self help group model: a strategy for inclusive...
TRANSCRIPT
International Review of Research in Emerging Markets and the Global Economy (IRREM)
An Online International Research Journal (ISSN: 2311-3200)
2017 Vol: 3 Issue: 1
1055 www.globalbizresearch.org
Self Help Group Model: A Strategy for Inclusive Growth
Niranjan Shetty,
Lecturer,
Dept. of Professional Studies Lecturer,
College of Banking and Financial Studies, Oman.
Prakash Pinto,
Professor and Dean,
Dept. of Business Administration,
St. Joseph College of Engineering, India.
_____________________________________________________ Abstract
Availability of suitable financial products or services to the rural mass is one of the criterion
to achieve inclusive growth. This research paper highlights the role of Self Help Groups (SHGs)
in achieving inclusive growth. Three major financial inclusion process indicators (FIPIs) and
four major financial inclusion effectiveness indicators (FIEIs) have been used in the research
to measure the effort of linked banks in providing financial products or services to the SHG
members thereby fostering the inclusive growth. Research has been undertaken in Mangalore
District of Karnataka State in India from 2006 to 2013. A total of 766 SHG members have taken
active participation in the research through a structured schedule. Study has been divided in
to two specific objectives and seven hypotheses. Wilcoxon Signed Ranks, a non-parametric
statistical test has been used to validate the data. Both the indicators (FIPIs and FIEIs) have
shown a weak presence before rural mass joined the SHGs. However, alarmingly all the three
FIPIs have shown a considerable effort of linked banks in providing financial services to the
SHG members after they joined the SHGs. At the same time, effectiveness of the efforts of the
linked banks in offering financial services are also found to be robust in all the four FIEIs
subsequent to joining SHGs by rural mass. Collectively, the FIPIs and FIEIs have shown an
exceptional contribution in extending greater inclusive growth by accelerating the effort of
providing financial services and its effectiveness in the District of Karnataka state in India
through SHG model.
___________________________________________________________________________
Key Words: Financial inclusion, Self Help Group, inclusive growth, financial products &
services
International Review of Research in Emerging Markets and the Global Economy (IRREM)
An Online International Research Journal (ISSN: 2311-3200)
2017 Vol: 3 Issue: 1
1056 www.globalbizresearch.org
1. Introduction
Inclusive growth is an important agenda of all governments world over. Bringing lower
strata of the people, especially the poor and the destitute into the mainstream of the financial or
growth gamut is referred to as inclusive growth. SHG is a small thrift group consisting 10-12
members in the rural and semi-rural areas who endeavour to save a small amount of money on
weekly or monthly basis and create employment or income opportunities by investing collective
fund raised in the group. This paper tests how far inclusive growth gained momentum through
a constructive effort of linked banks in providing financial services to the SHG members. Three
questions have been raised relating to the provision of financial services offered by the linked
banks to the SHG members, such as; what is level of awareness being created? What is the level
of accessibility? What is the timeliness of the services being offered? Similarly, four questions
being raised pertaining to the effectiveness of financial services offered. It includes; what is the
usage of effectiveness of financial services? What is the level of involvement by the linked
banks? What is the level of quality of the financial services being offered? And finally, what is
the level of fulfilment of the requirements of the SHG members? Hence the purpose of this
research is to find the level of inclusive growth permeated through providing financial services
to the members of the SHGs by answering the seven questions raised above. However, it has
two dimensions: effort in the provision of financial services (three indicators) and the
effectiveness (four indicators) of the same. Research shows, how inclusive growth is achieved
as a result of increased effort in providing financial services and increasing the effectiveness of
the same by the linked banks to the SHG members, who in-turn represent the poor, weaker and
destitute class of the society. Research clearly identified a strong inclusive growth as a result
of linked banks’ efforts in providing financial services to the SHG members and the
effectiveness of the same happened to be robust as well.
2. Literature Review
While offering financial services to the people, it is important that quality of financial
services and the dignity of people are considered (Centre for Financial Inclusion at ACCION
International). One of the major underpinning concerning the non-access of financial services
was the limited geographical access to bank branches as a result of branch closures (Leyshon
and Thrift, 1993). In the year 1999, the word financial exclusion is coined to represent people
who could not access financial services from mainstream providers (Kempson and Whyley,
1999). The major strata of people who have been completely ignored from financial services in
India include, marginal farmers, oral lessees, landless labourers, self-employed, urban slum
dwellers, migrants, ethnic minorities, senior citizens, women and unorganised sector
entrepreneurs (Mohan, 2006). Structural factors such as non-availability of financial services
suiting to the requirements, rigid documentation, and requirements for collateral and cut-throat
International Review of Research in Emerging Markets and the Global Economy (IRREM)
An Online International Research Journal (ISSN: 2311-3200)
2017 Vol: 3 Issue: 1
1057 www.globalbizresearch.org
competition in financial services contributed to the cause of financial exclusion to a great extent
and thereby by reducing the magnitude of inclusive growth (United Nations, 2006b).
Non-poor individuals, small and medium entrepreneurs are also exposed to difficulties of
accessing financial services. Most of the people from the low-income strata of the society
doesn’t even have access to the basic financial services. Those strata of the people who have
access to finance are either underserved in terms of quality or quantity of financial services and
products. This phenomena is found not just in one or two countries, but found in many countries
(Asian Development Bank, 2007).Lack of financial education and advice is yet another
important reason for being excluded financially. Since the general literacy rate is very low in
India, providing financial awareness is no just a pre-requisite but also equally challenging. The
social exclusion is the further complicating the issue of financial inclusion and this in turn,
blocks the inclusive growth (S. Ramesh & Preeti Sahai, 2007). Formal credit access is a product
of robust economic growth and not a driver of it. This fact has been revealed by the history. In
the past, most businesses began and still begin today with informal financing. Formal financing
is based on the powerful saving and use of those savings as the basis for consumption and not
for enterprise investment (Dichter Thomas W, 2007).
In a study, in South East Asia, it has been found that economic and social well-being of the
poor people has been improved. Continuous innovations at the ground level, rigorous and
continuous evaluation of the effectiveness of microfinance in this regard has been emphasised
and further expressed that this will provide much needed evidences for the effectiveness of
microfinance (Krishnan Bhagirathy Aparna, 2005). Liberalising the financial sectors is very
important to give impetus for greater dynamism, innovation and competitive pressure.
However, strong incentives to banks who provide financial assistance to people should come
from government, which in-turn increase financial inclusion (Ellis Karen, 2007). Seibel Hans
Dieter (2008) has made two observations in study conducted in Indonesia. Firstly, financial
institutions can learn from the best experiences of the highly successful micro finance
strategies. Secondly, financial institutions need to modify if they have to perform more in the
area of providing financial services. This calls for an integrated approach or plan by involving
all the stakeholders concerned in developing a nation thereby providing a full range of financial
services to the needy.
3. Research Hypotheses
To authenticate the research objectives, seven hypotheses have been identified. For each of
the FIPIs and FIEIs one hypothesis has been formulated. First objective consists of three
(awareness, accessibility and timeliness) FIPIs and it has three hypotheses to be tested. Second
objective contains four (usage, involvement, quality and fulfilment) FIEIs and it has four
objectives to be validated.
International Review of Research in Emerging Markets and the Global Economy (IRREM)
An Online International Research Journal (ISSN: 2311-3200)
2017 Vol: 3 Issue: 1
1058 www.globalbizresearch.org
(1) H0: There is no difference between the level of awareness on financial products or services
before and after joining SHG.
(2) H0: There is no difference between the level of accessibility for the financial products or
services before and after joining SHG.
(3) H0: There is no difference between the timeliness of the financial products or services
offered before and after joining SHG.
(4) H0: There is no difference between the level of usage of financial products or services before
and after joining SHG.
(5) H0: There is no difference between the level of involvement by the financial institutions in
offering the financial products or services before and after joining SHG.
(6) H0: There is no difference between the level of quality of financial products or services
offered before and after joining SHG.
(7) H0: There is no difference between the level of fulfilment of the SHG members before and
after joining SHG.
4. Methodology
4.1 Research objectives
The research has two core objectives. One objective will measure the extent to which
financial products or services are made available to the SHG members using leading financial
inclusion process indicators (FIPIs) so that greater inclusive growth is achieved and the second
objective measures the extent to which financial products and services made available to the
SHG members are effective using leading financial inclusion effectiveness indicators (FIEIs).
1. To find the extent of financial products or services offered by the linked financial institutions
to the SHG members before and after joining SHG to achieve inclusive growth.
2. To find the effectiveness of financial products or services offered by the linked financial
institutions to the SHG members before and after joining SHG to achieve inclusive growth.
4.2 Sample unit, size and techniques
SKDRDP and NGVCT are the two leading NGOs of Karnataka State in India. SHG
members of these two institutions are the sample subjects for this research work. Both the
institutions are not only pioneer in the field of permeating financial services to the SHGs in the
state, but also in the entire country. Sample subjects are selected from the whole district using
disproportionate random sampling method. The district has been divided into five taluks and
subjects are picked from all the five taluks. The sample size is determined based on the formula,
s = X2 N P (1 - P) ÷ d2 (N - 1) + X2 P (1 - P), (Robert V. Krejcie - University of Minnesota,
Duluth and Daryle W. Morgan, - Texas A. & M. University, 1970). A sample of 766 SHG
members out of a total population of 312287 is selected. Further the sample of 766 SHG
members is selected from a sample of 748 SHGs out of a total population of 30388 SHGs. The
International Review of Research in Emerging Markets and the Global Economy (IRREM)
An Online International Research Journal (ISSN: 2311-3200)
2017 Vol: 3 Issue: 1
1059 www.globalbizresearch.org
significance of this study goes for clearly identifying three financial inclusion Process
indicators (FIPIs) and four financial inclusion effectiveness indicators (FIEIs). This is a two-
dimensional study as compared to others with three and four research questions being attached
to the first (effort in provision of financial services) and the second (effectiveness of the efforts)
dimensions respectively. Further the indicators used for the efforts in the provision of financial
services and the measurement of their effectiveness have been well discussed in the literature
review by past researchers. The data is from the SHG members who have been benefited from
the banks and the qualitative views of the SHG members have been measured using Likert
scale. The qualitative data collected in the form of Likert scale has been supplemented with
direct interviews. The information is sourced from the original point and hence information is
highly reliable. The Likert scale has been used to measure the opinions of the respondents as
the data is in ordinal in nature. Since Likert scale is used to measure the ordinal data, Non-
parametric test is used to analyse the data. Among the major techniques such as Mann-Whitney
U test, Wilcoxon signed-rank test, Kruskal-Wallis test etc. the second method, Wilcoxon
signed-rank test is used.
4.3 Research scope and limitations
Only the SHG members of SKDRDP and NGVCT has been considered for sample and their
respective linked banks in the district of Karnataka State. Study completely ignored the minor
share of other NGOs in the district. Study also ignores SHG members of Shree Shakthi, a
government sponsored SHG group in the state. Similarly, study has not been confined to the
SHGs that are not linked to any of the banks, may be cooperative or national banks. But such
SHGs are actively present in the district. SHGs operating outside the district but actively
performing irrespective whether linked or not linked however has been excluded from the
current study for the simple reason that the present study is limited to the scope of the district.
Hence it may carry any specific limitation to the study, but only limits the scope. The sample
size is determined based on the formula shown in section 4.2 and any inherent limitation in the
formula might pass to the research. Only those members who availed financial services on or
subsequent to 1st April 2006 are considered for the purpose of this research. Members who
availed financial services prior to this date are not part of this research. However, the members
who have joined prior to 1st April 2006 but availed financial services after 1st April 2006 are
considered for the purpose this research.
5. Empirical Analysis and Results
5.1 Hypotheses 1 to 3 (objective 1)
Hypotheses 1 to 3 have been tested to validate objective 1. It provides statistical backup to
answer objective 1. The first objective of the research is to measure the extent of provision of
financial products or services by the linked financial institutions to the SHG members before
International Review of Research in Emerging Markets and the Global Economy (IRREM)
An Online International Research Journal (ISSN: 2311-3200)
2017 Vol: 3 Issue: 1
1060 www.globalbizresearch.org
and after joining the SHGs. Three hypotheses covers three variables of FIPIs such as awareness,
accessibility and timeliness. It considers based on the three variables, whether the financial
institutions created sufficient awareness of financial products or services being offered to the
SHG members? Whether the financial institutions have made the financial services accessible
to the SHG members? And finally whether the financial products or services are made available
timely to the SHG members? All the three hypotheses have been tested using Wilcoxon Signed
Ranks Test (Non Parametric). Table-1 and table-2 shows the measurement of FIPIs before and
after joining the SHGs respectively. It can be seen in table-1 that values are fully centred on the
left hand side of the table indicating a weak financial inclusion before joining SHGs
emphasising a lower inclusive growth efforts. The reason is; factors favourable to FIPIs are
either disagreed or strongly disagreed by majority of the respondents before joining SHGs. On
the other hand, in table-2 values are more fully centred on the right hand side of the table
indicating a strong financial inclusion after joining SHGs emphasising a higher inclusive
growth efforts. This is because; factors favourable to FIPIs are either agreed or strongly greed
by majority respondents after joining SHGs. However, though it is apparent from the raw data
that inclusive growth is achieved by providing more robust financial services after joining
SHGs, it has to be validated through hypothesis.
5.2 Hypothesis 1 (objective 1)
Since the objective 1 uses Liker Scale, non-parametric test statistics has been applied.
Wilcoxon Signed Ranks Test for paired statements of the respondents on awareness indicators
relating to hypothesis 1 is shown in table-3. It shows the positive ranks, negative ranks and ties
for each pair of statements before and after joining SHGs. The positive ranks for all the five
pairs of statements before and after joining SHGs are far higher than the negative ranks
indicating a greater financial inclusion and inclusive growth due to joining of SHGs. Positive
ranks indicate that who are aware of financial products or services after joining SHGs were not
aware of the same before joining the SHGs.
Table1: Financial Inclusion Process Indicators (FIPIs) before joining SHGs
# Statements #
&
%
Strongly
Disagree
Disagree Neither
Agree nor
Disagree
Agree Strongly
Agree
Total
1 2 3 4 5
1
Awareness indicator # 389 245 33 57 42 766
% 51 32 4 7 6 100
2
Accessibility indicator # 223 368 30 67 78 766
% 29 48 4 9 10 100
3
# 143 124 306 98 95 766
International Review of Research in Emerging Markets and the Global Economy (IRREM)
An Online International Research Journal (ISSN: 2311-3200)
2017 Vol: 3 Issue: 1
1061 www.globalbizresearch.org
Timeliness indicator % 19 16 40 13 12 100
Source: Compiled by the researcher through primary research
Similarly, Negative ranks represents those respondents who have not saved after joining the
SHGs but were saving before joining SHGs. This section of the respondents are the blocks to
the achievement of greater financial inclusion and the inclusive growth.
Table 2: Financial Inclusion Process Indicators (FIPIs) after joining SHGs
# Statements #
&
%
Strongly
Disagree
Disagree Neither
Agree nor
Disagree
Agree Strongly
Agree
Total
1 2 3 4 5
1 Awareness indicator # 0 0 0 406 360 766
% 0 0 0 53 47 100
2 Accessibility indicator # 15 24 22 216 489 766
% 2 3 3 28 64 100
3 Timeliness indicator # 4 9 2 130 621 766
% 0.5 1 05 17 81 100
Source: Compiled by the researcher through primary research
The ties indicate those respondents who are aware of financial products after joining SHGs
were also aware of the same even before joining the SHGs. Therefore ties doesn’t not contribute
to have greater financial inclusion or inclusive growth as a result of joining SHGs. Positive
ranks are far higher than the negative ranks and the ties. Conclusively, majority of the
respondents who are aware of the financial products and services after joining the SHGs were
not aware of the same. Hence, due to the higher value of positive ranks; financial inclusion and
as a result inclusive growth said to be strong as a result of people joining SHGs.
Table 3: Wilcoxon Signed Ranks relating to hypothesis 1 - Non Parametric
N Mean Rank Sum of Ranks
My linked bank has communicated about the
various financial services available in the
bank to me - I was fully aware of various
financial products or services offered by the
financial institutions
Negative Ranks 32a 43.00 1376.00
Positive Ranks 716b 389.32 278750.00
Ties 18c
Total 766
My linked bank has given sufficient
information about the various financial
services available in the bank to me - I was
fully aware of various financial products or
services offered by the financial institutions
Negative Ranks 27d 39.50 1066.50
Positive Ranks 716e 384.54 275329.50
Ties 23f
Total 766
My linked bank has provided sufficient
materials about the various financial services
available in the bank to me - I was fully
aware of various financial products or
services offered by the financial institutions
Negative Ranks 13g 24.50 318.50
Positive Ranks 674h 350.16 236009.50
Ties 79i
Total 766
Negative Ranks 13j 25.50 331.50
International Review of Research in Emerging Markets and the Global Economy (IRREM)
An Online International Research Journal (ISSN: 2311-3200)
2017 Vol: 3 Issue: 1
1062 www.globalbizresearch.org
My linked bank has provided sufficient
training about the various financial services
available in the bank to me - I was fully
aware of various financial products or
services offered by the financial institutions
Positive Ranks 676k 351.14 237373.50
Ties 77l
Total 766
My linked bank has motivated me about the
various financial services available in the
bank - I was fully aware of various financial
products or services offered by the financial
institutions
Negative Ranks 13m 25.50 331.50
Positive Ranks 676n 351.14 237373.50
Ties 77o
Total 766a
Source: Compiled by the researcher through primary research
The test statistics for all pairs of statements on awareness indicators required for hypothesis 1
in before joining and after joining SHGs are represented in table-4. It shows the Z value and
the asymptotic significance for each pair of statements for proving hypothesis 1. Similarly
Wilcoxon Signed Ranks Test for paired statements of accessibility indicator and timeliness
indicator linked to hypotheses 2 and 3 of research objective 1 and the Z value and the asymptotic
significance for each pair of statements of the same have been calculated. However, due to
space constraint it has not been shown.
5.3 Result for hypothesis 1 (objective 1)
Since the asymptotic values for all 5 paired statements of Z values is 0 and it is less than 0.05
at 95% level of confidence, the null hypothesis (H0) is rejected and the alternative hypothesis
(H1) is accepted (see table-4).
Table 4: Paired sample test for hypothesis 1 - Non Parametric Test - Statisticsa
Z Asymp. Sig.
(2-tailed)
My linked bank has communicated about the various financial services available in
the bank to me - I was fully aware of various financial products or services offered
by the financial institutions -23.842b .000
My linked bank has given sufficient information about the various financial services
available in the bank to me - I was fully aware of various financial products or
services offered by the financial institutions -23.818b .000
My linked bank has provided sufficient materials about the various financial services
available in the bank to me - I was fully aware of various financial products or
services offered by the financial institutions -23.075b .000
My linked bank has provided sufficient training about the various financial services
available in the bank to me - I was fully aware of various financial products or
services offered by the financial institutions
-23.057b .000
My linked bank has motivated me about the various financial services available in
the bank - I was fully aware of various financial products or services offered by the
financial institutions
-23.061b .000
Source: Compiled by the researcher through primary research a. Wilcoxon Signed Ranks Test b. Based on negative ranks
This implies that there is a difference in the level of awareness on financial products or
services offered before joining SHGs and after joining SHGs to the members and as a result
there found to be considerable increase in the effort of providing financial services to achieve
International Review of Research in Emerging Markets and the Global Economy (IRREM)
An Online International Research Journal (ISSN: 2311-3200)
2017 Vol: 3 Issue: 1
1063 www.globalbizresearch.org
greater inclusive growth after joining the SHGs. With this result of hypothesis 1, the first part
(variable) of research objective 1 is answered and the research concludes there is an inclusive
growth as a result of financial provision to the SHG members. However, the other two
components (two variables of accessibility and timeliness and the corresponding hypotheses, 2
and 3) of the research objective 1 have to be complied with to conclude on objective 1.
5.4 Hypotheses 2 and 3 (objective 1)
The nature of testing hypotheses 2 and 3 are also in line with hypothesis 1 and both the
hypotheses compliment the research objective 1. Table-1 to table-4 contains the data generated
during testing hypothesis 1. In addition, it includes descriptive statistics, such as mean, standard
deviation, percentiles, mini-maxi etc. But descriptive statistics are not shown due to space
constraint. But both the sets of data (descriptive and test statistics) have been preserved by the
researcher. Accessibility and timeliness indicators too when put on similar test generated equal
quantum of data (as shown in table-1 to table-4). But only the final interpretation of the data is
shown. The results of these two hypotheses have been aligned to deduce objective 1.
5.5 Results for hypotheses 2 and 3 (objective 1)
In case of hypothesis 2, since the asymptotic values for all 5 paired statements of Z values
is 0 and it is less than 0.05 at 95% level of confidence, the null hypothesis (H0) is rejected and
the alternative hypothesis (H1) is accepted. This implies there is a difference in the level of
accessibility of financial products or services offered by the linked financial institutions to the
SHG members before and after joining SHGs and as a result there found to be sufficient effort
in provisioning financial services to the SHG members after joining the SHGs and to achieve
inclusive growth. In case of hypothesis 3 too, since the asymptotic values for all 5 paired
statements of Z values is 0 and it is less than 0.05 at 95% level of confidence, the null hypothesis
(H0) is rejected and the alternative hypothesis (H1) is accepted. This implies there is a difference
in the level of timeliness of financial products or services offered before and after joining SHGs
and as a result there found to be a considerable effort shown in providing financial services to
the SHG members after joining the SHG thereby fostering inclusive growth. With this result of
hypotheses 1, 2 and 3, research objective 1 has been fully complied. In all the three (1, 2, and
3), null hypotheses rejected and the alternative hypotheses have been accepted. It indicated
there is inclusive growth as a result of increased provision of financial services or products to
the SHG members after they join the group. SHG members have revealed a strong attempt or
effort of the linked financial institutions in providing financial services or products to the
members of the SHG once they join the group. However, it should not be taken to mean there
is robust growth in the provision of financial services offered. It only indicates the process being
created in terms of awareness, accessibility and timeliness.
International Review of Research in Emerging Markets and the Global Economy (IRREM)
An Online International Research Journal (ISSN: 2311-3200)
2017 Vol: 3 Issue: 1
1064 www.globalbizresearch.org
5.6 Hypotheses 4 to 7 (objective 2)
Hypotheses 4 to 7 have been tested to validate objective 2. It provides statistical backup to
answer objective 2. The second objective of the research is to measure the effectiveness of
provision of financial products or services by the linked financial institutions to the SHG
members before and after joining the SHGs. Four hypotheses covers four variables of FIEIs
such as usage, involvement, quality and fulfilment. It considers based on the four variables,
whether members use the financial products on regular or frequent basis? Whether the financial
institutions involve completely in providing financial services to the SHG members? Whether
the quality of the financial services provided to the SHG members are good? And finally,
whether the SHG members have fulfilled their required purpose after joining SHG? All the four
hypotheses have been tested using Wilcoxon Signed Ranks Test (Non Parametric). Table-5 and
table-6 shows the measurement of FIEIs before and after joining the SHGs respectively.
Table 5: Financial Inclusion Effectiveness Indicators (FIEIs) before joining SHGs
# Statements #
&
%
Strongly
Disagree
Disagree Neither
Agree nor
Disagree
Agree Strongly
Agree
Total
1 2 3 4 5
1
Usage
indicator
# 419 179 13 43 112 766
% 55 23 2 5 15 100
2
Involvement indicator # 398 196 15 63 94 766
% 52 26 2 8 12 100
3
Quality
indicator
# 419 130 21 78 118 766
% 55 17 3 10 15 100
4
Fulfilment indicator # 504 108 42 43 69 766
% 66 14 5 6 9 100
Source: Compiled by the researcher through primary research
It can be seen in table-5 that values are fully centred on the left hand side of the table
indicating a weak financial inclusion before joining SHGs emphasising a lower inclusive
growth efforts. The reason is; factors favourable to FIEIs are either disagreed or strongly
disagreed by majority of the respondents before joining SHGs. On the other hand, in table-6
values are more fully centred on the right hand side of the table except one indicator i.e. ‘usage’
indicating a strong financial inclusion after joining SHGs emphasising a higher inclusive
growth efforts. This is because; factors favourable to FIEIs are either agreed or strongly (except
usage indicator) agreed by majority respondents after joining SHGs. However, though it is
apparent from the raw data that inclusive growth is achieved by providing more robust financial
services effectively after joining SHGs, the same has to be validated through hypothesis. In
International Review of Research in Emerging Markets and the Global Economy (IRREM)
An Online International Research Journal (ISSN: 2311-3200)
2017 Vol: 3 Issue: 1
1065 www.globalbizresearch.org
case of usage indicator, SHG members are not familiar with using the financial products or
services on regular basis. The usage frequency is found to be very low even after joining the
SHGs.
5.7 Hypothesis 4 (objective 2)
As the objective 2 uses Liker Scale, non-parametric test statistics has been applied.
Wilcoxon Signed Ranks Test for paired statements of the respondents on usage indicators
relating to hypothesis 4 is shown in table-7. It shows the positive ranks, negative ranks and ties
for each pair of statements before and after joining SHGs. The negative ranks and ties for all
the five pairs of statements of usage indicator before and after joining SHGs are far higher than
the positive ranks indicating a weaker financial inclusion and inclusive growth due to joining
of SHGs. Negative ranks indicate those SHG members not using financial services after joining
SHGs were using the same before joining SHGs. Similarly ties indicate those SHG members
using financial products or services after joining SHGs were also using the same before joining
the SHGs.
Table 6: Financial Inclusion Effectiveness Indicators (FIEIs) after joining SHGs
# Statements #
&
%
Strongly
Disagree
Disagree Neither
Agree nor
Disagree
Agree Strongly
Agree
Total
1 2 3 4 5
1 Usage indicator # 416 330 12 2 6 766
% 54 43 1.5 0.5 1 100
2 Involvement
indicator
# 0 0 0 60 706 766
% 0 0 0 8 92 100
3 Quality
indicator
# 0 0 0 0 766 766
% 0 0 0 0 100 100
4 Fulfilment
indicator
# 0 0 0 0 766 766
% 0 0 0 0 100 100
Source: Compiled by the researcher through primary research
Therefore negative ranks and ties have hindered the permeation of financial inclusion thereby
achieving greater inclusive growth. Out of four FIEIs only usage indicator has resulted in lesser
financial services provision to the SHG members thereby curbing the extent of inclusive
growth. The remaining three FIEIs have shown a positive move towards the provision of
financial services indicating a stronger impetus for inclusive growth. The negative ranks and
ties are far higher than the positive ranks in case of usage indicator. Conclusively, majority of
the respondents who are not using the financial product products and services after joining the
SHGs were also not using the same. Hence, due to the higher value of negative ranks and ties;
International Review of Research in Emerging Markets and the Global Economy (IRREM)
An Online International Research Journal (ISSN: 2311-3200)
2017 Vol: 3 Issue: 1
1066 www.globalbizresearch.org
financial inclusion and as a result inclusive growth said to be weak though people joined SHGs.
The test statistics for all pairs of statements of usage indicators required for hypothesis 4 before
and after joining SHGs are represented in table-8. It shows the Z value and the asymptotic
significance for each pair of statements for proving hypothesis 4. Similarly Wilcoxon Signed
Ranks Test for paired statements of involvement indicator, quality indicator and fulfilment
indicator linked to hypotheses 5, 6 and 7 of research objective 2 and the Z value and the
asymptotic significance for each pair of statements of the same have been calculated. However,
due to space constraint it has not been shown.
Table 7: Wilcoxon Signed Ranks relating to hypothesis 4 - Non Parametric
N Mean Rank Sum of Ranks
I know to use various plastic cards given by
the bank such as swiping/debiting/crediting
- The financial products or services offered
by the financial institutions were frequently
used by me
Negative Ranks 195a 385.20 75114.50
Positive Ranks 361b 220.86 79731.50
Ties 210c
Total 766
The terms or documents used in the bank is
understandable or user-friendly - The
financial products or services offered by the
financial institutions were frequently used
by me
Negative Ranks 237d 276.41 65509.50
Positive Ranks 187e 131.50 24590.50
Ties 342f
Total 766
I know to process the bank requirement on
my own such as documents and rules - The
financial products or services offered by the
financial institutions were frequently used
by me
Negative Ranks 273g 321.41 87745.00
Positive Ranks 232h 172.50 40020.00
Ties 261i
Total 766
Mobile or telephonic services are being
offered to me - The financial products or
services offered by the financial institutions
were frequently used by me
Negative Ranks 307j 239.33 73474.00
Positive Ranks 111k 127.00 14097.00
Ties 348l
Total 766
Regular visits are required to avail the
linked bank services - The financial
products or services offered by the financial
institutions were frequently used by me
Negative Ranks 328m 231.66 75983.50
Positive Ranks 89n 125.50 11169.50
Ties 349o
Total 766
Source: Compiled by the researcher through primary research
International Review of Research in Emerging Markets and the Global Economy (IRREM)
An Online International Research Journal (ISSN: 2311-3200)
2017 Vol: 3 Issue: 1
1067 www.globalbizresearch.org
5.8 Result for hypothesis 4 (objective 2)
Since the asymptotic values for four paired statements of Z values is 0 and it is less than
0.05 at 95% level of confidence out of five paired statements, the null hypothesis (H0) is rejected
and the alternative hypothesis (H1) is accepted. This implies that there is a difference in the
level of usage of the financial products or services offered before and after joining SHGs and
as a result there found to be a financial inclusion and inclusive growth. However, one paired
statement has asymptotic value more than 0, but when considered as a whole (five paired
statements), this result can be ignored as it is the only component of usage out of 5 pairs.
Table 8: Paired sample test for hypothesis 4 - Non Parametric Test - Statisticsa
Z Asymp. Sig. (2-
tailed)
I know to use various plastic cards given by the bank such as
swiping/debiting/crediting - The financial products or services offered by the
financial institutions were frequently used by me -.626b .532
The terms or documents used in the bank is understandable or user-friendly - The
financial products or services offered by the financial institutions were frequently
used by me -8.363c .000
I know to process the bank requirement on my own such as documents and rules -
The financial products or services offered by the financial institutions were
frequently used by me -7.586c .000
Mobile or telephonic services are being offered to me - The financial products or
services offered by the financial institutions were frequently used by me -12.375c .000
Regular visits are required to avail the linked bank services - The financial products
or services offered by the financial institutions were frequently used by me -13.550c .000
Source: Compiled by the researcher through primary research a. Wilcoxon Signed Ranks Test b. based on negative ranks c. based on positive ranks
On an overall basis, though the raw data signifies lesser inclusive growth through provision
of financial services, statistically when all the five sub indicators of usage are considered, the
asymptotic vale for only one sub indicator found to be higher than 0.05. Hence when applied
the principle of average, there said to be good usage of financial services by the SHG members
after joining the SHGs. With this result of hypothesis 4, the first part (variable) of research
objective 2 is answered and the research concludes that there is an inclusive growth as a result
of provision of financial services to the SHG members. However, the other three components
(three variables of involvement, quality and fulfilment and the corresponding hypotheses 5, 6
and 7) of the research objective 2 have to be complied with to conclude on objective 2.
5.9 Hypotheses 5 to 7 (objective 2)
Hypotheses 5, 6 and 7 are tested on the same manner how prior hypotheses have been tested
and all the three hypotheses compliment research objective 2. Table-5 to table-8 contains the
data generated during testing hypothesis 4. In addition, it includes descriptive statistics, such as
mean, standard deviation, percentiles, mini-maxi etc. But due space constraints descriptive
International Review of Research in Emerging Markets and the Global Economy (IRREM)
An Online International Research Journal (ISSN: 2311-3200)
2017 Vol: 3 Issue: 1
1068 www.globalbizresearch.org
statistics have not been shown. But both the sets of data (descriptive and test statistics) have
been preserved by the researcher. Involvement, quality and fulfilment indicators when put
under similar test, they too generate equal quantum of data (as shown in table-4 to table-8). But
only the final interpretation of the data is given. The results of these three hypotheses have been
aligned to deduce objective 2.
5.10 Results for hypotheses 5 to 7 (objective 2)
In case of hypothesis 5, since the asymptotic values for all 5 paired statements of Z values
is 0 and it is less than 0.05 at 95% level of confidence, the null hypothesis (H0) is rejected and
the alternative hypothesis (H1) is accepted. This implies that there is a difference in the level of
involvement of the related parties (financial institutions) in offering financial products or
services before and after joining SHGs and as a result there found to be a greater inclusive
growth. The change in the level of financial inclusion measured in terms involvement by the
financial institutions found to be grater or positive. In case of hypothesis 6, since the asymptotic
values for all 5 paired statements of Z values is 0 and it less than 0.05 at 95% level of
confidence, the null hypothesis (H0) is rejected and the alternative hypothesis (H1) is accepted.
This implies that there is a difference in the level of quality of financial products and services
offered to the SHG members before and after joining SHGs and as a result there found to be a
greater inclusive growth by providing financial services to the rural mass. The change in the
level of providing financial inclusion is found to be grater or positive. In case of hypothesis 7
too, the asymptotic values for all 5 paired statements of Z values is 0 and it less than 0.05 at
95% level of confidence, the null hypothesis (H0) is rejected and the alternative hypothesis (H1)
is accepted. This implies that there is a difference in the level of fulfilment of goals of the SHG
members due to financial inclusion before and after joining SHGs and as a result there found
to be a greater financial inclusion and inclusive growth. The change in the level of financial
inclusion or fulfilment is found to be grater or positive. With this result of hypotheses 4, 5, 6
and 7, research objective 2 has been fully complied with. In all the four (4, 5, 6, and 7), null
hypotheses rejected and the alternative hypotheses have been accepted. It indicated that there
is an inclusive growth as a result of increased effectiveness in the provision of financial services
or products to the SHG members after they join the group as indicated by three variables such
as usage, involvement, quality and fulfilment. SHG members have revealed a strong attempt or
effort of the linked financial institutions effectiveness in providing financial services or
products to the members of the SHGs once they join the group. However, it should not be taken
to mean there is robust growth in the provision of financial services or products offered. It only
indicates the effectiveness of process being created in terms of four indicators (usage,
involvement, quality and fulfilment).
International Review of Research in Emerging Markets and the Global Economy (IRREM)
An Online International Research Journal (ISSN: 2311-3200)
2017 Vol: 3 Issue: 1
1069 www.globalbizresearch.org
6. Findings
The major findings of the two broad objectives placed in section 4.1 are; firstly, the three
major indicators of inclusive growth expressed in terms of provision of financial services
(FIPIs) such as awareness, accessibility and timeliness have been absolutely non-prevalent and
highly prevalent before and after joining the SHGs respectively. Before joining the SHGs,
members were not exposed to these three indicators. They were unware of financial services,
inaccessible to financial services and untimely received limited financial products or services.
Once they joined the SHGs, there is a massive change in the level of awareness, accessibility
and timeliness in offering financial services to the SHG members. Financial institutions linked
to the SHGs have shown a considerably amount of interest in extending the financial services
to the rural mass through SHG model. This effort in turn contributed to the government’s drive
on inclusive growth. SHG members are not only made aware of financial products and services,
but also they are enabled to access various financial products and services. Similarly, financial
services or products are made available in the right time whenever required by the SHG
members. In other words, SHG members are not made to wait for a long period to avail financial
services or members are not pressed to undergo complex procedural compliances. This finding
is different from earlier studies in a way that earlier studies highlighted the reasons for lack of
awareness, inaccessibility and untimely provision of financial services. Whereas this finding
measured the extent to which three indicators are achieved before and after joining SHGs using
a qualitative scaling and disproportionate random sampling method in order achieve inclusive
growth.
Secondly, the four major indicators of inclusive growth expressed in terms of effectiveness
of provision of financial services (FIEIs) such as usage, involvement, quality and fulfilment
have been non-prevalent and highly prevalent before and after joining the SHGs respectively.
Before joining the SHGs, members were not exposed to these four indicators. The SHG
members neither frequently used financial services nor even banking personnel involved in the
process of delivering financial services to the members. In addition SHG members were not
exposed to quality financial services or products and their requirements of life have not been
fulfilled. Once the members joined SHGs, there is a drastic change in the level of four
effectiveness indicators of financial services or products such as usage, involvement, quality
and fulfilment. Financial institutions linked to the SHGs have shown a considerably amount of
effectiveness in delivering the financial services to the poor people through SHG model.
However, the usage indicator was not robust like other three indicators. But still, there was an
incremental change in the frequency of using financial products before and after joining SHG.
This change results in the speed of attaining inclusive growth through the offer of financial
services or products. SHG members were not only just offered the financial products and
International Review of Research in Emerging Markets and the Global Economy (IRREM)
An Online International Research Journal (ISSN: 2311-3200)
2017 Vol: 3 Issue: 1
1070 www.globalbizresearch.org
services, but also offered those products and services more effectively. Though SHG members
were infrequently using banking products, most of them are happy about the involvement of
banking personnel in delivering the financial services. Further, SHG members have shown
complete happiness towards the quality of financial products or services being offered and they
emphasised that their requirements of life have been fulfilled by joining SHG. This finding is
different from earlier studies in the sense that effectiveness have been measured in two different
periods, i.e. before and after joining SHGs. And it concludes effectiveness is drastic after
members joined the SHGs. However, other studies doesn’t compare the effectiveness of
offering financial services before and after joining SHG. The present finding measures the
extent to which four indicators are effective in extending financial services before and after
joining SHGs using a qualitative scaling and disproportionate random sampling method in order
achieve inclusive growth.
Past studies have not studied the extent and effectiveness of specific indicators of financial
product or services as in the present study to draw conclusions on inclusive growth. This could
be seen in the literature review section. Studies shown the causes and the variables of financial
exclusion but doesn’t really state the dimension. The findings of this research may become a
success story for banks, NGOs, SHGs, and Micro finance institutions to draw implications or
policies not only in India, but also world over.
7. Conclusion
The revelation of this research is different from those mentioned in prior studies and
contributes uniquely to the existing body of literature. Firstly, all the sub-indicators of the three
main FIPIs have shown a complete favourable view towards the efforts of linked banks in
providing financial services to the SHG members there by accentuating greater inclusive
growth once the rural mass joined the SHGs. But prior to joining SHGs, efforts of linked banks
in providing financial services was very low. Secondly, the sub-indicators of the all the four
major FIEIs have also shown a sheer favourable view towards the attainment of inclusive
growth. However, ‘usage’ one of the four FIEIs found to be weak (plastic cards such as
debit/credit cards). Effectively, except one indicators (usage) out of the seven indicators of the
efforts of financial service provision and the effectiveness of the same found to highly
prompting towards achieving greater inclusive growth. Neither the break-up of two-dimension
nor even the break-up financial inclusion before and after joining the SHGs have been provided
by earlier studies. Past studies centred on pointing out the reasons for the same. The findings
will raise further questions and impetus for additional research as to the strategies to be followed
to reach the rural mass. This can be passed on to other countries or NGOs as best practice. Only
seven indicators of providing financial products and services have been focussed in the study
for measuring effort and effectiveness of the efforts of linked banks. Additional research may
International Review of Research in Emerging Markets and the Global Economy (IRREM)
An Online International Research Journal (ISSN: 2311-3200)
2017 Vol: 3 Issue: 1
1071 www.globalbizresearch.org
be taken up focusing on other indicators that are pointed out in the literature reviews of financial
inclusion or inclusive growth areas.
References
Agrawal, A 2008, ‘The need for Financial Inclusion with an Indian Perspective’, IDBI_GILTS Economic
Research, viewed 20 April 2010,
<http://www.oecd.org/dataoecd/16/55/40339652.pdf>.
Agrawal, A 2009, ‘100% financial inclusion districts in India!!??’, viewed 21 April 2010,
<http://mostlyeconomics.wordpress.com/2009/08/18/100-financial-inclusion-districts-in-india/ >.
All India Rural Credit Survey 1951 & All India Debt & Investment Survey 1991.
Andrea, F & Elaine, K 2009, Regression Analysis of the Unbanked, Using the 2006-07 Family Resources
Survey, Personal Finance Research Centre, University of Bristol.
‘APEC Conference on Improving Lives through Financial Inclusion’, news information, Sapporo, Japan,
1st June, 2010.
Arunachalam, R 2008, Scoping Paper on Financial Inclusion: Considerations and Recommendations for
UNDP, UNDP India Project Report, viewed 20 April 2010.
<http://www.apmas.org/pdf%5CFinancial%20Inclusion%20Scoping%20Paper%2020Mar08.pdf >.
Asian Development Bank Institute, Promoting Financial Inclusion through Innovative Policies, viewed
22 June 2010, <http://www.ADBI.com.>.
Asia-Pacific Economic Cooperation, Improving lives through financial inclusion, viewed 22 June 2010,
<http://www.APEC.com.>.
Bansal, H 2000, SHG-Bank Linkage Program in India – An Overview, Journal of Microfinance, vol 5,
no. 1.
Barman D, Mathur, HP & Karla V 2009, ‘Role of Microfinance Interventions in Financial Inclusion: A
Comparative Study of Microfinance Models’, Vision-The Journal of Business Perspective l, vol. 13l, no.
3l, viewed 22 June 2010, <http://www.ebscohost.com>.
Burgess, R & Pande, R 2005, ‘Do Rural banks matter? Evidence from the Indian social banking
experiment’, American Economic Review, vol. 95 (3), pp. 780-795.
Carbo S, Gardener, EPM & Molyneux, P 2007, ‘Financial Exclusion in Europe’, Journal of Public
Money & management.
Collard, S 2007, ‘Toward Financial Inclusion in the UK: Progress and Challenges Public Money &
Management’, Personal Finance Research Centre, University of Bristol, CIPFA, viewed 22 June 2010,
<http://www.ebscohost.com>.
Dichter, TW 2007, ‘Too Good to Be True - The Remarkable Resilience of Microfinance’, Harvard
International Review, spring 2010.
Dymski GA 2005, ‘Financial Globalization, Social Exclusion and Financial Crisis’, International Review
of Applied Economics, vol. 19, no. 4, pp 439–457.
Economist 2005, Helping themselves, vol. 376, issue 8439, Business Source Premier
<www.search.ebscohost.com>.
Ellis, K 2007, ‘Is financial liberalisation enough to financial inclusion?’, Research thesis, ODI, United
Kingdom.
European Commission 2008, Report on Financial Services Provision and Prevention of Financial
Exclusion, Directorate-General for Employment, Social Affairs and Equal Opportunities Inclusion,
Social Policy Aspects of Migration, Streamlining of Social Policies.
Fisher, PS 1983, ‘The Role of the Public Sector in Local Development Finance: Evaluating Alternative
Institutional Arrangements’, Journal of Economic Issues, vol. XVII, no.1.
French, S & Leyshon, A 2004, ‘The new, financial system? Towards a conceptualization of financial re
intermediation’, University of Nottingham Review of International Political Economy 11:2, pp 263–288,
Routledge: Taylor & Francis Group.
International Review of Research in Emerging Markets and the Global Economy (IRREM)
An Online International Research Journal (ISSN: 2311-3200)
2017 Vol: 3 Issue: 1
1072 www.globalbizresearch.org
Gaonkar RR, Role of Self-Help Groups in Empowerment of Women.
Gangopadhayay, S, ‘How Can Technology Facilitate Financial Inclusion in India?, A Discussion Paper’,
India Development Foundation, viewed on 21 April 2010.
<http://rmi.sagepub.com/cgi/content/abstract/1/2/223>.
Gupta, SP & Gupta, MP 2008, Business Statistics, 15th edn, Sultan Chand & Sons, New Delhi.
Harper, M 2002, ‘Promotion of Self Help Groups under the SHG Bank Linkage Programme in India’,
Paper presented at the Seminar on SHG-bank Linkage Programme at New Delhi on 25-26 November.
Harper, M (ed.), 2003, ‘Microfinance: Evolution, Achievement and Challenges’, ITDG Publishing,
London.
Indian Institute of Banking & Finance 2006, Readings on Financial Inclusion, Taxman Publications Pvt.
Ltd., New Delhi.
Kempson, E & Andrea, F 2009, Saving in Lower-Income Households - A review of the Evidence,
University of Bristol, viewed 12 February 2011, <http://www.idfresearch.org/Financial-Inclusion-
0901.pdf>.
Kim W, Self Help Groups in India, Lights and Shades, The Fletcher School, Tufts University, Formerly,
Catholic Relief Services, South Asia.
Knight, T, Hossain, F & Rees, CJ 2009, ‘Microfinance and the Commercial Banking System:
Perspectives from Barbados’, SAGE Publications, Progress in Development Studies 9, pp. 115–25.
Kothari, CR 2004, Research Methodology: Methods and Techniques, 2nd edn, New Age International
Publishers, Mumbai.
Krishnan, BA 2005, ‘Income Inequalities in Southeast Asia: Potential For Microfinance’, Economic
Outlook, Institute of Southeast Asian Studies.
Kropp, EW & Suran, BS 2002, ‘Linking Banks and (Financial) Self Help Groups in India -An
Assessment, Micro Credit Innovations Department’, National Bank for Agriculture and Rural
Development (NABARD), viewed 20 June 2010.
<http://www.bwtp.org/arcm/mfdm/Web%20Resources/Advanced%20MF%20Resources/Linking%20b
anks%20and%20SHG%20-%20NABARD%202002%20(Kropp).pdf >.
Kumar, P & Golait, R 2009, ‘Bank Penetration and SHG-Bank Linkage Programme: A Critique’, RBI
paper on SHG-Bank Linkage Programme.
Kumar, A & Gupta, H 2008, ‘Branchless Banking and Financial Inclusion’, Siliconindia.
Malhotra, R, ‘Models of SHGs in India, National Bank for Agriculture and Rural Development’, Bareilly,
viewed 28 April 2010, <http://www.gdrc.org/icm/SHG-models-india.pdf >.
Mandira, S 2007, ‘Index of Financial Inclusion - Very preliminary draft’, Indian Council for Research
on International Economic Relations, Delhi, viewed 7 April 2010.
<http://www.igidr.ac.in/~money/mfc_10/Mandira%20Sarma_submission_53.pdf >.
McAteer, M 2007, Model solution, setting out a framework for financial inclusion alongside industry
freedom, monevmarketins.co.uk via, www.search.ebscohost.com
Meyer, RL & Nagarajan, G 1999, ‘Rural Financial Markets in Asia: Policies. Paradigms, and
Performance’, Oxford University Press.
Microcredit Innovations Department (mCID), Designing and managing the world’s largest and fastest
growing micro finance program, NABARD, Mumbai, India.
Microcredit Summit Campaign Report 2005, Microcredit Summit Campaign, State of the Washington,
DC.
Misra Alok, 2006, Micro Finance in India & Millennium Development Goals: Maximizing Impact on
Poverty, PhD thesis in Development Studies, Victoria University of Wellington, New Zealand,
Discussion paper for Workshop on World Bank Singapore.
<http://www2.warwick.ac.uk/fac/soc/csgr/events/workshops/2006ws/world_bank/papers/misra.pdf >,
viewed 28 April 2010.
International Review of Research in Emerging Markets and the Global Economy (IRREM)
An Online International Research Journal (ISSN: 2311-3200)
2017 Vol: 3 Issue: 1
1073 www.globalbizresearch.org
Mor, N & Bindu, A 2007, ‘Inclusive Financial Systems: Some Design Principles and a Case Study’,
Economic and Political Weekly, vol. XLII (13) pp 1121-1126.
National Bank for Agriculture & Rural Development - 989, Studies on Self Help Groups of the Rural
Poor, Micro Credit Innovations Department, (mCID), Mumbai, viewed 28 April 2010.
<http://www.nabard.org/pdf/publications/sudy_reports/shg_report.pdf>.
NABARD, Micro Credit Innovations Department (mCID), Mumbai.
National Bank for Agriculture and Rural Development, viewed 21 April 2010
www.nabard.org/roles/microfinance/
National Council for Applied Economic Research 2008, Impact and Sustainability of SHG-Bank Linkage
Programme, Report Submitted to GTZ NABARD.
Navodaya Gram Vikasa Charitable Trust, viewed 7 April 2010, www.ngvctm.org.
Pai, DT 2010, Overview of Financial Inclusion and Micro Credit, 1st edn, Manipal Press Limited,
Manipal.
Panigyrakis, GG, Theodoridis, PK & Veloutsou, CA 2002, ‘All customers are not treated equally:
Financial exclusion in isolated Greek islands’, Journal of Financial Services Marketing, vol. 7, 1, pp 54–
66.
Ramesh, S & Sahai, P 2007, ‘Financial Inclusion in India: The Way Forward’, BASIX, viewed 7 April
2010, <http://www.scribd.com/doc/13141415/Financial-Inclusion-in-India-CPBYR11>.
Rangappa, KB, Bai, R and Sandesh, AL 2008, ‘SHG-Bank linkage programme and financial inclusion:
rural household study in Davangere District of Karnataka’.
Rao, SKGK 2007, ‘Financial Inclusion: An Introspection’, Economic and Political Weekly, vol. XLII
(5), pp 355-360.
Reddy CS & Manak, S 2005, ‘Self-Help Groups: A Keystone of Microfinance in India- Women
empowerment & social security, APMAS’, viewed on 28 April 2010.
<http://www.empowerpoor.org/downloads/SHGs-keystone-paper.pdf>.
Report of the expert committee on harnessing the India post network for financial inclusion 2010, Jointly
Commissioned and Produced by: Dept. of Post, Financial Services, Economic Affairs – Govt. of India
and Invest India Economic Foundation.
Reserve Bank of India, viewed 21 April 2010, www.rbi.org.
Saunders, M, Philip, L & Adrian, T 2003, Research Methods for Business Students, 3rd edn, Pearson
Education, New Delhi.
Sekaran, U & Bougie, R 2010, Research Methods for Business, 5th edn, John Wiley and sons, New Delhi.
Seibel, HD & Parhusip, U 1990, ‘Financial Innovations for microenterprises - linking formal and
informal institutions’.
Seibel, HD 2008, ‘Islamic Microfinance in Indonesia: The Challenge of Institutional Diversity,
Regulation, and Supervision’, Journal of Social Issues in Southeast Asia, vol. 23, no. 1, pp 86-103.
Shree Kshetra Dharmasthala Rural Development Project, viewed 7 April 2010 www.skdrdpindia.org.
Shetty Niranjan and Pinto Prakash (2015), Financial Inclusion through SHG-BLP: A case study of
SKDRDP and NGVCT in India, World Review of Business Research, Vol. 5, No.3, Pp 91-107.
Thorat, U 2007, Financial Inclusion - The Indian Experience, Speech delivered by Smt. Usha Thorat,
Deputy Governor, Reserve Bank of India at the HMT-DFID Financial Inclusion Conference on June 19,
2007 at Whitehall Place, London, UK, RBI Monthly Bulletin, July 2007.
Yaron, J, Benjamin, M & Piprek, G 1997, ‘Rural Finance-Issues, Design, and Best Practices’, World
Bank, Washington D.C.