Swayam Shikshan Prayog

Suranjana Gupta


This chapter attempts to provide some key concepts with examples to illustrate ways in which women's access to credit can be designed in response to practical survival needs as well as strategic gender needs. It is based on the experiences of Swayam Shikshan Prayog, an organization that works directly with women's savings and credit groups in Maharashtra as well as with a network of NGOs from whose initiatives SSP has been learning. I have also attempted to incorporate a list of questions under some sections to outline the issues that groups must address in the decision-making process. While they may simply address one or two questions in each section, to begin with, as they evolve group processes will become increasingly complex and they will have to collectively decide on many more questions. There are no right or wrong answers to these questions. They are simply meant to guide self-help groups and NGOs working with them to address the complexities of savings and credit groups.

Women have limited access to credit. The little access they do have is usually from moneylenders and shopkeepers prohibitively high rates of interest. While commercial banks and regional rural banks lend to women under various poverty alleviation programmes, loans are given for production purposes only. This means that consumption credit needs of women are met either through the informal credit market or through the diversion of production credit from the formal banking sector.


Suranjana Gupta works on documenting lessons and initiatives arising from the experiences of Swayam Shikshan Prayog.

The World Bank Report on Financial Services for the Rural Poor and Women in India: Access and Sustainability, March 1995

Use of credit for different purposes of households by percent of credit used (302 respondents from 2 districts, one in Rajasthan and the other in Uttar Pradesh )

Use of Credit

Percentage of all households needing credit for this purpose

Percentage of total credit taken for this purpose

Long term productive uses Livestock assets
Other agricultural and non agricultural productive assets





Short term productive uses
Agricultural crop inputs

Non-agricultural inputs





Long term consumption House building and repairMarriage and social functions





Short term consumption: Household consumption Illness and related expenses Other consumption including debt repayment








not applicable


  • Regarding the source of credit 16 % was from formal sources (banks and cooperatives )while 84% was from informal sources.
  • In terms of use, 37% of total credit taken was for productive purposes. 63% of the total credit usage went towards fulfilling consumption needs.
  • The study also goes on to point out that the annual average credit used by women was found to be marginally higher than that used by men. The average credit usage per annum for women was Rs.6938 while the average annual credit usage for men worked out to Rs. 6,409. Further the proportion of total credit availed for household consumption and overall consumption purposes by women were also higher than those of men by 5-7 percent respectively.

    Savings and credit groups, known by different names in different regions across the country, have provided an alternative community based financial institutions for women at the village level, through which they have been able to fulfil their credit needs.

    These groups are groups made up of about 20 women who meet regularly to save money. The fund created through such savings are lent out to members for consumption purposes, at terms collectively agreed upon by group members. Group meetings are held on a fixed date every month. All members are required to attend these meetings. Each month, each member saves Rs. 10 to Rs. 50. At the meetings members also make requests for loans. Based on their priorities, the group decides who should get loans and how large the loan should be.

    Credit is emerging as perhaps the most powerful tool for the empowerment of women living in poverty. This is because credit plays the dual roles of fulfilling women's day to day practical needs as well as strategic gender needs. The group is more than a source of credit. It is a space where women can come together, learn and discuss problems. Savings and credit activities help to mobilize women and help them to take collective action on village development issues. It is through the process of managing money collectively that they acquire the confidence, capacities and the resources to intervene in village development processes. The demonstration of these capacities often becomes the basis for enabling women to re-negotiate their position within the community and visavis other actors outside the community.


    The credit group has two facets. On the one hand it is a miniature community based financial institution while on the other had it is a grassroots women's collective. As the group evolves it must continually address both these facets as they have a symbiotic relationship. Each process strengthens the other. The financial performance of the group is affected by the group dynamics, while the various rules governing the design of the group's financial activities can play an important role in transforming group dynamics.

    Invariably the logic of the two processes will be at odds with one another, pulling the group in different directions. Having a sound system of accounts for a savings and credit group may mean that professionals or staff rather than group members maintain the books. But by giving this task over to "outsiders" women may be losing out on a valuable learning opportunity Almost inevitably increasing participation in managing funds will often tend to compromise the efficiency of the systems.

    For NGOs working with SCGs, the challenge lies in designing a learning process through which SCGs become viable community based financial institutions while simultaneously providing opportunities for members to learn, reflect, analyse and participate in other village issues. The key element here is to create efficient financial systems through which the management and control of the fund remains in the hands of the women's savings and credit group.

    Many groups and organizations are conscious of this dual identity and choose to visibly differentiate between the group as a credit group and a women's group, because they recognise that the values and processes that govern the two facets as quite different. As community based financial institutions groups must provide financial services to members ensuring that money is used as efficiently as possible. As a women's collective, the savings and credit group works towards using its newly acquired capacities to groups must use the processes of savings and lending to maximize their own learning and to change the way they are perceived within the community.

    In LEAD, Tamil Nadu, when the group meets to conduct savings and credit activities, it is called a savings and credit management group. When the group meets to discuss other issues such as hand-pumps in the village, it is a sangam or a women's collective. In Latur and Osmanabad districts where Swayam Shikshan Prayog works, the savings and credit groups group is a bachat gat when it meets to transact money or get a bank loan. But when women get trained to construct toilets or supervise construction they do so as mahila mandals, even though it may be the same women who are part of both activities.

    As active groups expand their activities to enter into village planning, monitoring village facilities or overseeing construction of public utilities, money management and accounting are a valuable set of skills that women can use to control and manage other resources.

    Women's collectives in Latur and Osmanabad where SSP works managed the construction of toilets or women's information centres, they had to keep detailed records of money and materials coming into the construction site. In addition to this, women's collectives are forming alliances with women in panchayats, thereby playing a vital role in supporting them to address women's priorities and concerns in local governance.

    In Anjantola, Belgaon and Markegaon villages in Gadchiroli district Maharashtra, where AAA works women's groups have worked closely with men (and men's SCGs) to arrive at a community level consensus about the nature of development and development priorities in their village. This collective identification of issues for action and search for solutions has laid a solid foundation for not only the renegotiation of gender relations in both the public and private domains,but also for a truly participatory and community based system of governance. And occur it has, as village after village (and not just women) participated in anti-liquor agitations, as women's SCGs are increasingly becoming central participants in village development and 0decision making processes, as men emulate women and set up SCGs of their own, and as women taken on exploitation and inequities at the household level. It is also becoming increasingly clear that the savings and credit group experience has played a catalytic role in enhancing collective decision making, problem solving and management of resources.


    The first thing required of a savings group is meeting regularly and saving
    regularly , the savings cycle should be fixed, the group may or may not

    choose to fix the savings amount. Keeping in mind the fluctuations in

    agricultural incomes, some may have a fixed minimum savings amount such
    as Rs. 10 per month which they save during the lean season. In the
    agricultural season, when incomes are higher, group members may put in
    additional savings. Usually the savings cycle coincides with the earning
    cycle. Where members earn weekly wages they may decide to meet every
    week or every fortnight. Usually groups meet at least once a month.

    The collection of savings at the meeting asserts the collective ownership of the group funds. It is this sense of ownership that is the foundation of the savings and credit group. Women who borrow must repay loans because other's have an equal claim on the funds. Each member knows that she is an equal stakeholder in the group and thus has a right to decide how the money is to be used.
    several groups have also worked out special savings schemes to meet
    major expenses that they anticipate. While some save for daughter's marriages, others have a special savings scheme for school fees, books and uniform.

    Some questions that savings and credit group must address


    To begin with, the large proportion of loans are for consumption purposes such as buying foodgrain in the lean season, medical expenses, school fees, etc. Initially the lack of confidence and trust often results in few members taking loans as they are afraid that they may be unable to repay the money. The group is also cautious about lending out funds at first. Initially its concern is to accumulate and build up a fund. But as the group evolves and women gain the confidence to use and repay loans, members begin to take larger loans. And as the group matures there is a distinct shift in the loan portfolio from consumption loans to more loans and larger loans for productive purposes.

    Interest rates are often different for production and consumption loans. Sometimes groups start off with a very high interest rate so that the group corpus increases, but as more women start borrowing for productive activities, the group often reduces its rates to ensure the viability of the business for which the loan is being taken. Usually interest rates within the group stabilize at 2-3 % per month.

    Essentially providing a large range of loans is an indicator that as a financial service provider, the group is responding to the multiple needs of its members

    At the time of taking the loan the member must state when and how she will
    repay it.
    While short repayment periods ensure that money circulates faster,
    grows faster and that more women get an opportunity to borrow thus sharing
    the benefits of the group fund, there is a danger that pressure to repay may
    cause members to borrow from other sources to redeem group debts. Fines
    are levied on members when late repayments block loans to other members.

    Ideally the loan size of loans given by mature groups should extend from small Rs100 loans upto Rs. 5000. Sometimes when group funds grow there is a tendency to forget about the small crisis loans and create an environment in which it is considered appropriate for members to borrow only for large amounts.

    Some questions on lending and repayments


    Date of Meeting

    Volume of Credit (in Rs.)














    Date of Meeting

    No. of Loan Applications

    No. of Loans Sanctioned

    May 1996




    September 1996




    January 1997




    June 1997




    Need based
    Amount of Savings
    Rotation (all members should have an opportunity to access credit)
    Other Sharing of credit resources:
    Are all members of the group taking equal advantage of accessing credit from the group's funds, or

    are just a few members repeatedly accessing loans?


    Groups usually have a President, Secretary and a treasurer. It is quite common for those who are literate to handle the accounting systems to assume the leadership position. Because there are only one or two literate persons in a group, they tend to retain the leadership position. Groups working with CCD have ensured that the group leaders are separate from the accountants. This ensures that the organization and mobilization issues are kept distinct from accounting issues.

    Another good practice and innovation is to encourage a system of rotating leadership as LEAD has done. Each group has both a monthly leader and an annual leader. The annual leader is responsible for managing group funds, leads the decision making process and represents the group at cluster meetings. The monthly leader assists the leader in her responsibilities. This helps each of the members to understand and experience the leader's responsibilities and enhances decision-making capacities of members.


    The savings and credit group is a custodian of women's savings. It is a micro-financial institution. Thus all money flowing in and out of the group has to be accounted for. Good financial management systems for SCGs essentially requires balancing what is financially sound with what is responsive to the needs of the groups. Good financial management includes:

    As the fund size grows, group capacities need to be built in order to manage the fund. Groups also need to build their skills to manage external credit. The up-scaling of credit groups has made it necessary for NGOs to build their own financial management skills and those of groups. The challenge for most organizations has been to understand and articulate clearly the concept and perspective that informs savings and credit program and then translate these into systems and practices. Good financial management systems for savings and credit groups entails balancing what is financially sound with what is responsive to the needs and capacities of the group.

    As the manager of a small fund the savings and credit groups must ensure that all the money flowing in and out of the groups is accounted for. The group usually has an accountant who attends to its records.

    It is essential that the group maintain:

    Building stakes and building credit

    Fast rotation of funds creates more credit and builds member's stakes in the fund

    Four innovations from LEADare given below.

    One quarter of all outstandings are recovered every month: In order to ensure that all members are able to access the group's funds especially in the initial states of the group's formation, repayment schedules have been worked out in which one fourth of all the lending done is demanded as recovery every month i.e. one fourth of the group's total outstanding must come in in the form of repayments every month so that there is enough money for others to borrow from.

    One-Month Loans: Depending on the loan size, loan instalments are worked out in such a manner so as to facilitate increased access to credit. For examples small loans of Rs. 100-300 must be repayed within a month. In new groups, all loans must be repaid in a month during the first year. This system ensures that all members get an opportunity to borrow from the group fund within the first year, thereby consolidating the sense of ownership of group resources.

    Interest paid in advance: All sangams follow a system in which interest payments for each month are paid in advance. When large loans of Rs. 3,000 are taken Rs.90 will be paid by the borrower in advance. In fact the borrower will pay it at the loan meeting at which she is taking the loan. This means that Rs. 90 will be available to the group fund for other loans.

    First-time borrowers are given priority: When prioritizing loan requests, those who are first time borrowers are given priority over those who have taken loans before. This ensures that everyone gets a chance to use the group's resources.


    In 1992 NABARD launched the SHG-Bank Linkage Pilot Project which sought to test out the process of linking banks to informal self-help groups for the first time. The
    By 1996, the results showed that recovery rates of loans to SHGs were 98%. Based on the success of the pilot phase of the Linkage Programme the Reserve Bank of India instructed all commercial banks and Regional Rural Banks to incorporate SHG lending into the normal lending activities of the bank. It also provided a set of guidelines on how the linkage should be implemented.

    Thus the SHG- Bank Linkage Programme has provides a policy framework that enables banks to lend to groups. But it is not easy to convince bankers that groups of poor women are capable of managing bank loans and repaying them. Why? Because they have never made loans to informal groups and their past experience with lending to the poor has been disastrous.

    Swayam Shikshan Prayog and the SCGs are working together in different ways to build bridges between SCGs and Bankers.

  • Women's groups are encouraged to open bank accounts and visit banks regularly.
  • Dialogue workshops with bankers provide an opportunity for face-to-face negotiations. Bankers, NGOs and SCGs are given an opportunity to express their difficulties and then find solutions to these problems.
  • SSP has been invited to provide information at Block Level Bankers Committee meetings. This is unusual because it is officially a bankers' forum.
  • Bankers are invited to visit groups, attend group loan meetings or interact with groups at cluster meetings.
  • Action- Research has been undertaken in order to identify and learn from successful partnerships between banks and groups as well as constraints to such partnerships. The uniqueness of this research study lay in its attempt to involve all stakeholders - NABARD, RBI, Commercial Banks, Regional Rural Banks, NGOs and SHGs - in consultations both during and following the study.


    Federations: Community Owned Banks

    As group members gain the confidence to manage larger amounts of money, they require larger amounts of credit in order to invest in productive activities. The group fund made of women's small savings can no longer meet the demands of women who want to expand their economic activities, thus group then have to access credit from other sources. While it is difficult for individual groups to access credit from formal credit institutions, federations of groups have successfully leveraged large amounts of credit from the formal sector, something groups working in isolation would find it near impossible to achieve.

    The federation is essentially an organisation that is owned by the savings and credit groups. It provides the groups with a larger identity, independent of the the NGO. registered entity the federation can also provide a legal identity for groups which are usually unregistered informal groups which have no legal status. Having a legal status is important for groups in order to gain recognition from the formal sector and negotiate for loans from them

    The federation is usually a three tiered structure with groups at the base, an apex body at the top and clusters of groups as structures that intermediate between the apex body and the groups. The challenge here is to create a structure that is democratic and efficient. In other words, the functioning of the apex body and its decision-making processes should be transparent and guided by the member groups.


    Clusters of groups play an important role in getting groups to exchange information and learning. It also creates a sense of institutional identity for the groups because it gives them a sense of being part of a larger organization that extends beyond their village. At cluster meetings groups share information on finances, thus laying the basis for greater accountability between the group and the cluster.

    Functions of the Federation

    Federations generally take over several responsibilities which are initially handled by NGOs. One such responsibility is monitoring group activity. For example, in Jyoti Mahila Abhyudaya Sangha, a federation of women's groups in Bangalore, federation leaders have 2 ways of monitoring groups. The first is through regular visits to groups, where group functioning and decision-making is observed. The second monitoring tool is the monthly report of financial transactions presented to the federation by each group.

    The group's monthly report :

    Member's Names



    Total savings

    This month's savings

    This month's loans

    Cum. loans to date

    Cum. Amt repaid to date

    Amt Repaid this month

    Total outstan-dings

    Common fund




    Cash in hand

    Savings interest distribut-ed

    Federations also generally restrict access to loans. Since borrowing from external sources requires that groups have sound financial systems and high credit absorption capacities, federations generally offer their banking services only to those groups that are mature and fulfil certain criteria. Often these criteria include the age of the group, their total savings and their total.

    Some questions on federating





    Interest Rate:

    The Covenant Centre for Development and the Mahakalasm

    CCD works with savings and credit groups called kalasms. The groups and the NGOs agreed that no external funds would be given to groups for the first three years time help to set up a structure that would enable groups to raise funds from banks and other financial institutions. Today the Mahakalasm with a membership of 180 groups is a registered trust which has accessed credit and grants from NGO networks, commercial banks and development finance institutions for productive purposes.

    All the groups or kalasms are members of the groups. However only those groups that are over three years, can pay a Rs2000 subscription fee and have a corpus of Rs. 20,000 can avail of loans from the federation. These conditions act as a screening mechanisms that ensures that only mature groups who are sufficiently experienced in managing large sums of money access external loans.

    The federation has three layer: the groups are at the base, there is an apex body of federation leaders at the top and there are cluster committees in that link groups to the apex body in between. Loan requests by individuals are passed on to the cluster committees for scrutiny. The members of the cluster body and the NGO staff each independently evaluate the loan request, its feasibility and the group's performance. All applications made by groups are first discussed in the cluster meeting and then each cluster forwards five applications to the apex body of the Mahakalasm For each loan granted a repayment schedule is put on a card and given to the borrowing group so that the group can keep track of repayments and when they are due.

    The multi-layered federation fulfils a number of needs of the member groups. Everyday survival needs are taken care of by the group fund created from the small savings of the group at the village level. Loans from the savings and credit groups reduce vulnerability to seasonal fluctuations in income. At the same time the group is a supportive space within the village. Regular meetings among group leaders at cluster level provides a support system of peers for group leaders. In addition, the cluster body promotes an inter-group learning and problem-solving in which women find out what is happening in other groups around them. In some cases this has helped women locate raw materials and markets in nearby villages, thus leading strategic alliances between groups.

    The apex body of federation leaders essentially takes on the task of interfacing with the outside world because it has the ability to pool a large amount of resources and use these to leverage resources from the market. It would be difficult for individual women or individual groups to perform all these functions on their own.


    SSP along with several other organisations such as Amhi Amchya Arogyasathi in Gadchiroli district, Stree Jagat Vikas Sanstha in Osmanabad, Chetna Vikas in Wardha, to name a few, has been involved in collectively designing a learning process that builds on strengths and existing capacities of SHGs to transfer lessons and insights from experience.

    Information Fairs or Melavas

    Melavas or information fairs are festive occasions at which women celebrate their work and their achievments. For unitiated groups melavas are an opportunity to find out what others are doing. For experienced women's groups who organize the fairs, it is an opportunity to showcase their leadership skills, managerial abilities and share experiences and strategies.

    In Latur and Osmanabad, SSP plays a limited role in forming groups. Many groups were formed after women heard others speak about savings and credit at information fairs. Having taken over the role of group formation, experienced groups have also begun guiding nascent groups in their functioning.

    Women's group share experiences on savings and credit at an information fair in Osmanabad


    In Gadchiroli district where Amhi Amchya Arogyasathi works...

    Each of the "best practice villages" or groups have spawned a number of women's groups both within the village and outside, creating a domino effect whereby increasing numbers of groups are formed and a process is initiated where new groups learn from the older groups in the area. This process is completely informal and spontaneous, in that the organization has very little to do with it, it occurs at the initiative of the women's groups. The following diagram illustrates how Saraswati Bachat Gat which was formed in 1993 (denoted by the black square) in Anjantola has led to the formation of 16 groups in the area. Similarly, in Dhanora taluq, Sri Danteshwari Mahila Bachat Gat formed in 1992 in Mendha village led to the formation of 4 other groups in Mendha itself, and 16 groups in neighbouring villages.

    Mapping Mobility

    One of the exercise undertaken by SSP with groups in several districts across Maharashtra was mobility mapping in which women's savings and credit groups mapped out all the places they had travelled to as a group. Some had visited local administrative offices in the block or district for the first time. Others had visited several groups around their villages. Still others had been on study tours or attended information fairs outside the districts. In some cases group activities had even taken women to other states to learn about savings and credit activities in different parts of the country. This implies that self-help group activities are expanding women's horizons, providing opportunities to learn and are also instrumental in increasing women's mobility.

    Credit Planning with the Seasonal Calendar

    The seasonal calendar is a participatory learning tool that is used to track seasonal variation. Since seasons play a crucial role in rural livelihoods, the seasonal calendar can be a useful tool for reflection and planning around credit needs. It can be used to anticipate both credit needs and income.

    Seasonal credit calendars have been prepared by women's groups to plan for their seasonal credit needs. Some groups have taken this exercise a step further and first mapped out all the festivals during different parts of the year. For many women's groups these festivals where hundreds of pilgrims flock to temples, becomes an earning opportunity. Women take loans to buy bangles, flowers, fruit and trinkets to sell them during festivals.

    In Osmanabad, women's groups from Stree Jagat Vikas Sanstha mapped out their livelihood activities for each month of the year. Further, by tracking the various festivals, fairs and jatras that occurred during the course of the year, the calendar showed the various income generating opportunities that women could avail of. Once they had done this they were able to estimate their incomes and credit needs during each month. The calendar was therefore something that the group could use to form a plan detailing employment opportunities and credit needs for the year

    At a workshop in Karnataka, the seasonal calendar exercise showed that credit needs were exceptionally high in the month of June owing to educational expenses for children with the beginning of the school year and the purchase of seeds and fertilizers to begin agricultural operations. October-November was yet another period when expenditure was high, because of the festival (Diwali) season and rabi cropping. Typically, April was the time for building and repairing houses and for weddings. Women earned through small enterprise efforts throughout the year during festivals, jatras, etc. During these times, women put up stalls to sell a variety of goods including tea, firecrackers, bangles, `bindis', `rakhis', `kum-kum', flowers, coconuts. In some areas, women bought sarees on a whole sale basis from Bombay and Surat to sell locally during the festival season.

    As women's groups acquire the skill of using the calendar as a tool for reflection and planning, they will continually improvise by adding on new elements which they can track through the year. For community members this means not only refining their own understanding of the complexities of rural livelihoods, but also improving their abilities to communicate these to others. For instance - at a workshop held in Patna, credit calendars by women's groups in Bihar, were used to point out to the bankers that income generating schemes often give loans for a single activity during a one year period. e.g. From the seasonal calendars exhibited by women from several districts it was evident that women require credit for a whole range of livelihood activities in the course of one year.

    Training Process

    Training for self-help groups is operationalized through a resource team of NGOs and women's groups. The informal training processs allows for weaving in multiple issues and concerns. State officials, bankers, new groups and old ones participate in trainings allowing for both horizontal peer exchanges as well as opportunities to dialogue with officials. Such training processes emphasize horizontal peer learning enable an up-scaling of innovations and a spiralling of learning but ensures that costs are kept low.

    Conclusion: Moving from Micro-credit to Credit for Empowerment

    Mainstream institutions have recognised that savings and credit groups can play an important role in efforts to deliver credit to the poor. However, it is becoming increasingly clear that the provision of credit alone cannot enable people to break out of the vicious circle of poverty and indebtedness that circumscribe their existence. The micro-credit approach seems to suggest that the provision of credit is the panacea for poverty. In reality credit is one of several inputs required to transform the lives of the poor. The need to justify this claim often translates into the provision of credit for those who already have skills and capacities to utilise it. This clientele may not necessarily comprise of the poor.

    In contrast, the credit for empowerment approach insists that for credit to be a tool for empowerment, it must be located within a capacity building process. This approach places equal emphasis on accessing credit as it does on collective decision-making, account keeping and leadership training. It is in this context that one needs to recognise that women's savings and credit groups play a vital role in getting women to understand money which has previously been the domain of men. For those who subscribe to this school of thought the challenge lies in availing of opportunities emerging from micro-credit delivery to redesign delivery mechanisms to give women a greater role in the decision-making around credit. The power of credit as a tool for empowerment lies in its ability to provide both the resource base and the confidence for women's collectives that enables women to springboard into a range of developmental activities, that serve to re-negotiate their status both within their communities and visavis institutional actors.

    Further Reading:

    NABARD Circular no. NB/DPD.NFS 1238/ CDID/92-A/96-97 dated 01 October 1996

    NABARD Circular no. NB.DPD.FS.4631/92-A/91-92 dated 26 February 1992

    Reserve Bank of India Circular RPCD NO. PL. BC.120/ 04. 09. 22/ 95-96

    The World Bank (March, 1995). Report on Financial Services for the Poor and for Women: Access and Sustainability, The World Bank, New Delhi

    The World Bank (March, 1997). Staff Appraisal Report - India Rural Women's Development and Empowerment Project (Report No.16031-IN), New Delhi

    Coordination Unit, Delhi (October 1995). Indian NGOs Report on The Convention on the Elimination of All Forms of Discrimination Against Women (CEDAW), New Delhi

    Rutherford, S. and Sukhwinder Arora (June 1997). City Savers: How the Poor, the DFID and its partners are promoting financial services in urban India, Urban Poverty Office, DFID, New Delhi

    Bankers Institute of Rural Development, Lucknow, India (26-28 October 1998). Papers Presented at .. Workshop on Kick-Starting Microfinance: A Challenge for the Indian Banks, Lucknow

    UNDP (1997). Micro Start A Guide for planning, starting and Managing a Microfinance Program - Version 1.0, Private Sector Development Program, New York.

    Hume, D. and P. Mosely (1996) Finance Against Poverty, Volume 1, Routledge London and New York

    Bennett L. and Carlos Cuevas (Ed.), Journal of International Development (March-April 1996), Volume 8 Number 2, Special Issue Sustainable Banking with the Poor, Wiley, New York

    Swayam Shikshan Prayog (1998). Visiting Alternatives: An Inter-State Study Tour on Savings and Credit, Mumbai

    Swayam Shikshan Prayog (1997). Dialogue with Bankers: A Study Tour and Dialogue Meeting in Gadchiroli, Maharashtra 22-24 May, 1997, Mumbai

    Swayam Shikshan Prayog (1994). Workshop on Credit Schemes for Women's Savings Groups, Role of NGOs, 6-7 May, 1994, Mumbai

    Swayam Shikshan Prayog (1995). Balance Sheet: Lessons from the DWCRA Pilot Project, Mumbai

    Swayam Shikshan Prayog (1996). CreditWatch: A Forum for Exchange, Mumbai

    Menon, Gayatri A and Suranjana Gupta (1999) From Margin to Mainstream: Building Stakes in the SHG- Bank Linkage Programme, Swayam Shikshan Prayog, Mumbai.


    Lalitha Mahadevan
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    Suranjana Gupta


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    March 2000


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