Empowerment of Women through Microfinance - Bihar's Aspirational Districts PDF

1.1. Background of the Study As we know that women are the backbone of Indian Economy so well being of the women is necessary for the growth of the nation. In constitution of India, Males and females have equal rights but still, women are not much empowered (Bindu Arora, Shalini, 2021). In the an...

1.1. Background of the Study As we know that women are the backbone of Indian Economy so well being of the women is necessary for the growth of the nation. In constitution of India, Males and females have equal rights but still, women are not much empowered (Bindu Arora, Shalini, 2021). In the ancient Vedic times women in India were equal to men in every sphere and held a position of equal dignity and respect. But with the passage of the time owing to social political turmoil and gradual blurring of right ideology, resulting in degeneration of values, women began to lose their place and were relegated to a lower position (Abhijit, Subhashmita, 2019). Women are the one who occupy an important place in the development of society. As per the report published by UN (World Population Prospectus 2022), dated 22nd March, 2024, the population of female in the world is estimated at 4,039,671,184 or 4. 04 billion. In India, as per Census 2011, around 586.46 million (48.46 %) population constitute women. Beside having a large population women empowerment is a world-wide issue. Male and female are the two most important factor of the society. They both contribute for the development of the society and nation. Beside this, the contribution made by the women in the development of society get ignored. In India, from the ancient time the concept of patriarchal society found and due to this the society confined the role of women to raise the children and managing the household activities. In Present time, despite having 48.46 % population in Indian economy, around 18 % population are contribution to gross domestic product (GDP) founded in a study conducted by National Family Health Survey which is one of the lowest populations in the world. In many developing and underdeveloped countries, women are responsible for managing their families, raising children, and participating in various social and cultural activities. These roles often limit their access to education, healthcare, financial independence, and involvement in economic development, leading to their dependency on male member of the family and exploitation in society. Women empowerment is now a global issue and the concept of women empowerment come into existence at the International Women Conference at Nairobi in 1985. In recent times, empowerment has emerged as a concept that would liberate women from their un-saved states, and provides them an opportunity to embrace that promised freedom to make choice and contribute to their societies. Requirement of empowering women is felt at the national as well as the international level. In order to bring about a change, women have to develop and nurture the idea of Self-reliance and Self-esteem. Empowerment is a growing process and not 1|P age an end by itself. It means control over and access of resources and take decision in the matters of her own earned income, saving and expenditures for her household needs and other purpose (Madhubendra, Sudhanshu, 2019). Empowering women does not mean to give them the power to dominate men but it is a process under which women gain greater control over material and intellectual resource which will assist them to increase their self – reliance and enhance them the assert their independent right. (Raghunandan, Ravi Ranjan, 2018). In today’s context, Microfinance emerges as a tool which help in the empowerment of women. Micro Finance may be defined as "provision of thrift, credit and other financial services and products of very small amounts to the poor in rural, semi urban or urban areas, for enabling them to raise their income levels and improve living standards". (Sibhghatulla Nassir, 2013) At present, a large part of micro finance activity is confined to credit only. Women constitute a vast majority of users of micro-credit and savings services. According to the United Nations, microfinance institutions can be broadly defined as provider of small-scale financial services such as savings, credit and other basic financial services to poor and low-income people. The term “microfinance institution” now refers to a wide range of organizations dedicated to providing these services and includes NGOs, credit unions, co-operatives, private commercial banks, NBFCs and parts of State-owned banks. (Tenaw, S. and K.Z. Islam, 2009). The concept of microfinance was introduced by Nobel Prize laureate Muhammad Yunus, a Bangladeshi national renowned for founding the "Grameen Bank" and effectively implementing its principles. His microfinance system significantly improved the socio-economic status of Bangladeshi women and served as a model for many others. Microfinance is based on providing small loans to individuals who cannot obtain loans from traditional banks due to lack of credit history or income statements. These loans help them meet their needs and establish their businesses. The term Microfinance and Microcredit are synonyms of each other but both the terms are different in nature. Microcredit is a narrow term while Microfinance is a broader term. Microcredit is a method of lending small amount of money to individuals at low rate of interest to expand or start their business. The borrower tends to be the low-level individual especially from underdeveloped or developing countries. The main purpose regarding microcredit is to provide capital to entrepreneur who lack access to traditional banking service. The loan amount which is given are low, tailored to the need of the borrowers and mainly focus on the landing of the money. Whereas Microfinance is a broader term which encompasses a range of financial services for low income individuals or 2|P age those without access to typical banking services. It not only includes the services of microcredit but also provide services like saving account, Insurance and Payment systems. The main purpose of Microfinance is to provide comprehensive financial solution that help individuals to improve their economic stability. Beside giving loan, microfinance institutions provide financial education, saving plan, insurance product to the poorest to poor who does not having access to formal banking services. To understand the difference between microcredit and microfinance, an example is to be quoted, “Madhuri living in a rural area receive a small loan to buy a sewing machine and material to start a tailoring business is microcredit. Along with this, in addition to this loan Madhuri open a saving account to deposit his earnings, purchase health insurance to protect her family, and attend a financial literacy workshop to better manage her finance is microfinance. 1.1. Definition of Microfinance Microfinance is the term which derives from two words “micro” and “finance” Micro means small and finance means money. Microfinance refers to small amount of money which is given to the poorest to the poor for their betterment of life and improving standard of living. It provides the aid of financial especially to the underprivileged so that they may boost their earnings and style of lifestyle. The primary goal of founding this institution's mission would have been to strengthen women by making her self-sufficient both for families, community, and state, and even the economic as whole and. It is really a weapon that the poor can use to solve poverty and make a good livelihood (Mansi & Ranu sharma, 2022). The Asian Development Bank define Microfinance as “a platform for providing services like saving, loan, insurance etc., at a wider range and to the poor people”. According to Mohammad Yunus, founder of Grameen Bank and a pioneer of microfinance, “Microfinance is banking the unbanked, bringing financial services to the poor to create self-employment and alleviate poverty.” Reserve Bank of India defines Micro Finance Institutions as a non-deposit taking non- banking financial companies (other than a company licensed under section 25 of Indian company act 1956) that fulfills the following conditions: 1. Minimum net owned fund of Rs 5 crore (For MFIs registered in the north eastern region of the country, the minimum NOF requirement shall stand at Rs. 2crore). 3|P age  2. Not less than 85% of its net assets are in the nature of “qualifying asset” Qualifying assets shall mean a loan which satisfies the following criteria: 1. Loan disbursed by an MFI to borrower with a rural household annual income not exceeding Rs 60,000 or urban and semi urban household income not exceeding Rs 1,20000. 2. Loan amount does not exceed Rs 35000 in the first cycle and Rs 50000 in subsequent cycles; 3. Total indebtedness of the borrower does not exceed Rs.50000; 4. Tenure of the loan not to be less than 24 months for loan amount in excess of Rs 15000 with repayment without penalty; 5. Loan to be extended without collateral. (S.L. Gupta & Shahid Akhter, 2014) Micro finance is obligatory to eradicate unfair treatment with poor; generate belief among rural poor people for financial self-reliance, especially within the mind of rural women. The primary purpose of microfinance institutions is to emancipation of women. Microfinance facility means allocating the finance to low-income groups of society, comprising the costumers and the self-employed persons, who conventionally not able to use banking and other finance related facilities. Micro financing is assumed to be banking of the non-bankable by providing credit, savings and other necessary financial facilities to number of persons who are so poor that rarely any cooperative and commercial institutions can serve them. These people had not in accessed banking facilities of credit because they are not able to provide enough collateral Security (Neha Sanga,2023). Microfinance is a provider service that is linked to a bank which specially provides a sum of money in the form of a loan, especially to the poor, unemployed or lower-income people and communities. The idea of microfinance loan system is to help needy women in general by giving them small business loans as they have the potential but needs financial support (Arpita & Ripudaman, 2023). Marguerite S. Robinson defines microfinance as small-scale financial services, including both credits and deposits, offered to individuals involved in farming, fishing, or herding; operating small or micro enterprises that produce, recycle, repair, or trade goods; providing services; earning wages or commissions; generating income from renting out small amounts of land, vehicles, draft animals, or machinery and tools. 4|P age These services are provided to individuals and local groups in developing countries, encompassing both rural and urban areas.’ (Robinson, Marguerite & Bank, World. (2001)) 1.2. Empowerment What empowerment actually means? To define empowerment, we should also understand that the concept of empowerment varies from person to person, culture, values and tradition but in a general sense we can say that “Empowerment is the process of becoming stronger and more confident, especially in controlling one’s life and claiming one’s right. Shalini & Arora,Bindu (2022) define “Empowerment is a development process of making a weak person confident, powerful and encourage in their lives by generating one’s efficacy, self-confidence, and control over resources”. Amratyasen (1993) define empowerment as “opportunity to live diverse sorts of life is contemplated within individual’s ability position.” Empowerment is a way of life that can be achieved through two main avenues: internal strength and external resources. Internal strength includes self-motivation, self-esteem, self-worth, and self-awareness. External resources encompass education, healthcare, legal protection, fundamental rights, job opportunities, and a safe environment. The concept of empowerment was firstly brought in the year 1985 in International Women’s Conference held at Nairobia. This conference concludes with the statement that, “Empowerment is a redistribution of power and control of resources in favour of women through positive intervention.” (Shrivastava, Ravi & Sinha, Raghunandan (2018)). In Conclusion, we can say that Empowerment means and includes: Independent thinking and Action: Under which the person can think freely and act according to their decision. Exercise of Choice: It provide individuals to make choice among various alternative available Fulfillment of Potentials: It provide individuals an opportunity to act with their full potentials and helping them in achieving their target and provide equal opportunities and importance in the society. Strengthens to overcome challenges: It provide opportunities and strength to face the challenges and help them in taking effective decisions accordingly. 5|P age 1.3.1 Women Empowerment Male and Female both are the two important aspects of society. The development of society is only possible when both of them get equals rights and opportunities for their growth, but it is found that in spite of women having a large population in the society, they are related with a secondary society. Due to poor education and socio-economic barriers, women are unable to take a place of human dignity as free as compared to men. Women always become dependent on men and not allowed to showed their distinct talent in context of Intellectuals and professional wavelength. Due to having a male dominant society, their achievement as teachers, pilots, doctors, Chartered Accountants etc. always get abolished. The need of women empowerment feels because of the status of women in the society from beginning. Women Empowerment refers to that position when women do not need to take consent from others and make free herself from the power of domination. Women empowerment is the process to give them authority and rights to take their own decisions without any types of hindrances. Independence creates them powerful and confident in their lives. In ancient times, women condition was invulnerable. They were worshiped as goddesses. But with the change in the time, the status of women gets deprived in the society. With the passage of time, the status of women gets changed but still in the modern time, women are not much empowered because of themselves and the condition of society. Women don’t perceive their value, power and abilities. In men dominating society, decisions are taken by men or Karta of the family (Ramchandani, 2017). As per the report issued on sustainable development goals issued by United Nation, Women and girls represent half of the world’s population and therefore also half of its potential. But gender inequality persists everywhere and stagnates social progress. On average, women in the labour market still earn 23 percent less than men globally and women spend about three times as many hours in unpaid domestic and care work as men. Worldwide, nearly half of married women lack decision-making power over their sexual and reproductive health and rights. 35 per cent of women between 15-49 years of age have experienced physical and/ or sexual intimate partner violence or non-partner sexual violence. 1 in 3 girls aged 15- 19 have experienced some form of female genital mutilation/cutting in the 30 countries in Africa and the Middle East, where the harmful practice is most common with a high risk of prolonged bleeding, infection (including HIV), childbirth complications, infertility and death. 6|P age Gender discrimination evil made women’s condition miserable. A country can't succeed without delivering uniform rights to men and women. For combating this evil, Millennium Development Goals are working to empower women and gender equality on the international level. The purpose of this goal is to bring women into the mainstream of development. To empower women, United Nations approved 8 March as “International Women’s Empowerment day” and 1975 as “International Women’s Year” to recognize women’s contribution in economic, social and political areas. (Bindu Arora, Shalini, 2021). In context to India, the government of India has launched many schemes through microfinance for empowering women in the society. Microfinance institution have provided 99 % finance (loans) to the women because the founder of microfinance Mohammad Yunus believes that only women have ability to convert skill into income generation activities. 1.3. Indian Scenario of Microfinance In the developing country like India, supporting low income family and improving their standard of living through efficient financial assistance is crucial. This is where the concept of microfinance comes into play. Microfinance is regarded as a valuable instrument for socio economic upliftment of the poor who don’t have access to the formal banking services. Microfinance mainly provide access to the lenders who are not typically eligible for any formal credit banking due to not having a proper collateral security. According to the census of 2011, India is a population of 1210.2 million peoples in which male population around of 623.7 million and female population is around 586.5 million. India is considered as the land of village and around 833.1 million (68.84 % of total populations) live in rural area having high rate of poverty, limited access to traditional banking and financial services, depend upon agriculture and small business, containing socio economic barriers and having large amount of rural work force. For the development of the rural population microfinance is considered as an effective tool for the upliftment of the status of the rural populations. In context to India, Microfinance initiative was introduced in the year 1947 through Self Employed Women’s Association (SEWA) in Gujrat, which established SEWA Bank with the prime objective of women empowerment. The SEWA Bank was established as a cooperative bank under the dual control of The Reserve Bank of India and the State Government. This sector of economy is considered as unorganized (Informal) sector which provide banking 7|P age services to the poor and illiterate self-employed women without any collateral securities. (SEWA Bank). In India, Microfinance operates in four channels which include both traditional and modern approach for the flow of credit: MICROFINANC E IN INDIA JOINT SELF HELP THE THE RURAL LIABILITY GROUP GRAMNEEN COOPERATIVES BANK MODEL GROUPS (JLP) 1.3.1. Phases of Microfinance in India. In India, Microfinance is categorized into the following phases: Initial Phase In the year 1947, Mahila Sewa Sahakari Bank was established by Shri Elban Bhatt with an objective to empowering women in order to avail the service of funds in the remote area which is fully controlled by women. The SEWA Bank was established as a cooperative bank under the dual control of The Reserve Bank of India and the State Government. This sector of economy is considered as unorganized (Informal) sector which provide banking services to the poor and illiterate self-employed women without any collateral securities. 8|P age  During the period of 1980s, several NGOs began experiments with micro lending to support income generation activities among the rural poor. This growth has been seen due to due to informal credit source of money lenders in rural area which charges high rate of interest and do exploitative practices. During this period, organization like MYRADA (Mysore Resettlement and Development Agency) played a pioneering role in forming financial Self-Help Affinity Group (SHAGs) which would later evolved into SHGs. In the year 1982, NABARD (National Bank for Agriculture and Rural Development) get established and in the year 1984 identified Self Help group as an effective tool for poverty alleviation. In the year 1992, NABARD launched the Self-help Group- Bank Linkage Programs (SHG-BLP) with aim to formalize the Self-help group. This program encourages banks to provide credit to SHGs which were group pf 10-20 members (Specially women) who pooled their saving and lent money to their member. This initiative became a cornerstone of India’s Microfinance Sector. Growth and Expansion Phase Reserve Bank of India considered microfinance institution as an important sector and understand microfinance as an important tool for the inclusion of economy. The period of 2000 witnessed the commercialization and growth of microfinance institution when many players come into this field. Private sector players enter into the market which mainly involves NGOs, Commercial Banks, Non-Banking Financial Companies (NBFC-MFIs) and NGOs transforming into regulated financial institutions. The Indian government and the Reserve Bank of India began to recognize the importance of microfinance and took steps to regulate the sector. The Microfinance Bill was introduced in the year 2007 to regulate and support microfinance activities, although it was not enacted by law. Crisis Phase The period of 2010 considered as the crisis period for the microfinance. This sector faced a major crisis in Andhra Pradesh as many poor borrowers committed suicide as 9|P age  they were not able to repay the loan amount due to high interest rate, aggressive loan recovery practices and over-indebtnesss among borrowers. K Venkat Narayan, An Economics Professor at Kakatiya University in Warangal states that, “India’s booming micro lending industry is apart of global phenomena that began as a charitable movement but now attract private capital seeking growth and high return.” Consolidation and Digital Transformation Phase After the Post-Andhra Pradesh Crisis, The Reserve Bank of India has made important change in the sector as per the recommendation by The Malegam Committee. The RBI introduced comprehensive guidelines for NBFC-MFIs including caps on interest rate, borrower protection norms, and the creation of credit bureaus to prevent over- indebtedness. In the year 2014, Government programs like Pradhan Mantri Jan Dhan Yojana (PMJDY) launched aim to ensure access to financial service for all households, complementing the efforts of the microfinance sectors. In 2015, the Micro Unit Development and Refinance Agency (MUDRA) Bank get established with a purpose to support microfinance by refinancing institutions that lead to small and microenterprises. This initiative sought to bolster the reach of microfinance and ensure more inclusive growth. The RBI granted in principal approval to 10 entities including several microfinance institutions to set up small finance bank in which Bandhan Bank is the first bank to get license as “small finance bank”. The adoption of digital technologies began transforming the microfinance landscape. Digital Payment system, Mobile Banking and fintech solution are made financial service more accessible to rural and remote populations. New Adoptions Phase The pandemic posed significant challenges for the microfinance sector including disruption in loan repayment and operational challenges. However, it also accelerated 10 | P a g e  the adoption of digital solutions and underscored the importance of microfinance in economic recovery. In 2021, the RBI proposed to lift the interest rate cap on microfinance institutions. The interest rate cap was introduced after the crisis of Andhra Pradesh to stop NBFC- MFIs from charging uncurious rate. Ion the year 2022, RBI redefine Microfinance as “a collateral free loan given to household with an annual income of up to Rs. 3 Lakhs. Such loan given to households with an annual income of Rs. 1.25 Lakhs in rural India and Rs. 2 Lakhs in urban and semi urban areas. 1.3.2. Relevance of Microfinance in 21st Century “Microcredit is giving about hope”- (Natalia Portman). In the 21st Century, microfinance has emerged as a crucial instrument for fostering financial inclusion and alleviating poverty in India. Despite significant economic growth, approximately 65% of India’s population still reside in the rural area, where access to traditional financial services remains limited. According to the 2021 Multidimensional Poverty Index, over 364 million Indians are classified as Multidimensionally poor, underscoring the urgent need for accessible financial solutions. During the Period from 2018 to 2023, Microfinance emerged as a powerful instrument for promoting financial inclusion and alleviating poverty. During this period, microfinance institutions (MFIs) have significantly expanded their reach, serving approximately 140 million low-income clients globally by 2020. According to the Global Index Database 2021, the global adult population with access to formal financial services increased by 6% from 2017 to 2021, partly due to the efforts of MFIs. In context to global Index, regions like South Asia and Sub-Saharan Africa, where financial exclusion is most pronounced, microfinance has been emerged as a most important instrument. In India, microfinance activities saw a substantial rise, with the sector growing at a compound annual growth rate (CAGR) of 22% from 2018 to 2022, reaching over 30 billion in loan disbursements. (NABARD Report 2018-2022). This growth is largely driven by digital 11 | P a g e innovations; facilitating easier and more secure access to financial services. Moreover, microfinance has played a pivotal role in empowering women, who constitute around 80% of MFI clients, by enabling them to start and expand small businesses, thus contributing to household income and community development. Microfinance Institutions (MFIs) plays a vital role by providing small loans, savings, and insurance products to underserved populations, particularly women, who often face economic marginalization. As reported by the Microfinance Institutions Network (MFIN), with nearly 40 million borrowers in India is not only enhancing economic self-reliance but also contribute to broader social development and resilience, especially in the aftermath of Covid - 19 Pandemic. This sector’s continued relevance is further bolstered by the integration of digital technologies, which extend financial service to even the most remote corners of the country. 1.3.3. Microfinance in Present Context As per the report published by NABARD, Financial Year 2022-2023 witness growth and stabilization in microfinance sector. The growth and stabilization get achieved by miocrofinancial institution after covid 19 pandemic. In context to SHG-BLP, 16. 19 crore rural households were covered in the financial year 2022-2023. A total of 134.03 lakhs Self Help Groups (SHGs) were linked to banking sector with saving of Rs. 58,892.67 Crores which shows a growth of 13 % in SHGs linked to Banking sector and 25 % savings over previous year. It is also noted that, from 134.03 lakh SHGs, 112.92 lakhs were all women with a saving of Rs. 52,455.48 Crores which shows the growth and expansion of women in microfinance sector. In the Year 2022-2023, 42.96 Lakh Self help group distributed loan amounted to Rs. 1,45,200.23 which shows a growth in distribution of Bank loan as compared to previous year. As per the report issued by Ministry of Rural Development, Government of India, the repayment rate of loan by Self help group to Bank is 97.71 % in the financial year 2023-2024 which shows that the loan which is given by bank to self-help group are utilized for the purpose of generating income and due to this the repayment of loan takes place. 12 | P a g e  21st century is the era of digitalization. So, by recognizing the opportunities through E-Commerce and Digitalization in Marketing, NABARD launch a scheme of training and householding of SHGs to sell their product online with the help of service sector. In the 21st century with the rapid development of country, microfinance sectors also spread its operation in 641 district, 36 states and union territories. Banks are leading with presence in 636 districts followed by Small Finance Bank (SFBs) and Non- Banking Financial Company-Microfinance Institutions (NBFC-MFI) with 616 district and 613 districts. Out of total 124 aspirational district, microfinance is operating in 113 districts with microfinance penetration level between 25-50% which shows there is still room for growth and expansion to reach more of the target populations. With 21st century it is also evident that, SHGs-BLP is the largest microfinance program in the world in term of client base and outreach which shows that it serves the millions of clients, demonstrating the demand for and effectiveness of microfinance in addressing the need of financial Inclusion. Table showing Progress Under Self-Help Groups Bank Linkage Programme (Numbers in lakhs) Financial Year 2018-2019 2019-2020 2020-2021 2021-2022 2022-2023 No. of SHGs Savings with 100.14 102.43 112.23 118.93 134.03 Banks No. of all Women SHGs 85.31 88.32 97.25 104./05 112.92 Saving with Banks *(Source: NABARD Report- 2018-2023) Analysis of the table: The data shows that there is a consistent growth in number of SHGs saving with bank along with then number of women self help group saving with bank throughout the 13 | P a g e  period from 2018 to 2023. The growth rate accelerated notable from 2021-2022 to 2022-2023 with a substantial increase of 12.96 % approximately. The steady growth rate enhanced outreach of microfinance institution throughout the country and enhanced financial inclusion and empowerment specially in women self help group members in context to their saving with banks which shows process and creation of portfolio. This table also shows the strengthening of the financial linkage between SHGs and formal banking institution which shows the growth and reach of formal banking sector in the rural and backward areas. The Increasing trends in the number of all women SHGs saving with bank shows upwards trends in saving among women which reflect which reflect the strengthen financial inclusion and economic empowerment of women at grassroot level. The potential factor contributes to this growth include improve financial literacy among women SHGs members, outreach of microfinance institution at rural level, effective implementation of government schemes, enhanced access to formal banking sector and increase in economic activities which help in generation of surplus funds. Region Wise Progress of Saving linked SHGs with Banks (Amount in Lakhs) Region/ Year 2018-2019 2019-2020 2020-2021 20201-2022 2022-2023 Northern Region 62452.82 59549.73 1,74,345 1,99,582 1,22,485 North Eastern 40407.05 48140.55 83,126 1,06,441 1,27,153 Region Eastern Region 601154.88 664332.73 7,74,912 13,58,595 17,42,499 Central Region 133230.00 171217.00 2,11,870 3,25,696 4,58,675 Western Region 205275.15 201880.14 3,74,023 3,27,691 5,41,611 Southern Region 1289928.25 1470084.74 21,29,485 24,06,043 28,96,845 *(Source: NABARD Report- 2018-2023) 14 | P a g e  Analysis of the table: This table shows region wise progress of saving linked SHGs with Banks throughout the year. It indicates that amount of saving increase with self help group with bank every year. It highlights the expanding access to formal financial services among marginals communities This table also shows that the saving in the southern region is quite high in each year as compared top other regions. As per the report of NABARD, Southern region registered a highest rate of growth (31%) followed by eastern (29%) and western region (14%). As per the report of NABARD, among the states, Maharashtra has the maximum SHGs at 15.15 lakh, followed by West Bengal (14.44 lakh), Bihar (11.10 lakh) and Andhra Pradesh (10.81 lakh). During the year 2022-23, highest number of SHGs were added in West Bengal State (3.61 lakh), followed by Chhattisgarh (2.26 lakh), Maharashtra (1.81 lakh). Negative growth was observed in Telangana, Tamil Nadu and Punjab. As per the report of NABARD, the highest growth was in the Western region at 65%. Among the States, highest growth was observed in Arunachal Pradesh, Chhattisgarh and Meghalaya, whereas Karnataka, Kerala, Manipur, Punjab, Uttarakhand, Tripura and Tamil Nadu registered negative growth. Region Wise Status of Bank Loan Disbursement to Self Help Group (Amount in Lakhs) Region/ 2018-2019 2019-2020 2020-2021 Year No. of Savings No. of Savings No. of Savings SHGs Amount SHGs Amount SHGs Amount Northern 27,086 29,001 37,807 57,893 67,658 94,045 Region North Eastern 55,922 62,644 62,905 84,694 68,116 1,03,651 Region Eastern 85,135 72,199 1,11,074 1,04,249 11,24,578 14,87,551 Region 15 | P a g e Central 1,46,674 1,84,565 1,74,218 2,49,327 1,28,617 1,05,428 Region Western 09,09,375 11,97,079 11,23,517 17,85,075 1,61,159 2,30,331 Region Southern 14,74,208 42,86,256 16,36,488 54,84,696 13,37,266 37,86,063 Region Region/ Year 2021-2022 2022-2023 Savings No. of SHGs No. of SHGs Savings Amount Amount Northern 79,532 1,71,102 1,02,931 2,06,437 Region North Eastern 94,871 1,84,636 1,23,602 3,13,764 Region Eastern Region 13,01,505 25,68,978 16,34,604 33,83,333 Central Region 1,84,322 2,16,983 2,78,359 4,63,673 Western 2,39,086 3,81,363 2,72,253 6,75,144 Region Southern 14,98,951 65,03,680 18,82,772 95,22,672 Region *(Source: NABARD Report 2018-2023) Analysis of the table: This table highlights the growth in credit disbursement throughout the year by the Banks to the Self-Help Group. Financial Year 2022-2023, witness an increase across all region over remaining years. As compared with the figure available for 2021-2022, Disbursement of loan is highest in Southern region which show that the Southern region has a more active and robust microfinance sector compared to another region. As per the report of NABARD, Disbursement in absolute terms was highest in the Southern region with Rs. 95,226.72 crore to 19 lakh SHGs and lowest in the Northern region at Rs. 20,64.37 crore to 1 lakh SHGs. Among the States, Karnataka had the 16 | P a g e  maximum number of SHGs credit linked during the year at 7.44 lakh, followed by West Bengal (6.76 lakh), Bihar (6.40 lakh) and Andhra Pradesh (5.27 lakh). 1.3.4. Microfinance and Women Empowerment According to the United Nation, World Population Prospectus 2022, around 691 million population of India include female which is 48.4 % of the country’s total population. According to National Statistical Office (NSO), Government of India, around 347 million women belong to rural India. In this large population, Microfinance has proven as a powerful tool for women empowerment. As of 2023, Microfinance sector in India has reached around 50 million women who make up approx. 90 % of all microfinance client according to MFI. This significant engagement underscores the critical role that microfinance plays in providing financial service to women who are traditionally excluded from formal banking sector. Microfinance is seen as a weapon in the fight for women right and independency. This institution is increasingly targeting women since they are likely to succeed as borrowers, which is in line with the industry’s stated goals of financial realism (Neha Sanga, 2023). 2.1. Literature Review (a) With reference to World Microfinance services are highly effective in reducing poverty in both urban and rural areas of Sri Lanka, with micro-credit services proving to be more impactful in urban regions compared to rural ones. Additionally, entrepreneurship training and micro-credit exhibit a statistically significant positive relationship with poverty alleviation in the country (Kannangara, N., & Liyanage, C.2023). Microfinance has significantly impacted women's empowerment. Women participating in microfinance programs see a noticeable increase in their income levels and savings. Microcredit is effective in empowering women both socially and economically (Gubhaju, R., 2023). Microfinance, particularly through waqf, significantly enhances the social welfare of the Muslim community in Egypt, positively impacting all family members involved. It notably improves women's economic status, decision-making power, knowledge, and social issues, offering a comprehensive model for economic development and social justice (Irboumah, A.H., Ayedh, A.M., & Ibrahim, N., 2023). Microfinance in Pakistan has empowered women, increasing their participation in economic activities and enhancing their social, cultural, and economic influence, as well as their inclusion in public spheres through improved decision-making abilities (Khan, S. A., 17 | P a g e Bhutta, M. H., Afzal, A., & Hanif, M., 2023). Women empowerment positively influences payment procedures, child-rearing approaches, and economic growth in Bangladesh but has a negative impact on women's position in the family and society (Islam, M. S., Farhan, S., Akash, M., & Islam, M. A., 2024). (b) With reference to India Microfinance can significantly enhance the standard of living for the poor. It encompasses a wide array of financial services including deposits, loans, payment services, money transfers, insurance, savings, and micro-credit, all tailored to support low-income individuals (Mohd, S., 2018). The duration of participation in microfinance programs is crucial for positive outcomes. Women's involvement in social and financial decisions increases after joining these programs, and their empowerment grows through SHG-based initiatives. Each additional year of membership boosts the probability of economic, social, and political empowerment (Patel, R., Patel, M., & Patel, N., 2018). Microfinance significantly empowers women socially and psychologically, but has limited impact on economic empowerment. The government and NGOs should focus on women's education and organize various training programs for them (Ranjan, R., & Sinha, R. P.,2019). MFIs struggle to fully serve as agents of change, limited in impact despite their efforts. Integrating microfinance with social welfare, food security, and employment schemes could better support the poor, reducing inefficiencies (Jha.S, 2019). Microcredit strengthens women's roles in their households and communities, enabling them to start microenterprises, which fosters empowerment and reduces gender inequalities. While the impact on women's economic and social lives is more significant in the long run (Bansal, S., & Singh, A.K., 2020). Microfinance improves women's decision-making abilities through participation in SHGs, enabling them to decide on loans and their use, including choosing SHG loans over moneylenders. Women involved in SHGs longer and attending more meetings were more empowered. However, despite gains in social decision-making, they still struggled to make decisions about healthcare, living arrangements, household budgets, and medical treatment (Patel, R., & Patel, N., 2020). Microfinance has provided more knowledge and social empowerment than economic empowerment. Among women in SHGs, Majority reported no change in income, finding microfinance to be only sufficient for basic necessities, not for capitalizing or starting a business. (Dubey, S., Dwivedi, A., Agarwal, N., & Singh, C. K.,2021). The Bihar Rural Livelihoods Promotion Society (BRLPS), known as JEEVIKA, has significantly impacted inclusive rural development in Bihar through its accessibility and 18 | P a g e notable achievements (Nagpal, P., & Olubiyi, T. O., 2022). SHGs have empowered women, fostered social solidarity, and improved the socio-economic conditions of the rural poor, promoting financial inclusion among villagers. The JEEVIKA model has significantly advanced financial inclusion and women's empowerment. During the COVID-19 pandemic, JEEVIKA workers facilitated over Rs. 543 crores in transactions via POS machines, bringing banking services to the remotest areas of the state (Vishal, A., & Vishal, A.2022). Self-help groups have greatly impacted the social and financial aspects of recipients' lives. The Jeevika model has significantly promoted women's economic inclusion and empowerment. Bihar can move towards full self-sufficiency by the JEEVIKA program (Singh, H., & Hassan, M.,2022). In Microfinance, the loan taken by women is high because they do not give any guarantee or collateral as a security and they get loans with less interest rates and a part of interest paid is paid back to them once the loan is completed. The Women Workers are treating microfinance services just as another source of income i.e. an improved scope for capital formation in household but not as a source of their empowerment (Sowmya, B. V., & Reddy, R. 2022). Self-Help Groups (SHGs) have become a significant catalyst for rural development, poverty reduction, and women's empowerment. Women participating in SHGs are considerably more empowered than those who are not. In Bihar, JEEViKA has played a crucial role in implementing the alcohol ban. Many women have transformed into entrepreneurs through their involvement with SHGs (Kumar, N., & Kumar, A. 2022). Microfinance has primarily targeted women due to the significant credit constraints they face when starting micro or small enterprises, especially in male-dominated societies where their roles are traditionally confined to household chores. Consequently, women often fall into debt traps with informal moneylenders who exploit them. Additionally, women are considered disciplined and reliable borrowers, with lower default rates and a higher likelihood of using their earnings to benefit their families and improve their children's health and education. The growth and maturity of microfinance programs, seen in increasing membership and larger loan sizes, which significantly empowered them (Khan, S. T., Bhat, M. A., & Sangmi, M.-U.-D., 2023). Women experience a substantial rise in financial stability after joining a Self-Help Group (SHG). The survey indicated that 90% of women felt encouraged to make major parenting decisions, marking a significant step towards economic independence. Additionally, the majority of women reported that microfinance had positively impacted their families' financial situations, leading to greater contentment and harmony at home (Neha Sanga., 2023). Microfinance is a vital tool for poverty alleviation and women's 19 | P a g e empowerment. In India, self-help groups (SHGs) represent the latest form of microfinance organizations. The country is striving to support microfinance in a systematic manner. Women entrepreneurs aged 36 to 45 are particularly effective in utilizing loan amounts compared to other groups. Additionally, younger women entrepreneurs have shown significant improvement in their work-related knowledge and skills (Monika, D. R. S., & Kumar, A., 2023). In India, there is no formal body to oversee microfinance. Many self-help groups (SHGs) struggle to find suitable members, making it difficult to obtain government approval for their applications. Numerous women entrepreneurs have reported that the interest rates on loans from these institutions are higher than anticipated. Additionally, many microfinance institutions operate in areas already served by other institutions, neglecting rural areas where women urgently need financial support (Singh, A., & Singh, R.,2023). In Bihar, JEEVIKA plays a major role in their economic empowerment by providing a source of income and increasing their decision-making autonomy within the family, ensuring their better participation in societal life (Singh, R.,2023) 3.1. Microfinance and Women Empowerment in Bihar Bihar, a State having population around 104 million in which male and female are 5,42,78,157 and 4,98,21,295 respectively. Having 38 Districts and 534 blocks, Bihar considered as the 12th largest state in India. Having a large area of 94,631 square kilometer, around 89.5 % of the total population belongs to the rural area and only 11 % population resides in urban area (2011 Census). Bihar had a total rural population around 92 million in which female constitute 43.9 million. The figure indicates the vast majority of population i.e., women in Rural Bihar indicates state predominantly agrarian society and the significant role of women in economy of Bihar. Bihar, like many other states in Indi exhibits a predominantly patriarchal social structure. Patriarchy in Bihar is reflected in various aspects of life, including gender role, family dynamics and access to resource and opportunities. In Context to Education, 51.50 % women were literate (2011 census) which shows a gender gap between education as well as employment. Traditional gender role is strongly emphasized in Bihar. Men are typically seen as a primary bread winner while women are often expected to manage household chores and take care of children. Early marriage is common in Bihar and women have limited autonomy in choosing their life partners. Women have no independency on financial access and having less resource to land property and financial services. 20 | P a g e Along with this, Bihar is a state which having a less of productive capital. The poor are in the state around 26. 59 % (As per MPI, Niti Aayogya Report, 2023) are often stuck in a cycle of poverty, they can only produce enough to survive, making hard enough to save money and build assets. This result in low investment and limited credit keeping them poor. The Government are trying to improve the lending of poor by setting Regional Rural Bank (RRB), however, these efforts usually fails because of political issue with loan repayments. In Bihar, it is also evident that there is large number of labour migration. Almost one of five people in Rural Bihar is migrant. Migration schemes are mainly male dominated around 85.2 % approx. every year (Datta, A., 2020). In this situation, the responsibilities of women increase and need to empowerment arises. Microfinance has been a transforming force for women empowerment in Bihar. Bihar’s Own Self -Help Group (SHGs) evolved into the first state to have 10,53,344 SHGs which include 1,21,31,911 members. In 21st Century, Microfinance has emerged as powerful instrument for women empowerment in Bihar. By providing small loans and financial services to women who lack access to formal banking service, MFIs have enabled them to initiate and expand small business, thereby improving their families living standard and financial independence. In Bihar, JEEVIKA (SHGs) has aimed to alleviate poverty and empower women through SHGs. As per the report published by Jeevika (2023), Microfinance has expanded its network in Bihar and around 123 crores families with 10.01 lakh SHGs are connected across Bihar. It is also evident that the average annual income of household participating in Jeevika increased by 30 % allowing families to invest more in health, education, and nutrition. Microfinance plays an important role during the period of pandemic, when whole country was in the situation of lock down, at that time the women in Jeevika (SHGs) worked as a Bank employee ensuring that over 543 crores of transaction were completed using PSU device to bring financial service at door step of those who need in rural or remote area of Bihar (Singh, H., & Hassan, M., 2022). The SHGs foster social empowerment by offering a platform for women to gain financial literacy, leadership and entrepreneurial skills but some studies also state that, “Social and Psychological empowerment have been limited with women self-help group primarily serve as a source of cash, capital and live hood opportunities. It is also argued that, “SHGs empowerment through saving and financial inclusion often burden women with family credit responsibility” (Bihar, G., 2023). 21 | P a g e Central and State Government has launched various program for microfinance and women empowerment in Bihar along with this for better development of rural area and backward district of country, “ASPIRATIONAL DISTRICT PROGRAM” launched by GOI in 2018 aim to rapidly transform the development of most underdeveloped district in the country. Bihar is the home of 13 of these Aspirational District named “NAWADA, ARARIYA, AURANGABAD, BANKA, GAYA, JAMUI, KATHIHAR, KHAGARIA, MAUZAFFARPUR, PURNIA, SHEIKPURA and SITAMARHI” where focused efforts are being made to improve key development indicators like “HEALTH AND NUTERITION, EDUCATION, AGRICULTURE AND WATER RESOURCE, FINANCIAL INCLUSION and SKILL DEVELOPMEN”. On February 08, 2023, NITI AAYOGYA released that two districts of Bihar, Banka and Katihar become First and Second among five best ADPs in the country in the field of agriculture and water. From the existing literature review it is evident that, Microfinance has had a big impact on the empowerment of women in Bihar with both positive and negative effects. On the positive side, it has given money to women they need to start and grow their business, making them more financial independent and respected in life. However, High interest rate on microfinance loan can led to debt causing problem, causing stress and financial hardship for some women create negative impact. Additionally, not all women, especially the most disadvantaged, have access to these benefits, and cultural barriers still exists. Therefore, while microfinance can be a powerful tool for empowering women in Bihar, it needs to be carefully managed to ensure it help all women fairly and effectively. 4.1. Research gap/ Statement of Problem India’s Patriarchal Society ahs always limited opportunities for women. For substantial growth, it is important to provide equal opportunity for women in economic and social activities. In India, especially in Bihar, from traditional time the role of women being focused on child rearing and family need and have less appreciated for their economic contribution in the society. Bihar constitute a large number of labour migrant. Around one of every five people in Bihar is migrant and in this situation the burden of the family shifted to the women of that family. Studies conducted in past shows that microfinance positively impacted on social and financial aspects of recipient’s lives, improve standard of living of poor, foster empowerment and 22 | P a g e reduce gender inequalities. However, despite these positive outcomes several critical research gaps remains in context to Bihar. There is lack of regional specific research focusing on Bihar’s Aspirational District. These areas have distinct socio-economic and cultural context that may influence the effectiveness of microfinance initiative differently. Existing literature review mainly focus on women’s economic empowerment outcome but there is need for more holistic study that evaluate social, psychological and political dimension of women in Aspirational District of Bihar. Studies provide impact of microfinance and women empowerment at a single point of time. Longitudinal research that track the long-term effect within a specific period offer microfinance and women empowerment on Aspirational District of Bihar. In 2018, Aspirational District Program was launched by Government of India and 13 District of Bihar are part of this initiative, so comparative studies between aspirational and non-aspirational district in respect of microfinance and women empowerment remain untouched. Understanding the differential impact of microfinance and women empowerment in their distinct setting can revels how targeted developed program i.e., ADP influence outcome differentially and what best practice can be shared in reference to Bihar. After Coivd-19 Pandemic, evolution of technology take place in every sector. So, the potential of digital financial service and technology driven microfinance and women empowerment remain unexplained in context to Aspirational District in Bihar. 5.1. Research Question Q.1. How does microfinance impact the social, psychological, political and economic dimension of women in the aspirational district of Bihar? Q.2. How do the social, psychological and political dimension of women empowerment in aspirational district compare to those in Non-Aspirational District of Bihar? Q.3. How do digital financial service and technology drive microfinance initiative influence women’s empowerment in the Aspirational District of Bihar, particularly after the Covid-19 Pandemic? Q.4. How does Credit lending model enhance microfinance outcome for women in Bihar’s Aspirational District? 23 | P a g e Q.5. What best practices can be identified from Aspirational District Program that can be applied to enhance the effectiveness of Microfinance Institution in Bihar? 6.1. Research Objective The Primary objective of this study is to comprehensively evaluate the impact of microfinance on the multi-dimensional aspects of women’s empowerment in Aspirational District of Bihar. This includes accessing social, psychological, political and economic dimension of women in Bihar’s Aspirational District. The study aims to compare these impacts with those in Non-Aspirational District to understand the unique challenge and opportunities with different regional context of Bihar. Additionally, this study seeks to explore the influence of digital financial services and technologies driven microfinance initiative on women’s empowerment in Bihar’s Aspirational District, Particularly in covid-19 era. By examining the role of credit lending model in enhancing microfinance outcome, the study aims to identify effective strategies and best practices from the Aspirational District Program, that can be applied to improve their effectiveness of microfinance initiative across Bihar. Specific Objective: 1. To analyze the social, psychological, political and economic impact of microfinance on women in Bihar’s Aspirational District. 2. To compare the dimension of women’s empowerment in Aspirational District with Non-Aspirational District of Bihar. 3. To Investigate the role of digital financial services and technologies driven microfinance initiative in empowering women in Bihar's Aspirational District especially in the context of Covid-19 Pandemic. 4. To access how the credit lending model, enhance microfinance outcome for women in Bihar’s Aspirational District. 5. To Identify and recommend best practice from the Aspirational District Program that can be implemented to strengthen microfinance initiative in Bihar. 24 | P a g e 7.1. Data Source The Study aims to understand how microfinance empower women in the Aspirational District of Bihar. For this study data will be collected from financial year 2018-2019 to 2022-2023 which include the study related to Pre Covid-19 Pandemic, during Covid-19 Pandemic, after Covid-19 Pandemic. For this study, both Primary and Secondary data will be used. Secondary data will be collected from Government Website (JEEVIKA, SHG Count etc.), Books, Magazines, Reports and other online sources available. Another source of data is Primary Data. It will be collected from the respondent through structured questionnaires given to women beneficiaries participating in microfinance programs in the Aspirational District of Bihar. By considering the literacy rate of Bihar as per census 2011 particularly in respect of women, the questionnaires will be read aloud to the respondent and their response will be recorded to ensure accurate information. 8.1. Research Methodology The Study will use the Structured questionnaires to collect data from the representative sample of women in microfinance programs across various aspirational districts. Stratified Random Sampling Method will be used to collect the data from the selected sample from the selected population across various aspirational district of Bihar. Statistical tools like t-test, Chi-Square test and regression analysis will be used to identify the difference and pattern in aspirational and non-aspirational district of Bihar. The questionnaires also include the question of financial services and technology-driven microfinance initiative. Data will be collected from local leaders and women beneficiaries on the usage’s frequency, types of services used and perceived benefits from financial services and technology-driven microfinance initiative in context to women empowerment in aspirational district of Bihar. Group discussion will be conducted on change in financial behavior and empowerment due to digital service especially after covid-19 pandemic. The survey will be conducted about different credit lending models used by MFI and SHGs which include loan repayment rate, default rate, duration of loan repayment, income change, and growth of business by utilization of loan amount which mainly explore the strength and weakness of these models in the perspective women beneficiaries. 25 | P a g e 9.1. Chaptalization Based on the objective of the study, the entire research work is divided into five categories: Chapter I: Introduction: This chapter will introduce the research topic which provide background information of microfinance and its relevance to women’s empowerment in Bihar along with its aspirational districts. It will outline the importance of the study, its objective and research questions. It will also include the methodologies and limitations and present an overview of the organization of the study. Chapter II: Literature Review: This chapter will contain the theoretical background and reviews of previous literatures. In this, we explore the theoretical underpinning of microfinance focusing on social, psychological, political and economic empowerment of women in Bihar’s Aspirational District and examine the role of digital financial services and technologies for the upliftment of women in Bihar including the context of Covid-19 Pandemic. Chapter III: Research Methodologies: This chapter will contain the methodological part of the study. The study uses both primary and secondary data for collection of data sample related to the research. The period span from FY 2018-2019 TO 2022-2023. This chapter will outline the tools and techniques used for data analysis and discuss the ethical consideration considered during research. Chapter IV: Finding and Analysis: This chapter present the finding, analysis and discussion of the study. This chapter analyze the social, psychological, political and economical empowerment of women in Bihar’s Aspirational District. It will provide a comparative analysis of women’s empowerment in Aspirational Versus Non-Aspirational Districts. This Chapter will also investigate the role of digital financial services and technologies I empowering women and access how different credit lending model enhance microfinance outcome for women. Chapter V: Conclusion and Recommendation: This chapter will present the conclusion and recommendation based on finding and analysis. In this chapter, we identify and recommend best practices from Aspirational District program that can be implemented to strengthen the microfinance initiative in Bihar. This chapter will also include the limitations of the studies with the recommendation for future research and final thought of the study followed by bibliography and references. 26 | P a g e 10.1. References. 1. Kannangara, N., & Liyanage, C. (2023). The Effectiveness of Microfinance Services on Poverty Alleviation: Comparative Analysis of Anuradhapura District and Colombo District in Sri Lanka. Journal Homepage: https://sajf. sljol. info, 3(2), 145- 157. 2. Gubhaju, R. (2023). Women Empowerment in Self Help Groups through Microfinance: A Case Study of Rautahat District. 3. Irhoumah, A. H., Ayedh, A. M., & Ibrahim, N (2023). 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