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MICRO-FINANCE AND RURAL KASHMIR,: A STUDY OF SELF HELP GROUPS (SHGs) MODEL OF MICRO-FINANCE IN SELECTED DISTRICTS OF KASHMIR VALLEY

PROF SYED JAVED IQBAL KAMILI

HOD COMMERCE/MANAGEMENT GANDHI MEMORIAL COLLEGE

SRINAGAR KASHMIR

 

 

 

Introduction:

According to Milton Freedman, Nobel Lau rate, Poor stay poor, not because they are lazy but because they have no access to capital”. This statement is an enough argument to believe that poverty is the result of deficiency of capital and other factors has least, effects comparatively. Realizing this, a number of countries, the world wide over initiate a number of policy measures and strategies. Some measures like advancement in education, extension in health services and infra-structure facilities, suitable capacity building measures, etc. were expected to have telling effects on poverty. But the immediate effect necessitates the implementation of income transfer programmes like food for worked, cash grants or the programmes which will enable them to get immediate income for livelihood as well as sustainable income in future. The former will not help much to avoid poverty of the beneficiaries on long term basis than meeting immediate requirements, but the later is not easy to identify, not is it so easy to implement by government alone. It needs a lot of supporting factors and combined efforts of government, non-government organizations (NGOs) and a host of institutions and people’s participation. Such a programme is micro-credit financing popularly known as micro-financing for self employed income generating projects, which is globally accepted and got executed to eradicate poverty. In Bolivia, Micro – credit loan clients doubled their income in two years. They were likely to access health care and send their children to school with the help of micro – credit ( Mosley & Paul, 2001) In Brazil almost 1.5 million people work in the informal sector economic as micro- entrepreneurs who have availed micro-finance facilities of them 93% run profitable business ( Morduc $ Haley 2001). In Bangladesh 48% of poor households rose above the poverty line when provided access to micro- credit loan. Additionally 5% of the Grameen Bank graduated out of poverty each year by participating in micro-finance programmes ( Kandker, 2003). Taking cue from these developments, success stories in the world, India also plunged into this sector to help its people get liberation from the clutches of poverty. Accordingly various efforts were initiated with the help of RBI, NABARD, Commercial banks, Regional Rural co-operative banks and a host of non- Governmental organizations ( Sangmi & Kamili, 2010). Thus various models were designed and implemented through out the country, such as community Banking Credit unions, Cooperatives, Peer Pressure, Village banks, NGOs- MFI and Self Help Groups (SHG) Model. Among all these models, SHG model is the most popular and the same is discussed hereunder:

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2017-09-11T08:49:17+00:00
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