SUFFiciENcy EcONOMy ANd GRASSROOtS DEvElOPMENt

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296 The Meaning of Sufficiency Economy International Conference 3. It is found that 1/3 of groups are totally illiterates. But many of the illiterate members have made impressive progress in developing basic literacy and numeracy after joining the group. It is revealed that 32.42% of the illiterates have learnt to sign and 37.40% of them put only thumb impression. Within one or two years, it is expected that no thumb impressions will be found in the registers. Problem of illiteracy exists certainly but it is not insurmountable. 4. Two types of meetings are generally conducted by each SHG – meeting for money transaction and monthly meeting to discuss common issues pertaining to group. Participation of members in meetings is made compulsory. If a member does not attend the meeting despite being intimated, the member will be fined. The amount of fine varies from group to group (from Rs.2 to 5). All the groups record minutes of the meetings. 5. The sample study reveals (vide table 5.9) that about 65% of the respondents have been the members of SHGs for 4 years followed by 28% of the respondents being the members of groups for 5 years. It is also found that about 56% of the members have accumulated savings ranging from Rs.1000 – 2000 per member and 22% of the members have accumulated more than Rs.2000. Usually the members contribute their savings before 15th of every month in the monthly meeting. But a few members are irregular in their contribution due to various reasons like inability to attend the meeting, irregular wage – income and unforeseen household expenses. But saving members constitute 100% in the sample study. 6. The sample study reveals that about 65% of the respondents have been the members of SHGs for 4 years followed by 28% of the respondents being the members of groups for 5 years. It is also found that about 56% of the members have accumulated savings ranging from Rs.1000 – 2000 per member and 22% of the members have accumulated more than Rs.2000. Usually the members contribute their savings before 15th of every month in the monthly meeting. But a few members are irregular in their contribution due to various reasons like inability to attend the meeting, irregular wage – income and unforeseen household expenses. But saving members constitute 100% in the sample study. Suggestions In the light of our findings and observations some suggestions are made about effective functioning of financial institutions/micro-credit institutions in the development of the weaker sections of the society. The suggestions are listed as follows:
The Meaning of Sufficiency Economy International Conference 297 Microfinance sector of India is unmatched because of both its large size and diversity of institutions operating in the field. Having crossed the stage of formative years more under an informal framework the microfinance sector is now looking forward to a conducive and an appropriate regulatory environment to grow further. Since SHGs are mostly unregistered local groups, lack of legal framework does deter many grass root bankers from the concept as a major methodology for continuous lending. There is a need for establishing an apex Organisation with some required statutory powers for microfinance at the national level, which should work for advocacy of microfinance and also for networking among NGOs banks and governments. Microfinance programs are costly because of the small size of their loans and because banks cannot operate them with their traditional mechanisms and overhead structures. Strategies must be devised to minimize processing costs, increase staff productivity, and rapidly expand the scale of micro enterprise portfolios. Incentives to staff for improving their performance in SHG-bank linkage banking need to devised in order to encourage linkage banking without compromising on the quality of linkage. Also, incentives to SHGs for encouraging them to maintain good group health need to be devised. There are five generic recommendations, keeping in view the various challenges. 1. Establish a Global/ Commonwealth Gender Innovation Challenge Fund It is critical to establish a Global/ Commonwealth Gender Innovation Challenge Fund to help the microfinance industry and private sector innovate and develop models, methodologies, products, processes, procedures and performance measures for financial intermediation. This should be specially tailored to the needs of low-income women in several contexts. It is suggested that this fund be established with contributions from respective governments, multilateral and bilateral donors and other stakeholders. The Commonwealth Secretariat would be uniquely placed to be the global coordinator. 2. Create an enabling environment for supporting financing for gender equality The second recommendation is primarily for governments and central bankers/ regulators and addresses the salient aspects pertaining to the creation of an enabling environment. These are: • Ensuring a minimum number of women directors in MFIs and intermediaries; • Establishing an integrated and comprehensive database on microfinance and gender;
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SUFFiciENcy EcONOMy ANd GRASSROOtS DEvElOPMENt

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