rural poor women strengthen collective self help group
capacities of the poor. It is one of the most effective and flexible strategies to fight against
poverty. It is sustainable and implemented on massive scale to respond to urgent needs of
those on less than $ 1 a day -100 million people who are the World’s poorest.

The SHG - Bank Linkage Programme as a core strategy for the banking system to extend their
outreach to the poorest among poor as they tended to come together in a variety of informal
ways for pooling their savings and dispensing small and unsecured loans at varying costs to
group members on the basis of need. The self-help groups (SHG) channel is being positioned
as a cheaper alternative of delivering microfinance compared to MFIs.

The process of linkage of the SHG with a bank begins when the bank opens its savings bank
account. After watching the operations in the account for some time and being satisfied with
the credentials of the group, the bank considers the group for lending purposes at the request
of the group. The group is eligible for borrowing from the bank in a multiple of its savings.
The bank lends to the SHG, which, in turn, gives loans to its members in accordance with the
group’s policy. At this stage the group is said to be credit linked to the bank. In common
parlance, the SHG is stated to be linked to the bank when it avails credit facilities from the
bank. The loan is granted in the name of the SHG and all members of the group are
collectively responsible for the repayments to the bank. These loans have no collateral security
as group cohesion and peer pressure act as security for the bank loan.

Also it is a group of people who pool in their resources to become financially stable by taking
loans from the money collected by that group and by making everybody of that group self-
employed. The group members use collective wisdom and peer pressure to ensure proper end-
use of credit and timely repayment. This system eliminates the need for collateral and is
closely related to that of solidarity lending, widely used by microfinance institutions. To make
the book-keeping simple enough to be handled by the members, flat interest rates are used for
most loan calculations.

The SHG-BLP could be able to expose the rural poor families and especially women of those
families to the banking system. At the same time these families could mobilize savings and
had access to credit & started participating in the development process of the communities.
The SHG - Bank Linkage Programme has been very high on-time recovery.

Different Models of Microfinance;

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SHGs-Bank Linkage Model NABARD is presently operating three models of linkage of
banks with SHGs and NGOs:

Model – 1: In this model, the bank itself acts as a Self Help Group Promoting institution
(SHPI).It takes initiatives in forming the groups, nurtures them over a period of time and then
provides credit to them after satisfying itself about their maturity to absorb credit. About 16%
of SHGs and 13% of loan amounts are using this model (as of March 2002).

Model – 2: In this model, groups are formed by NGOs (in most of the cases) or by
government agencies. The groups are nurtured and trained by these agencies. The bank then
provides credit directly to the SHGs, after observing their operations and maturity to absorb
credit. While the bank provides loans to the groups directly, the facilitating agencies continue
their interactions with the SHGs. Most linkage experiences begin with this model with NGOs
playing a major role. This model has also been popular and more acceptable to banks, as some
of the difficult functions of social dynamics are externalized. About 75% of SHGs and 78% of
loan amounts are using this model.

Model – 3: Due to various reasons, banks in some areas are not in a position to even finance
SHGs promoted and nurtured by other agencies. In such cases, the NGOs act as both
facilitators and micro- finance intermediaries. First, they promote the groups, nurture and
train them and then approach banks for bulk loans for on-lending to the SHGs. About 9% of
SHGs and 13% of loan amounts are using this model.

Rationality of study –

This thesis is about microfinance and its contribution to the improvement and poverty
alleviation for millions of the poorest people. Microfinance has a huge impact on the lives of
millions of poor people particularly women. Numerous scholars and NGOs have been working
to take microfinance within the reach of poor people, who are still not benefited by the
conventional financial system. Microfinance is not important for all people but most groups
can benefit from this idea. In this thesis, we will try to present evidence of the important
contributions made by microfinance in the eradication of poverty by increasing the income
generating activities, empowerment of poor people to access development services such as
health and education, and reduction in vulnerability and upliftment of women and change in
socio- economic status and standard of livings.

At present, microfinance is proving to be an effective tool to make the people come out from
the poverty level. There is a positive effect of microfinance on socio economic environment in
rural areas. It has been recognized that the poor people who are capable of coming out from
poverty with dignity and can improve their living standard when the right environment and

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opportunities exist. There are countries that have succeeded in generating dynamic and
productive self-employment through microfinance programs. They have put emphasis on the
improving empowerment of the women, who live in absolute poverty and experience the
constant hindrances to grow. Generally, in the developing countries, the small-scale firms
based on agriculture, poultry and fisheries need to have their own land, which few of them
have. Most of the times, people who do not own land are deprived of getting loan from a bank
due to the lack of collaterals. In these cases, microfinance organizations help them to spread
out their business by offering them different kinds of small loans, which is a common feature
of microfinance institutions. It all began in the country with small informal hard work to
provide savings and credit services through Self-Help Groups (SHGs), with tiny loans to
poor’s and small entrepreneurs. Millions and millions people borrow micro-credits as a result
micro finance business has grown from a small program into a world-wide movement today.
Importance of SHG-BLP model has grown due to widely accepted tool for effective poverty
alleviation strategy and for women empowerment.

Objective of the study-

The objective of this study is to show how microfinance works, by using group lending
methodology for reducing poverty and how it effects the living standard (income, saving
access to health and education, etc.) of the poor people in study area in Rajasthan. To study
the scope and potential of different micro enterprise activities & examine the role and
performance of SHGs& their linkages with the self help groups.
 To study the growth and pattern of micro finance in the selected district and the
performance of SHG-BLP under different models in the different purposes
activities.
 To analyze the problems faced by target groups, micro finance service providers
and banks in micro-financial activities.
 To analyse the economic gains & social benefits derived by the
members after joining the SHGs.
 To examine the extent of change in the life style and employment
structure after and before joining the SHG.

Hypothesis-
• Microfinance SHG-bank linkage model is developing the entrepreneur skills
among its members.
• Micro finance has reduced the dependence on informal sector and Increased
reliance on SHGs groups.
• Empowerment has uplifted their living standard, and forward towards economic
independence.

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Sampling-
The study area is chosen within two districts of Rajasthan (1) Udaipur and another one
is (2) Banswara, to understand the progress undergone in the previous years in SHG-
Bank linkage model to point out the positivity of the bank linkage model is selected due
to its reach and major access in rural and urban areas since the programme’s inception.
We will take nearly 50 SHGs and 3 respondent from each district from two NGOs.

Nature of data collected-

For collection of primary data and secondary data is going to be collect with two sets of
Questionnaire one is with SHG-BLP linked MFIs and second is with loanees. Both the
questionnaire sets have some common questions to assess the impact of the micro
finance programs on poverty alleviation. Secondary data will be collected from available
literatures in form of books, journal, magazines, published materials, research articles
and annual reports of the micro finance agencies under study.

Methodology:
The data and information whether primary data or secondary data would be using the
statistical tools like average, percentage, and parametric and non-parametric tests is
going to be use as and when required.
Nature of Data- Primary
Size of sample- 100 SHGs
Collection method- questionnaire method and interview
Tools and techniques of analysis- F test, simple an nova, Z test
Period of study- 2006-07 to 2010-11
Data sources- SHGs and its Beneficiaries
No of sources – SHGs, NGOs
Respondent- 5from each SHG
Our approach is both qualitative and quantitative. The margin of error is 5%. And hence
P=05.

Limitations of the Study:

This Study is area specific concentrating two districts in Rajasthan due to shortage of time
and money. The respondent is going to be limited in terms of size and composition. Secondly,
the data collection would be selective within the Udaipur and Banswara districts, so the
extent of coverage which may fail to represent the actual scenario of the Rajasthan and India
as a whole country. Finally, the accuracy of the analysis heavily going to rely on the data
collection by primary and secondary sources.

Review of literature.

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Microfinance: Translating Research into practice (January 8-9th 2010) College of
Agricultural Banking and the Centre for Microfinance (CMF) at Institute for Financial
Research and Management (IFMR) The Indian microfinance sector has experienced
exponential growth over the last decade and currently serves more than 70 million clients
through the SHG Bank Linkage Programme and microfinance institutions. In spite of this
laudable expansion, imbalances remain – millions of poor households remain outside the
ambit of formal financial services while other demographics and regions are saturated.
Additionally, major gaps remain in our understanding of how microfinance impacts the poor.
Outstanding questions include: Does micro-credit help small businesses grow? How is
household decision-making impacted by microfinance? How does the design of financial
products influence client and household behavior/outcomes? How do we ensure that the
poorest are included in the microfinance revolution? Jai Pal Singh and Pranay Bhargava
(2010) Rajasthan Microfinance report 2010 revels Micro Finance sector and its growth are
dependent on the local context of the state, its geo climatic conditions and livelihood systems
of people. Micro Finance needs of poor are guided by the larger development context and the
opportunities emerging from economic growth. This tries to detail out the local context of
Rajasthan, the status of economy, livelihood systems, poverty and its reasons, and livelihood
opportunities for poor so that the importance of microfinance services are understood in the
context of Rajasthan.

R. Balasubramaniam and Dr. G. Vadivalagan( October-December. 2010) Opportunities in the

food processing sector for Self-Help-groups (SHGs) in eliminating poverty and
unemployment in this article food processing sector is very attractive destination for the SHG
to contribute and grow in order to sustain the momentum they got in other small business
models. Many of the public sectors Banks nowadays are having exclusive branches/offices to
cater to the specific needs of the SHGs. The Indian SHGs also proved that they are confident
groups in eliminating poverty from our society and thus making their members as
individual’s income earners and even some of them turning out big entrepreneurs. C.A.
Farzana Najeeb(November-2010) In the editorial ‘’IS SHG model better than microfinance?’’
defines with microfinance under scrutiny, the self-help groups channel is emerging as an
alternative but the true costs and risk inherent in the latter model need to be better
understood. K.Rajendran and Dr. R.P.Raya (Jan-June.2010) An empirical Study to evaluate
awareness about Microfinance among the SHG members in Vellore District, in this article
speaks India is the homeland of self Help group movement and latter it spread to the south
East Asian and African countries. Microfinance is considered as a development tool to
alleviate poverty in Asian, African and South American countries. Micro Finance gives quick
and tangible results to the poor people especially women. Micro finance is required by the
poor people to invest in income generating activities which will break their vicious cycle of
poverty. This paper analyses the awareness about the microfinance by the members of the

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 SHGs in Vellore district in India.

Conclusion and suggestion-

SHG-Bank Linkage Programme in coverage of rural population with financial services

offers a ray of hope & promoting solution is to provide multipurpose loans or
composite credit for income generation, housing improvement and consumption
support. Micro finance can indeed be sustained in the long run in a profitable
manner; going by the increasing number of commercial banks that have evinced
interest in this area, the future does seem bright.

1. The government should come forward to provide minimum entrepreneurship

program through District industrial center. This may pave the way for practical and
technical training in new areas to develop strength, self-confidence, self-esteem,
assertiveness, courage and risk.
2. Income generating activity should be based on available local resources and
reasonably assured markets with profits. Goods to be produced should be either for
local needs or to facilitate traditional manufacture.
3. The process of SHG formation should be systematic, whether it is formed by a bank
or an NGO. Every group should frame a policy on how to manage the savings of
members who leave the group voluntarily or are asked to leave for some
unavoidable reason.
4. Micro credit should be used to meet the current demands of the poor women,
whether these are for health, education or consumption purposes. This will
gradually improve quality of life.
5. House hold surveys must be conducted in each village every year to identify the
eligible beneficiaries of the micro finance and to allocate the funds accordingly to
the felt needs of the people and its reach and outreach and access to SHG- bank
linkage programme.
6. Government should organize micro credit camps and credit cum recovery camps to
facilitate early completion of the formalities required for sanction of loan and to
avoid hardship to the beneficiaries. Banks should encourage the self –help groups
who have higher savings among the group for getting the loans and subsidy.
7. Training in Book-keeping, accounts, fund management and other financial matters
related to SHGs are essential to make the members competent enough to deal with
the increasing volume of transactions. Review of performance is to be done in
annual plans.
8. Voluntary organizations operating in the rural areas should be encouraged to
participate in effective implementation of the programme & Banks should

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 encourage the self-Help group who has higher savings among the group for getting
the loans and subsidy.
9. Government should make the rural people realize that SHGs are the main medium
for rural employment generation, encouragement and support by the government
will solve the problem of rural unemployment. The entrepreneurial abilities are
realized by everyone and India needs rural entrepreneurs to solve the employment
problems. This paves a way for woman empowerment in India.
10. In any credit facility, loan repayment is important. SHG borrow funds mainly from
the financial agencies without the proper guidance about repayment so mounting
of over dues is the biggest problem. As SHG depend on revolving credit, repayment
is the most important to them. Proper guide, instructions, clarity, will improve the
ability of repayment for SHGs.
11. Successful programmes has been possible in the Bank - SHG linkage programme
on account of the space given to each partner and the synergy built in the
programme between the informal sector comprising the poor and their SHGs, the
semiformal sector comprising NGOs, and the formal sector comprising banks,
government and the development agencies.
12. When the Bank-SHG programme is built upon the existing banking infrastructure,
it has obviated the need for the creation of a new institutional set-up or
introduction of a separate legal and regulatory framework. Since financial
resources are sourced from regular banking channels and members’ savings, the
programme bypasses issues relating to regulation and supervision. Lastly, since the
Group acts as a collateral substitute, the model neatly addresses the irksome
problem of provision of collateral by the poor.
13. The learning point is that central banks, apex development banks and governments
have an important role in creating the enabling environment and putting
appropriate policies and interventions in position which enable rapid upscaling of
efforts consistent with prudential practices. But for this opportunity, no innovation
can take place.
14. SHGs of water users need to be formed and encouraged to take up activities of rural
infrastructure building such as construction and renovation of minor irrigation
tanks, feeder channels, canals and distributaries. This will have salutary effect on
agricultural yields in the rainfed areas. Further efforts should be made towards
embedding livelihood activities, micro-insurance and grain banks in the SHG
model.

References

1. Saxena, k. Swadesh: “Empowering Women Through Micro Finance,” International

Journal of Rural Development and Management studies volume, Number 2, July-
December 2010,pp-217

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2. Raya, Dr. R.P, & K. Rajendran: “An empirical study to evaluate awareness about Micro
Finance among the SHGs members in Vellore District,” South Eastern Journal of Socio-
Political Studies (SAJOSPS), ISSN 0972-4613 Vol. 10 no. 2 (Jan-June.2010) pp, 52.

3. Mayoux, Linda: “Micro Finance and the Empowerment of women-A review of the key
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