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Micro Finance for Rural India : Institutional Arrangements and Policies
By Surajit Kumar Bhagowati

First Published : 2013
ISBN : 9788177083330
Pages : 212
Binding : Hardbound
Size : 5 x 9
Price : US$ 39

According to 2011 Census, rural population of India was 68.8 percent of total population. Rural development implies both the economic betterment of people as well as greater social transformation. Increased participation of people in the rural development process, decentralisation of planning, better enforcement of land reforms and greater access to credit and inputs go a long way in providing the rural people with better prospects for improved quality of life.

Since Independence in 1947, the Government of India and the Reserve Bank of India have made concerted efforts to provide the poor with access to credit. Despite the phenomenal increase in the physical outreach of formal credit institutions in the past several decades, the rural poor continue to depend on informal sources of credit.

It is in this context that micro credit has emerged as the most suitable and practical alternative to the conventional banking in reaching the hitherto unreached poor population. Micro credit enables the poor people to be thrifty and helps them in availing the credit and other financial services for improving their income and living standards.

This book is an attempt to understand the working of institutions engaged in providing rural finance and the policies of the Government for financial inclusion of the poor.

1.1 Constitutional Provisions and Institutional Set Up for Rural Development
1.1.1 Ministry of Rural Development (MoRD)
1.1.2 Mahatma Gandhi Institute for Rural Industrialisation (MGIRI)
1.1.3 Rural Infrastructure Development Fund (RIDF)
1.1.4 Bharat Nirman Programme for Rural Infrastructure
1.1.5 Provision of Urban Amenities in Rural Areas (PURA)
1.2 Poverty in Rural India
1.3 Pressure on Land Resources
1.4 Rural Employment Programmes
1.4.1 Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), 2005
1.4.2 Sampoorna Grameen Rozgar Yojana (SGRY)
1.4.3 Swarnjayanti Gram Swarozgar Yojana (SGSY)
1.4.4 National Rural Livelihoods Mission (NRLM)
1.4.5 Mahila Kisan Shasaktikaran Pariyojana (MKSP)
1.4.6 National Food for Work Programme (NFFWP)
1.4.7 Prime Minister’s Employment Generation Programme (PMEGP)
1.5 Food and Nutritional Security
1.5.1 National Food Security Mission (NFSM), 2007
1.5.2 National Food Security Bill
1.6 Rural Industries
1.7 Rural Housing
1.7.1 Indira Awaas Yojana (IAY)
1.8 Rural Transport and Communications
1.8.1 Rural Transport
1.8.2 Rural Telephony
1.9 Rural Electrification
1.9.1 Rural Electrification Policy, 2006
1.9.2 Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY), April 2005
1.10 Rural Water Supply
1.11 Rural Health and Family Welfare
1.11.1 National Rural Health Mission (NRHM)
1.12 Rural Sanitation and Cleanliness
1.12.1 Total Sanitation Campaign (TSC)
1.13 Rural Education and Training
1.13.1 Kasturba Gandhi Balika Vidyalaya Scheme (KGBVS)
1.13.2 Mid-Day Meal Scheme (MDMS)
1.14 Social Justice and Empowerment of Disadvantaged Groups in Rural Areas
2.1 Land Resources of India
2.2 Importance of Agriculture
2.3 Constitutional Provisions and Institutional Set Up for Agriculture
2.3.1 Agriculture in the Constitution of India
2.3.2 Ministry of Agriculture
2.3.3 National Policy for Farmers, 2007
2.3.4 Recent Programmes/Schemes for Agricultural Development
2.4 Agrarian Relations and Land Reforms
2.4.1 Aspects of Land Reforms
2.4.2 Land Acquisition (Amendment) Bill, 2010 and Rehabilitation and Resettlement Bill, 2010 2.5 New Agricultural Strategy (Green Revolution)
2.5.1 Problems Created by Green Revolution
2.6 Agricultural Inputs and Services
2.6.1 Seeds
2.6.2 Fertilizers Use and Subsidy Policy
2.6.3 Water Resources and Irrigation Programmes and Schemes
2.6.4 Plants Protection and Insecticides
2.6.5 Agricultural Implements and Machines
2.6.6 Agricultural Research
2.7 Agricultural Workers and Forced/Bonded Labourers
2.7.1 Bonded Labour
2.8 Agricultural Marketing and Trade
2.9 Agricultural Price Policy, Food Subsidy and Public Distribution System
2.9.1 Food Subsidy
2.9.2 Public Distribution System (PDS)
2.10 Agricultural/Rural Insurance
2.10.1 National Agriculture Insurance Scheme (NAIS)
2.10.2 Agriculture Insurance Corporation
2.11 Information Technology (IT) in Agriculture
2.11.1 Kisan Call Centres (KCCs)
2.12 Food and Nutritional Security
2.12.1 National Food Security Mission (NFSM), 2007
2.12.2 National Food Security Bill
2.13 Gender Issues in Indian Agriculture
2.13.1 National Gender Resource Centre in Agriculture (NGRCA)
2.13.2 Mahila Kisan Shasaktikaran Pariyojana (MKSP)
2.14 Agricultural Exports and Imports
2.14.1 Agricultural Exports
2.14.2 Agricultural Imports
2.15 Climate Change and Indian Agriculture
2.15.1 National Action Plan on Climate Change (NAPCC)
3.1 Institutions/Programmes for Advancement of Rural Industries
3.1.1 Mahatma Gandhi Institute for Rural Industrialisation (MGIRI)
3.1.2 Rajiv Gandhi Udyami Mitra Yojana (RGUMY)
3.1.3 Scheme of Fund for Regeneration of Traditional Industries (SFURTI)
3.1.4 Credit Linked Capital Subsidy Scheme for Technology Upgradation
3.1.5 Credit Guarantee Fund Scheme for Micro and Small Enterprises (CGFSMSE)
3.1.6 Legally Recognized Haats and Shandies
3.1.7 Other Concessions
3.2 Handlooms
3.3 Powerlooms
3.4 Handicrafts
3.5 Silk and Sericulture
3.6 Unorganised Wool Sector
3.7 Coir Industry
3.7.1 Coir Board
3.8 Khadi and Village Industries (KVI)
3.8.1 Khadi and Village Industries Commission (KVIC)
4.1 Nature of Village Life
4.2 Rural Indebtedness
4.2.1 What is Rural Indebtedness?
4.2.2 How Rural Indebtedness Arises?
4.2.3 Causes of Rural Indebtedness
4.2.4 Consequences of Rural Indebtedness
4.3 Credit and Agricultural Development
4.4 Credit Needs of the Farmers
4.5 Sources of Credit for the Farmers
4.5.1 Institutional Arrangements
4.5.2 Moneylenders
4.6 Problems of Rural Finance
5.1 Rural Co-operatives Societies
5.1.1 Short-term Rural Co-operatives
5.1.2 Long-term Rural Co-operatives
5.2 Rural Co-operatives: History and Recent Policy Measures
5.3 Primary Agricultural Credit Societies (PACS)
5.4 Problems of Rural Co-operatives
5.5 Task Force on Revival of Rural Co-operative Credit Institutions
5.6 Problem of Triangular Regulation of Rural Co-operatives
5.7 Agricultural Debt Waiver and Debt Relief Scheme, 2008
6.1 Origin and Objectives of RRBs
6.2 RRBs as Vehicles of Financial Inclusion
6.3 Factors Influencing the Performance of RRBs
6.3.1 Area of Operation and Clientele Base
6.3.2 Capital Base and Organisational Structure
6.3.3 Loan Delinquencies
6.3.4 Cost Structure and Poor Financial Management Skills
6.3.5 Staff Structure
6.3.6 Dependence on Sponsor Banks
6.4 Amalgamation of RRBS
6.5 Autonomy for RRBs
6.6 Restructuring of RRBs
6.7 Manpower Challenges of RRBs
6.8 Computerisation in RRBs
6.8.1 Working Group on Technology Upgradation of Regional Rural Banks, August 2008
7.1 Need for Financial Inclusion
7.2 Micro Finance Initiative of NABARD
7.3 Self-help Group (SHG)-Bank Linkage Programme
7.3.1 What is a Self-help Group (SHG)?
7.3.2 Graduation of Mature SHGs into Micro Enterprises
7.4 Alternative Models of Micro Finance
7.5 Central Government and Micro Finance
7.5.1 Micro Finance Development and Equity Fund (MFDEF)
7.6 Reserve Bank of India (RBI) and Micro Finance
7.6.1 Priority-sector Status for Bank Loans to Micro Finance Institutions (MFIs)
7.7 NABARD and Micro Credit
7.7.1 About NABARD
7.7.2 NABARD’s Strategy for Popularity of Micro Finance
7.7.3 Tracking the Progress of Micro Finance
7.7.4 Training and Capacity Building
7.7.5 Micro Enterprise Development Programme (MEDP) for Skill Development
7.7.6 Grant Support to Partner Agencies for Promotion and Nurture of SHGs
7.7.7 Support to Activity-based Groups
7.7.8 Support to Federations of SHGs
7.7.9 Special Initiative for Scaling-up SHGs/SHG Federations
7.7.10 Promotional Support to Micro Finance Institutions (MFIs)
7.7.11 Quality and Sustainability of SHGs
7.7.12 Centre for Micro Finance Research
7.7.13 NABARD–German Technical Collaboration (GTZ) in Rural Finance
7.7.14 Joint Liability Groups (JLGs)
7.8 Group on Rural Credit and Micro Finance, 2005
8.1 Salient Features of the KCC Scheme
8.2 Advantages of the KCC Scheme to the Farmers
8.3 Benefits of the Scheme to the Banks
8.4 Personal Accident Insurance Scheme
8.5 KCC Initiatives by the Government of India
8.6 Major Steps Taken by NABARD
8.7 KCC Scheme: An Assessment
9.1 Working Group on Flow of Credit to the Small and Medium Enterprises (SMEs), 2004
9.2 Group to Review Guidelines on Credit Flow to SME Sector, 2005
9.3 Policy Package for Credit to Small and Medium Enterprises
9.4 Working Group on Credit Delivery to the Micro and Small Enterprises Sector, 2008
9.4.1 Actions Pertaining to Government of India
9.4.2 Action Pertaining to State Government/SLBC Convener Banks
9.4.3 Action Pertaining to Banks



Dr. Surajit Kumar Bhagowati is presently an Assistant Professor in the Department of Commerce, Nowgong College under Gauhati University, Assam. He has published more than 30 research articles in national level journals and 6 research articles in international journals. He is currently associated with a major research project funded by University Grants Commission (UGC), New Delhi. He is a senior member of International Economic Development and Research Centre, Singapore and a reviewer of International Journal of Trade, Economics and Finance (IJTEF).

Dr. Bhagowati has academic linkages with Grameen Bank, Bangladesh, Sonali Bank, Bangladesh, Slovakia University of Agriculture and Malaysian University of Teknologi, Mara, Malaysia. With 18 years of teaching and research experience at his command, he specialises in banking and finance.

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