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29 The main components of direct transaction are: group formation costs, cost of direct administrative
activities, and costs of monitoring; indirect transaction costs include allocated fixed costs of the
branch office, regional office and head office.
30 Principal Researcher: Prof. Balasubramanian (IFMR)
31 The detailed workings are in process and will be part of the final case study and report. Some of the
observations are hypotheses generated and need to be corroborated.
32 Member driven costs vary directly with the addition of members and groups. There are group driven
costs like conduct of meetings [two times in a month], travel to number of groups, location of these
groups i.e. contiguousness of the two groups etc. Most of the activity costs like travel, etc are group
and member driven.
33 Principal Researcher: Shawn Cole (Harvard Business School). Partner Organizations: 27 MFIs across
India,CMF intern: Iris Korovesi
34 CMF Research Associate: Rati Tripathi, CMF intern: Sandip Agarwal
35 CMF Research Associate: Amy Mowl , CMF intern: Carissa Page
36 In order to ensure variety within the sample, these stakeholders hailed from different communities in
Orissa and represented different perspectives within the microfinance sector. This research was designed
as an exploratory study to be followed by further systematic research.
37 "Communications" is not just about showing off an MFI's work (although that's a big part of it); it is
also about building long-term, healthy relationships with stakeholders whose actions can have a huge
influence on their organization.
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