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Impact of micro finance through self help groups in Pudukottai district

Impact of micro finance through self help groups in Pudukottai district
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Micro finance programmes targeting women empowerment have been a welcome initiative. It is recognized and accepted as one of the new development paradigms for alleviating poverty through social and economic empowerment of poor, with special emphasis on empowering women.

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Impact of micro finance through self help groups in Pudukottai district

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  1. INTERNATIONAL JOURNAL OF MANAGEMENT (IJM)

    ISSN 0976-6502 (Print)
    ISSN 0976-6510 (Online) A STUDY IJM
    Volume 7, Issue 2, February (2016), pp. 134-141
    http://www.iaeme.com/ijm/index.asp ©IAEME
    Journal Impact Factor (2016): 8.1920 (Calculated by GISI)
    www.jifactor.com

    IMPACT OF MICRO FINANCE THROUGH SELF HELP GROUPS IN
    PUDUKOTTAI DISTRICT

    Dr. R. Khader Mohideen
    Head, Department of Management,
    Jamal Mohamed College (Autonomous)
    Tiruchirappali-620 020

    S. Amirthavalli
    Research Scholar, Department of Commerce,
    Jamal Mohamed College (Autonomous)
    Tiruchirappali-620 020

    ABSTRACT
    Micro finance programmes targeting women empowerment have been a welcome
    initiative. It is recognized and accepted as one of the new development paradigms for
    alleviating poverty through social and economic empowerment of poor, with special emphasis
    on empowering women. Providing micro credit to rural women through an organized setup
    will make them enterprising. SHGs are a viable organized set up to disburse micro credits to
    rural women for the purpose of encouraging them to enter into entrepreneurial activities.
    Key words: Microfinance, Self Help Groups.
    Cite this Article: Dr. R. Khader Mohideen and S. Amirthavalli. Impact of Micro Finance
    through Self Help Groups in Pudukottai District. International Journal of Management, 7(2),
    2016, pp. 134-141.
    http://www.iaeme.com/IJM/index.asp

    1. INTRODUCTION
    Micro Finance is the provision of financial services to low income clients who traditionally lack access
    to banking and related services. It helps in reaching out to the vulnerable segments of the society like
    women, SC, ST which are outside the purview of formal lending institutions. It is a form of financial
    development that has primarily focused on alleviating poverty through providing financial services
    which help poor to take up income generating activities and secondly it focuses on women
    empowerment through enhancement of their socio-economic status.
    Micro Finance Schemes in India are growing rapidly and receiving increasing attention from the
    financial institutions, non-governmental organizations (NGOs) and the Government, as an instrument
    that can transform lives of the poor.
    Micro finance is considered as a development tool to alleviate poverty in Asian, African and South
    American countries. Microfinance gives quick and tangible results to the poor people, especially
    women. Microfinance, when extended to people, especially women, in rural areas coupled with
    supporting activities like training, raw material supply, marketing of products leads to investment in
    micro enterprises, women may become entrepreneurs, generate main or additional income to the
    134

    Dr. R. Khader Mohideen and S. Amirthavalli, “Impact of Micro Finance through Self Help Groups in
    Pudukottai District” – (ICAM 2016)

  2. International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 –
    6510(Online), Volume 7, Issue 2, February (2016), pp. 134-141 © IAEME Publication

    family, poverty is reduced and development takes place and the women get the self confidence to go
    for enterprising activities with social, economic, and political empowerment and with her increased
    knowledge and awareness, development takes place. When the groups of people join as a group and are
    provided with empowerment which would lead to social and economic development in a holistic and
    sustainable manner.
    India’s development planning has always aimed at removing inequalities in the process of
    development, recognizing that women lag behind due to several socio economic, cultural and political
    factors and the five year plans have been paying attention to women’s welfare, female education, and
    their access to resources and empowerment. From the 6th five year plan, women were recognized as a
    separate target group and govt. efforts are focused to raise their social, economic and political status at
    par with men. The field or microfinance made significant progress as a movement in our country, with
    the active support of RBI, NABARD, SIDBI, and NGOs microfinance emerged as a giant. The concept
    of Self Help Groups is not ultimately a micro credit projects, but an empowerment process. The Self
    Help Group and Microfinance are aimed at empowering poor women which help the family to come
    out of poverty.

    2. SELF HELP GROUP
    A self help group is defined as a small economically homogenous and affinity group of rural poor,
    voluntary formed to save and mutually agree to contribute to a member as per group decisions.

    3. REVIEW OF LITERATURE
    The study of Gunindra Nath Sarmah and Diganta Kumar Das (2012) concludes that microfinance
    is playing a significant role in alleviating poverty and rural development. Since women are the sole
    family care taker, proper emphasis should be given to the rural women and for empowering the rural
    women, finance is required. Microfinance to the rural SHGs is a way to raise the income level and
    improve the living standards of the rural women. The Self Help Groups have proved the way for
    economic independence of rural women.
    Prasada Rao and Raavi Radhika (2011) in their study concluded that SHG based micro finance
    has now developed deep roots in many parts of the country. Micro finance has been established firmly
    but the peoples mindsets are the biggest road block in the success of an innovation. They suggested that
    since micro finance has been instrumental in empowering women, more effort should be put for
    women’s development through microfinance. As most of the beneficiaries in rural areas are illiterates,
    the banks may organize training and development programmes for motivation of the beneficiaries.

    4. SIGNIFICANCE OF THE STUDY
    The Pudukottai district has poor industrial infrastructure. It is suffering with frequent power failure.
    Unfavorable monsoon is responsible for intrinsic agriculture activities especially in rural areas. So the
    self help groups are alternate optimal scheme for Pudukottai District to solve its backwardness. That is
    why, the study is conducted in this area. Self help group is to build capacity to disadvantageous women
    in order to enable them to cross social and economic barriers and there by facilitates their full
    development. Hence, provision of micro finance to women self help groups of the district would
    certainly pave way to women empowerment in the district. Besides majority of people are residing in
    rural areas with higher rate of unemployment and marginal illiteracy level compared with other
    districts. Therefore, a study is necessary to probe into the impact of provision of microfinance under
    Mahalir Thittam, Swarna Jayanthi Gram Swarozgar Yojana,Youth Skill training to Self Help Groups
    functioning in Pudukottai District.

    5. OBJECTIVES OF THE STUDY
    The major objectives of the study are:
    1. To highlight the socio economic conditions of members of Women Self Help Groups in
    Pudukottai District.
    2. To assess the ability of self help groups in Mobilization of Savings.
    3. To bring out the problems faced by Self Help Groups functioning in Pudukottai District.

    135

    Dr. R. Khader Mohideen and S. Amirthavalli, “Impact of Micro Finance through Self Help Groups in
    Pudukottai District” – (ICAM 2016)

  3. International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 –
    6510(Online), Volume 7, Issue 2, February (2016), pp. 134-141 © IAEME Publication

    4. To study the performance of Self Help Groups in procuring Micro finance Services to their
    members in Pudukottai District.
    5. To analyze the impact of Socio-economic and Demographic factors on the perception of
    members towards functioning of Micro Finance Schemes.

    6. SAMPLE DESIGN
    The study has been carried out among the members of Self Help Group functioning in Pudukottai
    district. The first Fifty Self Help Groups which have been repaying their installments regularly in the
    district were selected for this study. The data were collected by distributing structured questionnaire
    consisting of 63 queries to 450 members on the basis of disproportionate stratified random sampling.
    However, the valid response turned out to be 350 on account of incomplete responses, yielding a
    response rate of 78% respondents. The complete responses obtained from 350 sample respondents were
    considered for the study. They were asked to give opinion on Micro Finance through self help groups
    and other independent variables on a five-point scale ranging from ‘Strongly Disagree to Strongly
    Agree. The analysis was conducted using Statistical Package for Social Sciences (SPSS) version 16.0.
    The population size of total Self Help Group members in Pudukottai district was 1,10,022 belonging to
    9,129 SHGs functioning in the district. Making use of the Sample Size Calculator (Right size)
    Software, the required Sample Size was calculated as 340 with Confidence level of 99% and
    confidence interval of ±7%. The researcher has used a Sample Size of 350, which is higher than the
    calculation made through sample size calculator and therefore it is feasible.

    7. DATA COLLECTION
    A structured interview schedule was prepared by the researcher as explained earlier and used for
    collecting data from the rural SHG women members who are assisted by the micro finance through self
    help groups. The secondary information regarding the working of micro finance were gathered from
    the web sites, journals, books, Mahalir Tittam office, DRDA of the Collectorate and the like.

    8. TOOLS USED FOR ANALYSIS
    Percentage analysis and Correlation were used.

    9. LIMITATIONS
    The data were collected from the members of the Self Help Groups in Pudukottai district. So the
    findings of the study may not be suited for other districts. The researcher experienced lack of co-
    operation from the respondents at the time of data collection. There may be possibility of bias in the
    information provided by the respondents. So the findings may be suffered from the biased information
    given by the respondents. The survey was conducted only with members of the women self help groups
    in Pudukottai district Hence the result of the study may not be fit for self help groups formed by men in
    Pudukottai district. Prominent micro finance schemes namely Swarna Jayanthi Swarogar Yojana,
    Mahalir Tittam, Economic Assistance and Revolving Fund alone were considered for assessing the
    economic and social empowerment of women in the District.

    10. SCOPE OF THIS STUDY
    In this article the results of the research relating to motivation and reasons, loans and repayments,
    nature of repayments and microfinance problems only are presented and interpreted.

    136

    Dr. R. Khader Mohideen and S. Amirthavalli, “Impact of Micro Finance through Self Help Groups in
    Pudukottai District” – (ICAM 2016)

  4. International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 –
    6510(Online), Volume 7, Issue 2, February (2016), pp. 134-141 © IAEME Publication

    Table 1 Motivation and reasons of self-help group members

    Reasons & Sources Category Frequency Percentage

    Family members 47 13

    Friends& relatives 143 41
    Source of motivation Neighbours 57 16

    Other SHGs in the locality 103 29

    Total 350 100.0
    To support family’s income 88 25

    To develop social status 17 5
    Reasons for joining To improve saving level 49 14
    SHGs For getting loan on low rate of interest 95 27

    Poverty alleviation 101 29

    Total 350 100.0
    SHG 119 34

    NGO’S 32 9
    Source of microfinance Government Agencies 191 55

    Moneylenders 8 2

    Total 350 100.0
    Small size traders 65 17

    Agriculture labour 28 8
    Beneficiaries through microfinance Low income people 255 73

    Middle income people 2 1

    Total 350 100.0

    137

    Dr. R. Khader Mohideen and S. Amirthavalli, “Impact of Micro Finance through Self Help Groups in
    Pudukottai District” – (ICAM 2016)

  5. International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 –
    6510(Online), Volume 7, Issue 2, February (2016), pp. 134-141 © IAEME Publication

    Table 2 Loans and repayments of self-help group members

    Loans & Repayments Category Frequency Percentage

    Business 65 19
    Repayment of old loans 96 27
    Medical treatment 26 7
    Purpose of loan
    Education 36 10
    Domestic expenses 127 36

    Total 350 100.0
    More time is consumed 33 9
    More legal Formalities 173 50

    Difficulties faced Delay in sanction of loan 71 20
    Less motivation from the
    73 21
    bank staff

    Total 350 100.0
    By working overtime 34 10
    By borrowing from money
    2 1
    lenders
    By borrowing from relatives 11 3
    Source of repayment
    Through regular income 297 85
    By other means 6 2

    Total 350 100.0
    Regular 332 95
    Irregular 6 2
    Repayment of internal
    Overdue 12 3
    loan

    Total 350 100.0

    138

    Dr. R. Khader Mohideen and S. Amirthavalli, “Impact of Micro Finance through Self Help Groups in
    Pudukottai District” – (ICAM 2016)

  6. International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 –
    6510(Online), Volume 7, Issue 2, February (2016), pp. 134-141 © IAEME Publication

    Table 3 Nature of repayments of self-help group members

    Nature of Repayments Category Frequency Percentage

    Weekly 84 24

    Monthly 266 76
    Installment period

    Total 350 100.0
    Fully repaid 140 40

    Being repaying 209 60
    Status of repayment Not yet started 1 0

    Total 350 100.0
    High household expenses 230 66

    Business loss 57 16
    Main reasons for default in Other members failed to repay
    repayment loans 55 16
    the loan
    Any other reason 8 2

    Total 350 100.0
    Extended the period without
    7 2
    penalty
    Extended the period with penal
    343 98
    Action interest

    Total 350 100.0
    Easy 74 21

    Normal 246 70
    Formalities and procedure Difficult 30 9

    Total 350 100.0

    139

    Dr. R. Khader Mohideen and S. Amirthavalli, “Impact of Micro Finance through Self Help Groups in
    Pudukottai District” – (ICAM 2016)

  7. International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 –
    6510(Online), Volume 7, Issue 2, February (2016), pp. 134-141 © IAEME Publication

    Table 4 Inter-correlation between perception of SHG members and microfinance problems

    Financial Social Economic Personal
    Factors Perceptions
    problems problems problems problems

    1
    Perceptions
    Financial problems 0.346** 1
    Social problems 0.390** 0.026* 1
    Economic problems 0.427** 0.051* 0.054** 1
    Personal problems 0.476** 0.069* 0.011* 0.087* 1
    Total (N) 350 350 350 350 350

    ** Correlation is significant at the 0.01 level (2-tailed), p≤0.01).; N=330

    * Correlation is significant at the 0.05 level (2-tailed, p≤0.05).

    The correlation matrix presented in above table shows the relationship between perception and
    the independent variables financial problems, social problems, economic problems and personal
    problems. The dependent variable perception had a strong and significant positive relation to all the
    independent variables under study. The independent variable financial problems had significant and
    positive relationship with perceptions at 1% level. (r=0.346, p

  8. International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 –
    6510(Online), Volume 7, Issue 2, February (2016), pp. 134-141 © IAEME Publication

     As many as 70% of respondents opined that the formalities are normal and 21% of them
    viewed the formalities as easy.
     It is observed that microfinance problems had significant and positive impact upon perception
    of respondents at 1% level.

    REFERANCES

    [1] Sanjay Kanti Das , “Socio-Economic Empowerment of Women through SHG-Banking
    Linkage Programme: A Boon for Development”,International Journal of Management &
    Business Studies, Vol.2, Issue 1, January – March, pp.39-46.
    [2] Aggarwal Vijender, Aggarwal Rachna and Khanna Parul ,“ Micro Finance and Risk
    Management for Poor in India”, Research Journal of Recent Sciences, Vol. 1, No.2,
    February, pp.104-107.
    [3] WWW.SHODAGANGA INFLIPNET.IN
    [4] Womens development office in pudukkottai district
    [5] Prabandhan: Indian journal on management, vol:5 no:7, july,2012

    141

    Dr. R. Khader Mohideen and S. Amirthavalli, “Impact of Micro Finance through Self Help Groups in
    Pudukottai District” – (ICAM 2016)

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