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17 See for instance Shashi Rajagopalan (2004). 18 NABARD's annual reports on the SBLP are very useful, and quite comprehensive in some respects. However, there are a number of aspects of the programme on which they are silent, partly because of difficulties in obtaining timely data from the large number of partner banks. There is an understandable reluctance to increase bank costs thorough increased reporting requirements, but information on some aspects of programme would appear to justify these. Areas in which programme data is missing are discussed in Chapter 2. On the MFI model Sa-Dhan's Side by Side reports and directory of members are a useful beginning, but not yet comprehensive enough, largely because of the capacity constraints members face in submitting timely data in a form useful for microfinancial analysis (as opposed to audit reports, which in any case for NGO-MFIs are often delayed). M-CRIL plays a valuable role in analyzing the performance of its rated MFIs, which account for a large share of the sector, through its periodic MCRIL Reviews. The recent MIX report, MIX (2006) relied on extensively in Chapter 4 contains extremely useful analyses not just of the MFI model in India, but of Indian microfinance in a comparative context. 19 Such as the extremely useful "vision" document for Orissa commissioned by CARE recently. 20 As Chapter 3 discusses the average capital asset ratio in India is less than 11 percent, only half the average for South Asia, which is itself only two-thirds to half the level in the other three main microfinance regions in the world (East Asia, Latin America and Africa). Because of the access Indian MFIs enjoy from the banks (primarily, and increasingly, the private banks) and apex financial institutions such as SIDBI and FWWB, eight out of 25 of the most highly leveraged MFIs in the MIX's global data set (of 518 MFIs) are Indian. Loans are used not only for on-lending, but increasingly to bridge operational losses during the initial years as economies of scale are being built up, a function usually served by equity received from donors in other countries. 21 The postal money order charge of 5 percent means parting with a full day's wages about once a month to send one's meager savings home. 22 As the adage goes, there is never time to do things well, but always time to do them again! 24
Overview and Summary of Main Recommendations References Basu, Priya and Pradeep Srivastava, 2005, "Exploring Possibilities: Microfinance and Rural Credit Access for the Poor in India", Economic and Political Weekly, April 23, 2005, Mumbai EDA Rural Systems, 2005, "The Maturing of Indian Microfinance: Findings of a microfinance assessment study (baseline)-implications for policy and practice", study done for SIDBI, Gurgaon EDA and APMAS, 2006, "Self Help Groups in India: The Light and Shades", for CRS, USAID, CARE and GTZ/NABARD, CARE India, New Delhi Mahajan, Vijay and Bharti Gupta Ramola, 2003,"Microfinance in India:Banyan Tree and Bonsai" Background paper prepared for World Bank, 2004, "Scaling up - Access to Finance for India's Rural Poor". Mahajan, Vijay, 2005, "From Microfinance to Livelihood Finance" Economic and Political Weekly, October 8, 2005, Mumbai Microfinance Information and eXchange (MIX), 2006, Performance and Transparency: A survey of microfinance in South Asia", Washington, DC Rutherford, Stuart, David Cracknell and Graham A.N. Wright, 2006, "Lessons From The Grameen II Revolution," Briefing Note, MicroSave Rutherford, Stuart, 2006," What is Grameen II: Is It Up and Running in the Field Yet" Briefing Note on Grameen II No1, Microsave Shankar, Savita 2006, Transaction Costs in Group Micro Credit in India", IFMR WP Series, Chennai Shashi Rajagopalan, 2004, "User owned and controlled organizations in the field of financial services", paper presented at the "Microfinance India 2008" conference, February, 2004 Sinha, Sanjay and Stephen Rasmussen, Forthcoming, "Microfinance in South Asia: Towards Financial Inclusion of the Poor", World Bank 25
Page 3: Microfinance in India A State of th
Page 6 and 7: List of Tables Page No Table 2.1 Gr
Page 8 and 9: Preface and Acknowledgements This r
Page 10 and 11: Abbreviations ABC ADB BC BF CAR CAG
Page 13 and 14: CHAPTER 1 Overview and Summary of M
Page 15 and 16: Overview and Summary of Main Recomm
Page 25: Overview and Summary of Main Recomm
Page 30 and 31: 1 1a 1b 2 2a 2b 2c 3 3a 3b 3c 4 4a
Page 32 and 33: The Light and Shades Study A major
Page 34 and 35: highest proportion of weak records
Page 36 and 37: their profitability after accountin
Page 38 and 39: allow the programme to grow organic
Page 40 and 41: 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8
Page 42 and 43: Endnotes 1 It is very hard to compa
Page 44 and 45: as cash with the groups, the true r
Page 46 and 47: linkages", 11 percent 3rd, and 5 pe
Page 48 and 49: References APMAS (AP Mahila Abhivru
Page 51 and 52: CHAPTER 3 Progress Under the MFI Mo
Page 53 and 54: Progress Under the MFI Model is fun
Page 55 and 56: Table 3.4 Comparative performance i
Page 57 and 58: Progress Under the MFI Model on lit
Page 59 and 60: Progress Under the MFI Model 4 Howe
Page 61: Progress Under the MFI Model Refere
Page 64 and 65: MFIs, and the need for MFIs to plou
Page 66 and 67: size had actually come down during
Page 68 and 69: The point at which peer group press
Page 70 and 71: The lack of contact and communicati
Page 72 and 73: Box 4.1 Continued 4. MFIs will coll
Page 74 and 75: Endnotes 1 There will be many disag
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19 The base suicide rate in AP is 1
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References APMAS, 2005, "A Report o
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(such as cattle and houses), and co
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The advantage of the provider model
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Some lessons learnt from experience
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Box 5.2 VimoSEWA: Synergies between
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86 Table 5.1 Main Feature of Health
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Endnotes 1 While the microinsurance
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16 A little less than a fifth of th
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29 The rationale for transfer progr
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Roth, James and Vijay Athreye, 2005
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Issues and priorities for action re
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Endnotes 1 See for instance CGAP (2
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100
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such as Chaitanya who soon became s
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money to support operational expens
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finance, and the microfinancial ski
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Box 6.1 Continued in experts and to
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Endnotes 1 In a sense it always was
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16 Examples are Margdarshak in Luck
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114
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Table 7:1 Commercial bank exposure
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The main constraints to the expansi
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further review, RBI has modified th
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9 Thus ICICI has sold some of its b
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B. Equity Investments by the Ventur
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Figure : The Bellwether triangle Lo
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Despite the weaknesses the public s
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Box 7.1 Continued foreign sources o
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Endnotes 1 At this point they will
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References ACCION, 2003, "The Servi
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SIDBI Foundation for Micro Credit (
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categories, depending on the amount
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The distribution of total disbursem
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Endnotes 1 It should be noted that
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B. Donor Participation in Indian Mi
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this has dropped to 8% on the curre
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and poor populations. More directly
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and expansion of available retailer
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11 SDC through various programs for
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154
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1.1 Impact evaluation of Spandana's
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in the loan tenure of 24 months. Th
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There are two main motivations of a
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compensation structures used by Ind
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Endnotes 1 By Annie Duflo, Anvesha
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29 The main components of direct tr
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