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TABLE OF CONTENTS ACKWOLEDGEMENT. 3 ABSTRACT..4 Overview of theMicrofinance Sector 10 Top 50 MicrofinanceInstitutions 12 Legal and RegulatoryFramework for the (MFIs) in India 15Societies Registration Act, 1860 15

Indian Trusts Act, 1882 . 15

Not-For-Profit Companies Registered Under Section 25 Of Companies Act,1956.. 15

Ratio Analysis ............................................................................................................... 16 Microcredit model 20 BusinessModel of GRAMEEN Bank ..21 About GRAMEEN Bank . 21 Working model of Grameen bank 2216 Decisions .. 24The Repayment Mechanism . 25Criticism of Grameen Bank 25

Self Help Group (SHGs) .,26Concept of SHGs ... 26Need of SHGs . 266

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Structure of SHGs . 27

Joint Liability Groups (JLGs)......................................................................31Difference between SHGs and JLGs 31How JLGs formed . 32JLG feat ures .32

NABARD Initiative in Micro Finance ....33Introduction . 33Role of NABARD . 33Organization Structure 34NABARDs OFFICES all over INDIA 34Financial Santa Clause NABARD 35How NABARD helps Banks and MFIs in augmenting? .35How NABARD manages thei r repayment ratio . 36How NABARD gives loan to the Institutions? .36

Business Model of SAKHI .37Introduction .. 37Organization Structure .. 38How SAKHI disburse the Loans? ... 39How they charges interest? ... 40How SAKHI raise capital? .. 40 Why SAKHI charges such a high rate of interest (18% p.a)? ..... 40Is government waiver plan effected there Institution? . 41

Business Model of MAS Finance .43Introduction . 43Role and Function . 43Organization Structure 44How MAS FINANCE raise capital? ..45How MAS FINANCE manages their repayment structure . 45MAS FINANCE has strange way of providing loan? .. 45 Why MAS FINANCE charges such a high rate of interest (25- 26%% p.a)? 45 Any default case regarding to repayment of the loan? ..457

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Credit institutions as a Political tool: Debt relief in India . .46Product Design . .48 HowMFIs manage their repayment and Risk management . .49 What is Risk Management? .49Benefit of Risk Management ..49

Financial Risks 51Liquidity risk . ..52Operational Risks ..53Strategic Risks .53

Why micro finance provides loan to the women only 55 Why MFIs being critized for providing loans to the women only? .55

How the recent slowdown affects the MFIs ..57How the MFIs find opportunities within the crisis ..58

MFIs being criticized because of high interest rat e ...59 Why Microcredit Rates are so high? ...59Inappropriate comparison ...60Rate Ceilings: Not the Answer . ..61

SWOT Analysis of micro finance .64 8

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SKS Case study...66Development of Organization . 66Sources of Capital .. 66Organization & Management Analysis 68

Interview of end users .70 Futureof Micro Finance.72Recommendations and Suggestions . 74Conclusion ...75References .......76 9

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List of Illustration (Figures) Top fifty MFIs (Micro Finance Institutions)..12 Comparison among the Companies.18 Comparative Analysis of Microfinance ServicesOffered To the Poor ..28 Year wise increase of SHGs and their finance.....29 Growth of linked SHG's in 13 Priority States..30 Organizational structure of NABARD.34 NABARDs offices all over India....34 Organization Structure of SAKHI.38 Business plan projection of SAKHI..41 Projected balance sheet of SAKHI......42 Organization Structure of MAS Finance44 The Corposol/Finansol Crisis....50 Major Risks to Microfinance Institutions.51 General Impact of Ceilings on Microcredit InterestRates ..62 Operation and Financial function of SKS 6710