Access to Microfinance: A Review of the Existing Literature
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Finance is an extraordinarily effective tool in spreading economic opportunity and fighting poverty. Microfinance has become very important in global poverty reduction debate. The popular assumption is that enabling poor household access to credit helps them begin micro entrepreneurship which would enable them improve their income and eventually escape poverty. The purpose of this article is to introduce the finance academic community to the discipline of access to microfinance by rural poor. We provide a comprehensive review of over 150 articles and address the issues of sustainability, products and services offered by formal institutions, MFIs & practices, evaluation of effectiveness of measures on improvement of financial access including microfinance policy measures and regulation and impact assessment.
Collins, Morduch, Rutherford and Ruthven(2009)in their book “Portfolios of the poor”,
(Singh, 2004)on his assessment of estimated poor in the world.
(Rutherford, 2003) Burges and Pande (2005), Karlan and Zinman (2005,2009), Dupas and Robinson (2008) Banerjee, Duflos, Glennerster, and Kinnan (2009), Bruhn and love(2009), Burgess and Pande AER 2005studied relation between credit expansion & poverty.Kuzilwa (2005), the role of credit for small business success.
Littlefield, Murduch and Hashemi (2003, p.2) “various studies…document increases in income and assets, and decreases in vulnerability of microfinance clients”.CGAP,200312;ADB,200413).
Yaron, j., Benjamin, M.,& Piprek, G.(1997) rural finance.
Hulme, D.,& Mosley, p. (1996) finance against poverty, rout ledge ,London
Meyer, R.L.,& Nagarajan, G.(1999)rural financial markets in Asia :policies. Paradigms, and performance.
Grammen in Bangladesh ,PRODEM in Bolivia and bank Rakayat Indonesia (BRI)
CGAP (2003), focus note no. 24, Washington . dc microfinance and poverty alleviation case studies from Asia &the pacific, pinter, London
ADB (2004) ADB Annual report 2004, special theme :the changing face of the micro finance industry, Manila.
Countdown (2005), volume 1, Issue 4:may/june 1998, microcredit summit campaign, Washington ,DC.
2005 IMF review of 56 PRSPsindicates microfinance as key component in 44 PRSPs.
ADB(2000) towards an ADB microfinance development strategy, Manila.
Morduch, j,(2000)the microfinance schism, world development Vol.28, no ,4, pp.617-629, great Britain.
National Bank for Agriculture and Rural Development (NABARD).
Burgess, R. & Pande, R (2005) Do Rural banks matter? Evidence from the Indian social banking experiment, American economic review, Val 95(3),pp. 780-795.
All India Rural Credit Survey, 1951 & All India Debt & investment Survey, 1991.
Mysore Resettlement & development Agency (MYRADA) in Karnataka & professional Assistance for development Action (PRADAN) in Rajasthan were the pioneers.’
Annual Report, 2004-2005,NABARADA, Mumbai Reduction in Rural India : Indian Streams Research Journal (March ; 2012) Malappa Dandgund and Nayakara Honnurswamy Role of Microfinance on Poverty. Malappa Dandgund ISSN:-2230-785 Role of Microfinance on Poverty Reduction in Rural India. Malappa Dandgund, Research Scholar, Dept of Economics, Gulbarga University, Gulbarga Karnataka-585106 Nayakara Honnurswamy, Research Scholar, Dept of Economics, Gulbarga University, Gulbarga Karnataka -585106 Malappa Dandgund ISSN:-2230-7850 Role of Microfinance on Poverty Reduction in Rural India Malappa Dandgund, Research Scholar, Dept of Economics, Gulbarga University, Gulbarga Karnataka-585106.
Directions in development. Improving Access to Finance for India’s Rural Poor Priya Basu Micro finance and poverty reduction. Indian and global experiences by Dr. Daniel Lazar and Professor P. Palanichamy.
Beck, T Demirg-Kunt, A and Martinez-Peria, S.(2007), Reaching out: Access to and use of banking services across countries, Journal of financial Economics, Vol.85(1),pp.234-266, July.
Beck, T Demirg-Kunt, A and Martinez-Peria, S.(2008), Banking services for every one? Barriers to bank access and use around the world, The World Bank Economic Review,Vol.22(3) pp.397-430
Bruhn, M.and Love, I. (2009), The economic impact of banking the unbanked: Evidence from Mexico, world Bank Policy research working paper No.4981.
Burgress, R.and Pande, R. (2005), Do rural banks matter?Evidence from the Indian social banking experiment, American Economic Review, vol.95(3),pp.780-795, June..
Christen, R. Jayadeva, V, and Rosenberg, R.(2004) Financial institutions with a Double Bottom Line: Implications for the future of micro finance., CGAP Occasional paper No.8.
Collins, R, Morduch, J, Rutherford, S, and Ruthven, O. (2009), Portfolios of the poor: How the world’s poor live, Princentos university press.
World Bank (1997), ‘India, Achievements and Challenges in Reducing Poverty’, Report No. 16483-IN, May 27, Country Operations, Industry & Finance Division, Country Department II, South Asia region
Baydas, M., D. Graham and L. Valenzuela (1998), ‘Commercial Banks in Microfinance: New Actors in the Microfinance World.’ Development Alternative Inc, Bethseda, US Christen, R. P., E. Rhyne, R. C. Vogel and C. McKean, (1996), ‘Maximizing the Outreach of Microenterprise Finance—An Analysis of Successful Microfinance Programs’,
CGAP, [1998], ‘Commercial Banks in Microfinance: New Actors in the Microfinance World’, Focus Paper No 12, World Bank Consultative Group to Assist the Poorest CGAP, [2002], ‘Savings Are As Important As Credit: Deposit Services For The Poor’, Donor Brief No 4, World Bank Consultative Group to Assist the Poorest Claessens, S., T. Glaessner and D. Klingebiel, (2001), E-Finance in Emerging Markets: Is Cook, P., and F. Nixson, (2000), ‘Finance and Small and Medium-Sized Enterprise Development’, Paper No. 14, Finance and Development Research Programme, Working Paper Series.
Fernando, N. A., (2003), ‘Do Governments in Asia have a role in development of sustainable micro-finance services? Some views’, ADB mimeo Fernando, N. A., (2003), ‘Micro-finance Industry: Experiences, Challenges, and Opportunities’, presentation to a Forum on Micro-finance , ADB.
Gibbons, D. S. and J. W. Meehan, (2000), ‘The Microcredit Summit Challenge: Working Towards Institutional Financial Self-Sufficiency while Maintaining a Commitment to Serving the Poorest Families’, www.microcreditsummit.org/papers/papers.htm , (quoted in Morduch, J. and B. Hayley, 2002, ‘Analysis of the Effects of Microfinance on Poverty Reduction’, NYU Wagner Working Paper No. 1014).
Hashemi, S., S. Schuler and I. Riley, (1996), ‘Rural Credit Programs and Women’s Empowerment in Bangladesh’ in World Development Vol. 24, No. 4 pp. 635-653.
Morduch, J., (1998), ‘Does Microfinance Really Help the Poor: New Evidence from Flagship Microfinance on Poverty Reduction’, NYU Wagner Working Paper No. 1014)Zaman, H., (1998), ‘Assessing the Impact of Micro-credit on Poverty and Vulnerability in Bangladesh’, World Bank Policy Research Working Paper no. 2145. Access to Finance "Map of Microfinance Distribution in India." Centre for Microfinance, IFMR Research Chennai and Bankers Institute of Rural Development (BIRD) Report, Lucknow, India [Retrieved on May 12, 2013] (2010). 8. J. The National Bank for Agriculture and Rural Development. NABARD, n.d. Web..https://www.nabard.org/english/mission.aspx
"Microfinance and Self-Help Groups: An Empirical Study." Indian Journal Of Management Science (IJMS) Vol. II 2 (2012). 27. Sachdeva, Ms Tina, and Smita Gupta. "Financial Inclusion: Triggers and Barriers in Rural India." International Journal of Multidisciplinary Approach & Studies 1.6 (2014). 28.Satish, P. "Mainstreaming of Indian microfinance." Economic and Political Weekly (2005): 1731-1739.
"The Changing Landscape of Microfinance."Introduction. Microfinance: Emerging Trends and Challenges. Cheltenham, UK: Edward Elgar, 2008. 4. Print 32. Todd, H. "Paths Out of Poverty: The Impacts of SHARE Micro fin Ltd in Andhra Pradesh." Imp-Act report (2001). 33. United Nations Capital Development Fund 34. World Bank indicators Oxford Policy Management, October 2004 78IJIRR International Journal of Information Research and Review Vol. 03, Issue, 08, pp. 2681-2685, August, 2016CARE ratings 2014
Microfinance -International and Indian Scenario-chapter II Financial Access 2009.by CGAP
Microinsurance In India: An Overview Round Table- Microfinance: An Introduction by R Srinivasan and M S Sriram.
Ageba, Gebrehiwot and Amha, Wolday. 2006. “Micro and small enterprise Finance in Ethopia: Empirical Evidence”, EASSRR, XXII (1): 63-86. Agha, Sohail, Balal, Asma and Ogojo-Okello,Francis. 2004. “The Impact of Microfinance Programs on client Perceptions of Quality of care provided by private sector Midwives in Uganda”, Health Service Research, 39(6pt2): 2081-2100 Agricultural Finance Corporation Limited. 2008. “Assessing Development Impact of Microfinance Programmes”, A Study Commissioned by SIDBI. www.sidbi.in Albino, Mary and Subramanian, Sarita. 2008.
“Reaching out to the Unbanked in Jharkhand”, Institute of Financial Management and Research- Centre for Micro Finance, Case Study, October. Alcala, Elsy and Koshy, Elizabeth. 2007. “What saving products do people want?”, Institute of Financial Management and Research- Centre for Micro Finance, Working Paper, June. Anthony, Denise and Horne, Christine. 2003. “Gender and Cooperation:Explaining Loan Repayment in Micro Credit- Groups”, Social Psychology Quarterly, 66(3): 293-302.
Arun, Thankom and Hulme, David. 2008. “Microfinance- A Way Forward”, Brooks World Poverty Institute, Working Paper 54, October. Basu, Priya and Srivastva, Pardeep. 2005. “Scaling-up Microfinance for India’s Rural Poor”, World Bank Policy Research Working Paper No. 3646.
Basu, A. Blavy, R. and Yulek, M. 2004. “Microfinance in Africa: Experience and lessons from selected African Countries”, IMF Working Paper No. WP/04/174.
Bedoya, Gaudalupe. 2006. “Exploratory work in Orissa: who is the marginal clients for Microfinance? Why do they repay so well?”, Draft Interim Report, October, Institute of Financial Management and Research - Centre for Micro Finance.
BL Centre for Development, Research and Action. 2005. “Micro Finance and Empowerment of Scheduled Caste Women: An Impact Study of SHGs in Uttar Pradesh and Uttaranchal”, Conducted by Planning Commission of India, Final Report.
Chavan, Pallavi and Ramakumar, R. 2002. “Micro credit and Rural Poverty: An Analysis of Empirical Am. J. Soc. Mgmt. Sci., 2010, 1(1): 44-54 53 Evidences”, Economic & Political Weekly, 37 (10): 955- 965. Chowdhury, M.JahangirAlam; Ghosh, Dipak and Wright,E. Robert. 2005. “The impact of micro-credit on poverty: evidence from Bangladesh”, Progress in Development Studies, 5(4): 298-309.
Chua, T.Ronald and Llanto, M.Gilberto. 1996. “Assessing the Efficiency and Outreach of Microfinance Schemes”, Enterprise and Development Department, International Labor Office, Geneva, Working Paper No.15.
Dasgupta, Rajaram. 2005. “Microfinance in India: Empirical Evidence, Alternative Models and Policy Imperatives”, Economic and Political Weekly, 40(12): 1229-1236. Field, Erica and Pande, Rohini. 2007. “Repayment Frequency and Default in Microfinance: Evidence from India”, Institute of Financial Management and Research- Centre for Micro Finance, Working paper no. 20, November.
Gademe, Lucie and Vasudevan, Veena. 2007. “How do women in mature SHGs save and invest their money”, Institute of Financial Management and Research Centre for Micro Finance, Working paper no. 18, November. Gupta, M.S. 2008. “Micro Finance through Self Help Groups: An emerging Horizon for Rural Development”, Indian Journal of Commerce, 61(3): 36-47.
Jones, Howard,William, Marylin, Thorat, Yashwant and Abha. 2004. “Attitude of Rural Branch Managers in Madhya Pradesh, India, towards their Role as Providers of Financial Services to the Poor”, Journal of Microfinance, 5(2): 139-167.
Kamble, H. Kalawati and Sonar, B. Gangadhar. 2006. “The Role of SHGs in Women Empowerment: a case study on selected SHGs promoted by voluntary organizations in Gulbarga district of Karnataka”, Journal of Global Economy, 2(3): 216-221.Karim, Lamia. 2008. “Demystifying Micro-Credit: The Grameen Bank, NGOs, and Neoliberalism in Bangladesh”, Cultural Dynamics, 20(1): 5-29.
Kabeer, Naila. 2005. “Is Microfinance a ‘Magic Bullet’ for Women’s Empowerment: Analysis of Findings from South Asia”, Economic and Political Weekly, 40(44): 4709-4718.Kuzilwa, Joseph Andrew. 2005. “The Role of Credit for Small Business Success: A Study of the National Entrepreneurship Development Fund in Tanzania”, Journal of Entrepreneurship, 14(2):131-161.
“Rural Women's Experiences of Micro-Credit Schemes in Nigeria: Case Study of Esan Women”, Journal of Asian and African Studies, 42(6): 479-494. Painter, Judith and MkNelly, Barbara. 1999. “Village Banking Dynamics Study”, Journal of Microfinance, 1(1): 91-116.Pandey, Manas. 2008.
“Transaction Cost in Group micro Credit in India”, Institute of Financial Management and Research- Centre for Micro Finance, Working paper series, August. Seibel, D. Hans and Parhusip, Uben. 1990. ‘Financial Innovations for microenterprises-linking formal and informal financial institution’, in Harper Malcolm (ed.), Microfinance Evaluation Archive and challenges, pp. 11-24. ITDG Publishing 2003, London. Simanowitz, Anton. 2000. “Client Exit Surveys: A tool for understanding client drop-out”, Journal of Microfinance, 2(1): 112-135.
Singh, Naresh. 2004. “Finance at the Grass Roots”, Economic and Political Weekly, 39(17): 1718-1720. Sinha, Frances. 2005. “Access, Use and Contribution of Micro finance in India”, Economic and Political weekly, 40(17): 1714-1719.
Sriram, M.S. and Parhi, Samita. 2006. “Financial Status of Rural Poor: A Study in Udaipur District”, Economic and Political weekly, 41(51): 5269-5275. Swaminathan, Madhura. 2007. “The Microcredit Alternative”, Economic and Political Weekly, 42(13): 1171-1175.
“Microfinance and Poverty Alleviation: Measuring the Effectiveness of Village banking in Haiti, a Regression Analysis”, Presented at FINCA Internationals 2006, Research Symposium, March. 24. Tsai.S.Kellee. 2003.
