# I. Introduction elf Help Groups (SHGs) are an outcome of the neo-liberal paradigm of development [ ], where the poor take charge of their lives and fashion new improved future through self-reliant and socially sustainable efforts. SHGs emerge as an important strategy for empowering women and in alleviating poverty. The women SHGs have enhanced the status of women as participant decision makers and beneficiaries on the democratic, economic, social and cultural spheres of life and sensitised the women members to take active part in socio-economic progress of rural India. SHGs in social change imply not only the change of outer form of a community or a society but also in the social institutions as well as ideas of the people living in that society. families that had not been reached by the banking system [ ]; Sinha and Patole, 2002 [ ] ). SHG-Banking is a programme that helps to promote financial transactions between the formal rural banking system in India comprising of public and private sector commercial banks, regional rural banks and cooperative banks with informal SHGs as clients. SHGs are financial intermediaries owned by the poor. They usually start by making voluntary thrift on a regular-mostly fortnightly or monthly basis (contractual savings. They use this pooled resource (as quasi-equity) together with the external bank loan to provide interest bearing loans to their members. Such loan provides additional liquidity or purchasing power for use in any of the borrower's production, investment, or consumption activities. SHGs are currently seen as an essential and integral part not only of financial services delivery, but also as a channel for the delivery of non-financial services within larger objectives of livelihood promotion, community development and women's empowerment. SHGs are potential 'micro-banks', either on their own, or through higher levels of association, capable of using their own resources, grants and borrowed funds for financial intermediation . Apart from accessing funds from the formal financial sector, SHGs can also become a forum for dissemination of development ideas and information, an association for community mobilisation or an organisational unit for linking up with other economic, social and political interventions. To increase the number of SHGs who start to make voluntary thrift on a regular basis is the most essential strategic variable in the Linkage Banking system. About 75% of the SHGs have been formed and are continuously supported by NGO staff not only exclusively to get access to bank loans but also to achieve other development goals through joint actions: educational, health, family planning, access to land and water, forming a social movement of women etc. . Those SHGs formed on the initiative of the Banking System have the overwhelming objective to help SHGs get access to banking (saving and credit) services to improve the economic condition of their members and to wean them away from moneylenders. They may be called financial SHGs . SHGs are initiated by agents (bank clients, volunteers of farmers clubs, social workers etc.) or taken over from NGOs to offer bank services to them. Linkage Banking in India is, therefore, not exclusively working through existing informal SHG-institutions but predominantly with the formal banking system. Thus, SHGs have the feature based on which it may be argued that SHGs are Financial Model of Development. # II. Operationalising the Concepts: SHG as Financial Intermediaries Finding innovative ways to provide financial services to the poor so that they can improve their productive capacity and quality of life is the role of the financial intermediaries in the 21st century. Most formal financial institutions do not serve the poor because of perceived high risks, high costs involved in small transactions, low profitability, and most importantly, inability to provide the physical collateral generally required by such institutions. However, Government of developing economies has made serious effort to bring the 'unreachable' within the formal banking net through the directives and also offered a number of fiscal & monetary mechanism to shorten the credit gap. Despite this progress, as of 2008 (2005 statistics), the World Bank has estimated that there were an estimated 1,345 million poor people in developing countries who live on $1.25 a day or less (Headey, 2011[ ]).The demand for financial services from these low-income households is substantial, and their demand covers a wide range of products and services (ADB, 2007[ ]). Most poor and low-income households continue to rely on meager selffinance or informal sources of finance. In India, SHGs represent a unique approach to financial intermediation (e.g. EDA, 2007[ ]; Solomon, 2010[ ]; Venkatalakshmi & Ambujam, 2012 [ ]). The approach combines access to low-cost financial services with a process of self management and development for the women who join as members of an SHG (Kulkarni & Sonawane, 2012[ ]). The SHGs are formed and supported usually by NGOs, or (increasingly) by Government agencies and sometimes directly by banks. SHGs are linked to banks first with a group deposit account, then for credit, which is disbursed to the group and in turn distributed to the members. SHGs encourage the saving habit which indirectly enhances the financial ability of the members and ensures prompt repayment. This is a very good substitute for the collateral insisted by the traditional bankers. Micro-finance through its SHG Linkage model is considered as a potential alternative for extending the financial services to the poor for various reasons like the ability of these institutions in providing credit and other financial services to the poor and the weaker sections, help them in overcoming financial shocks, support them in venturing into profitable entrepreneurial activities and encourage small savings. They also provide other financial services like Micro insurance and transfer of funds. SHG as financial intermediaries provides the following financial functions. # a) Savings Function in SHGs Thrift contributions by members to the group which sometimes mandatory or optional must be perceived as a savings product serving long term financial security needs. Pooled savings are either used for income generating activities or made available to members as per requirements. Such savings are generated by poor households either by refraining from consumption or postponement of their not so urgent needs. The thrift contribution reflects confidence of members on the group and is seen as an index of their stake in the process. # b) Credit Function in SHGs Providing credit access to members of poor household on sustainable basis is the primary objective of SHG. A well conceived loan programme in SHG viz. one time loan, productive loans etc. are the major elements of credit policy of SHGs which enhance its attractiveness to the members. Loans are often given for various purposes with/ without collateral security. c) Fund Management in SHG Management of fund is an important task. The SHGs generally accommodate funds to the members on need based and only for productive purposes along with a fixed repayment scheduled. Small savings from resource-poor households need operative protection against loss of deposits. Misappropriations in savings and credit groups as well as imprudent lending from internally generated deposits threaten the security of savings programme. They have to be shielded against the financial and non-financial risks. # d) Record Keeping in SHGs Record keeping is possibly the most crucial function in a SHGs often confined to the periphery. An efficient record keeping assumes significance for promoting transparency in the system considering the need for providing safety of micro-deposits pooled in savings and credit programmes. # e) Banking Relationship and Shgs SHGs are primarily savings and credit groups and availing savings and credit services from local banks is a logical extension of their growth strategy to meet increasing credit demand from members. Moreover accessing savings services from banks will provide safety to the pooled funds. It is expected that groups will demonstrate desired maturity in terms of group and financial dynamics leading to inculcation of banking habits in the groups. It would also make possible the bringing about of general improvement in the nature and scale of operations that would accelerate economic development. # f) Promotion of Financial Literacy But lack of information and guidance regarding practices of savings and credit result in women taking wrong financial decisions; this stands in the way of their empowerment. Wise financial practices and right financial decision-making go hand in hand. To achieve this, increased information dissemination, knowledge sharing and promoting the practice of financial planning SHG organises such training. Generally SHGs provides training on budgeting, savings, debt management and other banking services. # g) Promotion in Financial Inclusion SHGs are financed by bank without any collateral. Here peer group pressure is considered as collateral by the lenders. SBLP also helps to reduce transaction costs facilitates proper monitoring of funds by group members, economic empowerment of SHG members by collective decision making etc. In spite of the increased spread of formal banking network in the recent past, access to basic financial services are still beyond the reach of large sections of society. Saving Bank Linkage Programme (SBLP) model exhibits the potential to provide an alternative mechanism to extend financial services to large unbanked sections of the society. The micro-credit programme in general and SBLP in particular is a unique innovation of credit delivery technique to enhance income generating activities. The programme extends small loans to poor people for self-employment activities, thus, allowing the clients to achieve a better quality of life (Rahman, 1995 IV. # Objective of the Study The study is pursued keeping in view the following main objectives 1. To examine the perception of the direct stakeholders i.e. Promoters, Donors, Financial Institutions and the Group members of SHGs regarding the issue whether SHG is a financial model. 2. To forward conclusion based on the findings of the study. V. # Research Hypotheses Given the survey of literature and objectives, the study is pursued to test the following statistical hypothesis: Ho: There is no significant association in the opinion of the direct stakeholders (i.e. Promoters, Donors, Financial Institutions and the Group members) of SHGs regarding the issue whether SHG is a financial model. # VI. # Methodology The study uses both primary data and secondary data. Multi-stage random sampling method is used for the present study to collect primary data. As no such study were conducted in the context of Nagaon district of Assam and this study area being the native district of the scholar was purposively chosen for the present study. At the next level, five Development Blocks are selected randomly. In the later stage, three revenue villages from each of the selected Development Blocks are purposively selected. From each revenue village, three SHG members, who are associated actively, are selected randomly. Further, 12 Financial Institutions i.e. nationalised commercial bank and RRBs (operating in the study area); 10 Donors and 34 Promoters including banks, NGOs, NGO-MFI, Farmers Club and Government Departments are also selected randomly who are directly associated with the sampled SHGs (Table 3). Thus, the total sample size is 100 (Considered adequate by researchers like Comrey, 1973[ ]; Nunnally, 1978[ ]; Gorsuch, 1983[ ] and Oppenhein, 1992[ ]; Coakes and Steed, 1997[ ]). Primary data was collected from the 100 sample respondents using pre-tested questionnaire. The study was conducted during 2012. Secondary data was collected from report on Microfinance Status by NABARD, Branch Banking Status of RBI, NEDFi Databank on Northeast, SBI Local Head Office, Zonal and Regional Offices of Commercial Banks, Head Offices of Regional Rural Banks, Census India, NSSO, Directorate of SGSY (Guwahati-Assam), DRDA (Nagaon-Assam), Government of Assam, Reports of State Level Bankers Committee, Assam and Economic Survey, and literature published by different institutions on micro-finance have been used. The important variables were formulated and the relevant data collected from the field were coded and analysed using SPSS (Statistical Package for Social Sciences) software. Perceptions of direct stakeholders whether SHG is a financial model were expressed based on 5 Point Scale where SA= Strongly Agree (2), A = Agree (1), NAND = Neither agree nor disagree (0), DA = Disagree (-1), and SDA = Strongly disagree (-2). Further, the data collected was analysed using the measure of descriptive statistics like mean, variance, standard deviation, maximum, minimum etc. Further, Cronbach alpha, Normality Test i.e. Kolmogorov-Smirnov Test, and ANOVA were applied in analysing and interpreting the data. # a) Profile of the Study Area The Central Assam District of Nagaon (spelled by the British as Nowgong) is one of the largest districts of Assam. It sprawls across almost four thousand square kilometers of fertile alluvial plains and thickly forested hills. Nagaon extends from 250-45' to 260 -45' North Latitude and 920 -33' -6" East Longitude. The district is bounded by Sonitpur district and the river Brahmaputra in the north, West Karbi Anglong and North Cachar Hills in the south and East Karbi Anglong and Golaghat district in the east. The mighty river Brahmaputra flows along the northern periphery of the district. Other major tributaries meandering through the district such as Kolong, Kopili drain into the Brahmaputra. Lying at a distance of 123 Kilometers by road from Guwahati, Nagaon town constitutes a vital corridor linking the Upper Assam districts of Golaghat, Jorhat, Sivasagar, Dibrugarh, Tinsukia and the North Assam districts of Sonitpur and North Lakhimpur. Nagaon has covered total area of 3,993 sq. km. The map of the study area is sketched on Figure 2 and the demographic profiles of the study district are briefed in Table 1. The SHG linkage approach operating in the districts of Nagaon is too some extent similar with the state structure. While we undertook pilot survey at preliminary stage in order to examine whether all models exist in practice, we found NGO as MFIs and NGO as financial intermediary did not exist separately. Therefore, Model II A and Model II B have been clubbed together into a single category termed as Model II (NGO as Financial Intermediary). Further, three MFI and fifty four Farmer Clubs have also promoted SHGs in the district. Besides, there are five Cooperative SHGs in the district of Nagaon (Micro Finance Status Report, NABARD 2010-11, and SLBC Report, March 2010). Further, the overall progress of SHGs under SHG-Bank linkage and MFI-Bank linkage in the study district are shown in the above Table 2. In Nagaon district, SHGs are formed and organised less than one or the other umbrella programmes of the Government, NGOs, banks and sometimes, even by the people themselves. The study consists of respondents from all groups i.e. both male and female as shown in Table 4. Out of 44 respondents belonging to Group members, 24 (54.5%) are male and 20 (45.5%) are female. Sincere effort is given to cover reasonable number of members from each category so that study is free from gender bias. Further, it is observed from the field report and other secondary resources that in the study area there are ample number of women SHGs. From survey of literature and field study, it is observed that there is no specific boundary regarding the nature and functioning of SHPIs. It is observed that an SHPI can act both as promoter & donor. Similarly, Government departments are also acting both promoter and Donor vis-a-vis financier. Therefore, the investigator collected information from stakeholders separately under different status who performed different tasks. SHPIs, whether Farmers club, NGOs, banks or State governments, have been playing a vital role in promoting, nurturing and sustaining the SHG movement under SBLP in Assam. It is observed that the major promoter of SHGs in the study districts are DRDA (for SGSY scheme), followed by NGOs and Banks. A few NGO-MFI are also promoting SHGs in the study district. In this study respondent as promoter includes some officials of NGOs such as ASOMI, Prochesta-MFI, RGVN-MFI, Commercial banks, SIRD, DDM-NABARD, ASFABC, Agriculture Departments, Farmers Club etc. who are engaged in SHG promotion. In this way out of 100 respondents, 34 respondents belong to Promoter category. 'Donors and investors' encompasses a range of funding agencies, including bilateral donors, foundations, multilateral development banks, and socially oriented private investors. While NABARD and RMK etc. remains a major donor to NGOs and SHG institutions in India and have been receiving a fraction of required funds for their development. In the study district, NABARD, State Government under SGSY and NGO-MFIs are the major donors of SHGs. In this study respondents belonging to Donor includes some officials of NGO-MFI such as ASOMI, Prochesta-MFI, RGVN-MFI, Dristi Foundation, RuTAG-NE, Srimanta Sankardeb Sangstha; Officials of District Veterinary & Animal Husbandry, NABARD, NERCRMP, SIRD, Agriculture Departments etc. In this way out of 100 respondents, 10 respondents comprises of Donor category. SHPIs include banks, NGOs, NGO-MFIs and state governments. Here in the state of Assam and even in the study district SHPIs acts both promoter and financier. However for the sake of convenience of study, we have collected perceived opinions of different stakeholders on different scale of capacity, i.e. bank is considered financier, promoter and donor. In this study respondents belonging form Financial Institutions includes Officials of nationalised commercial banks including SBI, RRBs i.e. AGVB etc. In this way out of 100 respondents, 10 represented from Financial Institutions. Below section below depicts the detailed profile of Promoter, Donor, and Financial Institutions. # Nationality of stakeholders It is observed from the Table 12 below that all the respondents belong to different categories are originated from India. 13. It is observed that majority of respondents comes from other Government agencies (55.9%) and Government departments (20.6%). The share of other promoting organisation includes NGO-Universal (2.9%), NGO-Nation hood (8.8%) and NGO-Region hood (5.9%). Therefore, it may also be concluded that a large variety of institutions that are engaged in the promotion of SHGs in the study districts are basically promoted by other government agencies i.e. DRDA (SGSY) is the major promoter of SHG in the study district. To understand the reliability of the field data Cronbach's alpha test was conducted. The result of reliability statistics on the score on perception of stakeholders about SHG as financial model reveals that Cronbach's Alpha is 0.892 which is assumed 'good' and further denotes that there are the presences of internal consistency (Cronbach, 1951 Content validity was assessed after considering the findings of an extensive review of the literature on SHGs as financial intermediaries, and then discussing it with experts in the field (two academicians and two micro finance practitioners). Some items of the subscales were revised according to appropriate demographic circumstances of the study district. The descriptive scale statistics on the perception of different stakeholders of SHGs as financial model denotes the mean is -3.76, variance 149.578 and standard deviation 12.230 (Table 23). Further, to evaluate the normality of distribution of data on the perceptions of different stakeholders on different variables relating to SHGs as financial model, Kolmogorov-Smirnov test was conducted on the total score on opinion about SHGs as financial model (Table 24). Since the p-value is 0.138 for overall score of variables on financial model, there is no reason to doubt that the data come from population with a normal 25) relating to overall score on SHGs as financial model is significant. In case of overall score of variables on SHGs as Financial model, F ratio (5.816) is significant (p = 0 .001) at the 0.05 alpha level. We conclude that at least one of the group mean is significantly different from the others (or that at least two of the group means are significantly different from each other). Further, the stakeholder-wise descriptive statistics (Table 26) on overall score on SHGs as Financial Model depicts that Promoters shows highest mean value followed by Financial Institutions on overall score on SHGs as Financial Model. The group members reported negative mean on overall score on SHGs as Financial Model. Since in case of overall score on SHGs as Financial model wherein the means form all four groups are not equal hence, we resorted to find out item-wise analysis on variables relating to financial model wherein the means are not equal (Table 27) which are self explanatory. It is observed from the Table 27 that the direct stakeholders have negative perception on the statements which does not recognise SHGs as Financial model viz. Helps in money transfers (FM 4 ), Helps in insurance to group members (FM 6), Ability to take financial risk (FM 7), Helps in preparation of cash book and other ledger books (FM 9), Helps in acquiring the skill of cash management (FM 10), Helps in acquiring the skill budgeting (FM 11), Helps in special loan products for women from funding agencies (FM 12), Helps in pre-loan help with business planning by fund provider to the groups (FM 13), Helps in special loan guarantee and collateral arrangements for groups (FM From the above Table 27 of descriptive statistics on item wise perception of stakeholders about SHG as financial model, it is observed that out of 30 elements representing SHGs as financial model, in seventeen (17) elements where mean value is negative and only in thirteen (13) elements whose mean value is positive. Therefore, thirteen (13) elements relating to financial model construct whose mean value is positive are considered as the main elements to recognise SHGs as financial model of development. # IX. # Conclusion SHGs emerge as an important strategy for empowering women and alleviating poverty. They are an effective strategy for poverty alleviation, women development and social empowerment. The women SHGs have enhanced the status of women as participant decision makers and beneficiaries on the democratic, economic, social and cultural spheres of life and sensitised the women members to take active part in socio-economic progress of rural India. In recent year SHGs are emerging as alternative credit source to the poor. NABARD views the SHG as essentially a financial model facilitating a supplementary credit delivery mechanism for poor families that had not been reached by the banking system. A lot of literature are found on the role of SHGs in empowering women and also have cross world evidences that SHGs are helpful in reducing poverty. Economic empowerment through SHGs is in fact different from financial intermediation function of SHGs. A few studies also supported that the SHG is considered as financial model too and ensures low cost means of rural lending in the absence of formal financial institutions. The one-way analysis of variance (ANOVA) on overall score of variables on SHGs as financial model is used to determine whether there are any significant differences between the means of two or more independent (unrelated) groups. From the ANOVA test on overall score of variables on SHGs as financial model, we have rejected the null hypothesis that all four groups' means are equal. We conclude that at least one of the group means is significantly different from the others (or that at least two of the group means are significantly different from each other). Since it is statistically proved that the means form all four groups are not equal hence, we resorted to find out item wise analysis on variables relating to financial model wherefrom it is observed that the means are not equal. The descriptive statistics on item wise perception of stakeholders about SHG as financial model, narrated that out of thirty (30) elements, on seventeen (17) elements where mean value is negative and on thirteen (13) elements whose mean value is positive. Therefore, these thirteen (13) ![In recent year SHGs are emerging as alternative credit source to the poor (e.g.Kumar, 2004\[ ]; Bharathi, 2005\[ ];Singh, 2009\[ ]; Nabavi, 2009\[ ]).NABARD views theSHG as essentially a financial model facilitating supplementary creditdelivery mechanism for poor](image-2.png "C") ![[ ]; Hussain, 1998[ ]; Morduch, 2000[ ]). It is the most sensational anti-poverty tool for the poorest, especially for women (Micro Credit Summit, 1997[ ]). It has been quite well recognised that micro-finance smoothens consumption, reduces the vulnerability of the poor and leads to increase in their income. By giving the world's poor a hand up, micro-finance can help break the vicious cycle of poverty in as little as a single generation (Maheswaranathan & Kennedy, 2010[ ]). In this study, when developing the questionnaire and interview guidelines, the notion of degrees of financial model introduced by Tankha, 2002[ ]; Kropp & Suran, 2002[ ]; Sinha and Patole, 2002[ ] and other researchers were used. The domain of financial intermediaries is limited to savings function, credit function, fund management, record keeping, banking relationship, insurance function, investment function, financial literacy, financial management and portfolio management. In this way a list of thirty (30) indicators relating to financial intermediation are included in this study to access the perceptions of different stakeholders of SHG whether SHG is a financial model (Figure 1).](image-3.png "") 1![Figure 1 : Components of SHG as Financial Model Source: Designed based on Survey of Literature III.](image-4.png "Figure 1 :") 2![Figure 2 : Maps of Nagaon Districts of Assam (India) and the study Area](image-5.png "Figure 2 :") ![Global Journal of Management and Business ResearchVolume XIII Issue XI Version IProile of other Stakeholder](image-6.png "") ![[ ]; Nunnally & Bernstein, 1994[ ] and George and Mallery, 2003[ ]). b) Validity of the Instrument to Assess Perceptions of Stakeholder About SHG as Financial Model](image-7.png "") ![c) Descriptive Statistics on The Score on Perceptions of Stakeholder About SHG as Financial Model](image-8.png "") ![-A Financial Model: Perceptions of Stakeholders distribution. Given the hypothesis & methodology, ANOVA Test is applied to test the main hypothesis.](image-9.png "") ![elements whose mean value is positive are considered as the main elements to consider SHGs as the financial model of development. -A Financial Model: Perceptions of Stakeholders and 26th, at New Delhi. Retrieved from http://ssrn.com/abstract=1170845 11. Headey, Derek (2011). Was the Global Food Crisis Really a Crisis? Simulations versus Self-Reporting, IFPRI Discussion Paper 01087. Retrieved from](image-10.png "") 1 1Assam, IndiaTotal2,826,006 1,440,3071,385,699 (Female)Population(Males)Total ST Population89394Total SC Population215209Male literacy78.19%Female literacy69.21%Population Density711 per sq. kmTotal House Holds378778BPL House Holds177697BPL P/C46.91No. of SHG Formed24156**Up to March 2011; Source: Census Report 2011 andMicrofinance Status Report, NABARD 2010-11 2PromoterNo. ofNo. of SHGNo. ofSHGtaken upWomenFormedEconomicSHGsactivityFormedTotal*TotalTotalSGSY20590559212630Asomi-MFI241522Prochesta-MFI643537RGVN-MFI875664NGO-MFISK Human502744Welfare Assoc.Gharoa**502838Jana Chetana622448Samity AsomZeal Thrill501040Friend-shipGroup**Gramya US311126Bank ***16556132Farmer Club258123168/SHG asCooperativesocietyOthers272512187including Govt.Depts.Total24156609813336*Total since 1 st April, 1999;**Promoted with Banks,***Reported from SLBC Report, March 2010.Source: Microfinance Status Report, NABARD 2010-11, andSLBC Report, March 2010 32013earYVolume XIII Issue XI Version I( ) CName Development of Block Raha Binakandi Dhalpukhuri OdaliName Revenue Villages Raha Bazar, Rajagaon, Amsoi Ambari, Ruhini Pather, Pachim Jamunagaon Kapilipar, Howaipur, Pachim Lankagaon No. 2 Pipal pukhuri, Lankajan, Ranipukhuri,No Sample of SHGs 3*3= 9 3*3= 9 3*3= 9 3*3= 9NGO/ NGO-MFI/ Promoter NGO Farmers Club Farmers Club Farmers ClubNo of Sample 3 2 2 2Govt. Stakeholders Agr. Extension Officers Agr. Extension Officers Field Officer, Dist Vet & Animal Hus, Nagaon Village Extension officersNo of Sample 1 1 1 1Name of the Financier/ Promoter PNB, SBI UBI, SBI, AGVB SBI, AGVB UBI, UCONo of Sample 2 3 2 2Global Journal of Management and Business ResearchLumding3No.3*3= 9NGO2Agr. Extension1Allahabad3Derapather,2OfficersBank, SBI,No.kaki,AGVBNarayanpue,District levelNilNGO-MFI= 3DRDA Officials= 1Financer = Nil(Nagaon)Govt. Depts.= 7Programme Officer-NERCRMP, Nagaon= 1 4GenderGroup MembersMaleCount24Gender of SHG% of Total54.5%MemberFemaleCount20% of Total45.5%TotalCount44% of Total100.0%Source: Compiled from the Questionnaireii. Age composition of the sample respondentsThe study consists of respondents from all agegroups. Distribution of the sample respondents by agecomposition is furnished in 5 5AgeGroup MembersBelow 30 yrCount11Age of% of Total25.0%SHG Member in Years30-40 yr 40 & aboveCount % of Total Count12 27.3% 21% of Total47.7%TotalCount44% of Total100.0%Source: Compiled from the Questionnaireiii.Caste of group members 6CasteGroup MembersGeneralCount22% of Total50.0%Caste & Sub Caste of SHG MemberSchedule Caste ScheduleCount % of Total Count13 29.5% 7Tribes% of Total15.9%OthersCount2% of Total4.5%TotalCount44% of Total100.0%Source: Compiled from the Questionnaireiv. Social status of group membersThe study constitutes respondents fromdifferent members from all community having differentsocial status, namely, Most Backward Community,Backward Community and Forward Community.Distribution of the sample respondents by social statusC 7Social StatusGroup MembersMost BackwardCount3Community% of Total6.8%Social Status of SHG MemberBackward Community Forward CommunityCount % of Total Count % of Total27 61.4% 14 31.8%TotalCount44% of Total100.0%Source: Compiled from the Questionnairev. Economic status of group members 8 8Economic StatusGroupMembersBelow PovertyCount15Level% of Total34.1%Economic Status of SHG MemberGreen Card Holder Job Card Holder OthersCount % of Total Count % of Total Count7 15.9% 4 9.1% 18% of Total40.9%TotalCount44% of Total100.0%Source: Compiled from the Questionnairevi. Duration of membership in SHG of group members 9 9Duration of MembershipGroup Members1-4 yrCount17% of Total38.6%Duration of Membership in SHG4-5 yr 5-6 yrCount % of Total Count % of Total15 34.1% 4 9.1%Above 6 yrCount8% of Total18.2%TotalCount44% of Total100.0%Source: Compiled from the Questionnairevii. Literacy level of group members 10 102013earYEducation levelVolume XIII Issue XI Version I)Group Members( CEducational Level of SHG Member Total Below 10th Primary Std. 10th Std. Above 10th Std. Source: Compiled from the Questionnaire Count % of Total 20.5% 9 Count 4 % of Total 9.1% Count 11 % of Total 25.0% Count 20 % of Total 45.5% Count 44 % of Total 100.0% viii. Annual income of group members Distribution of the sample respondents by annual income is presented in Table 11. It is inferred from the table that annual income of the majority of the sample respondents ranges up to Rs.50, 000 (56.8%). At the next level, 43.2% of the sample respondents' annual income of the sample respondents ranges fromGlobal Journal of Management and Business ResearchRs. 50,000 -Rs. 1 lakhs. Backward Community (61.4%), while 31.8% of the 11Annual IncomeGroup MembersAnnual Income ofUpto Rs. 50Count25SHG MemberThousand% of Total56.8%Rs. 50-Rs. 1Count19lakhs% of Total43.2%TotalCount44% of Total100.0%Source: Compiled from the Questionnaireb)'Stakeholders' means the persons or institutionswith whom any stake or interest is vested or created tofacilitate the promotion of SHG movement, which shallinclude the regulators, promoters, donor, financier,educators and facilitators of the SHG movement. Majorstakeholders in SHGs are, therefore includes all SelfHelp Promoting Institutions (SHPIs) i.e. Promoter,Donor, Financier and the SHGs itself. 12Originality/Nationality of StakeholdersStakeholders CategoryTotalPromoter DonorFIsNationalityIndianCount % of Total 100.0% 100.0% 100.0% 100.0% 34 10 12 56TotalCount34101256% of Total 100.0% 100.0% 100.0% 100.0%Source: Compiled from the Questionnaireii. Nature of promoting organisationDistribution of the sample respondents byNature of Promoting Organisation is presented in Table 13Nature of Promoting OrganisationPromoterGovt. Depts.Count7% of Total20.6%Other Govt.Count19Agencies% of Total55.9%Nature of PromotingNGO-UniversalCount % of Total1 2.9%OrganisationNGO-NationCount3hood% of Total8.8%NGO-RegionCount2hood% of Total5.9%NGO-StatehoodCount2% of Total5.9%TotalCount34% of Total100.0%Source: Compiled from the Questionnaireiii. Place of location of stakeholdersDistribution of the sample respondents by Placeof Location of Stakeholders is presented in Table 14. Itis observed that majority of respondents belonging toPromoter located in Assam (52.9%), 41.2% of therespondents belonging to Promoter originated fromoutside North East India while 5.9% of the respondentsbelonging to Promoter originated from Outside Assambut within NER. Similarly, majority of respondentsbelonging to Donor located in Assam (60%) and equalnumber of respondents belonging to Donor originatedfrom outside North East India and from Outside Assambut within NER (20% each). Further, it is observed thatmajority of respondents belonging to FinancialInstitutions have functioning at all India level (66.7%)while 33.3% of the respondents belonging to FinancialInstitutions are originated within Assam. However,majority of stakeholder have originated from Assam(50%), 7.14% respondents from other states of North-eastern region of India and 42.86% respondents whoseexistence is situated at all India level. 14Stakeholders CategoryTotalPromoter DonorFI 15 16Stakeholders CategoryTotalPromoter DonorFINatureFinancial BothCount % of Total 52.9% 18 Count 161 10.0% 91.7% 53.57% 11 30 9 1 26% of Total 47.1%90.0%8.3% 46.43%TotalCount34101256% of Total 100.0% 100.0% 100.0% 100.0%Source: Compiled from the Questionnairevi. Recovery percentage of SHG promoted bystakeholdersDistribution of the sample respondents byRecover Percentage of SHG Promoted is presented in 17 17Stakeholders Category TotalFIsDonorPercentage RecoveryBelow 25% 25-50% 50-75% Above 75%Count % of Total Count % of Total Count % of Total Count % of Total0 0% 0 0% 10 83.3% 2 16.7%0 0% 6 60.0% 4 40.0% 0 0%0 0% 6 27.27% 14 63.64% 2 9.09%TotalCount121022% of Total100.0%100.0%100%Source: Compiled from the Questionnairevii. Impact assessment by stakeholdersDistribution of the sample respondents byperforming of Performance Assessment is presented in 18 18Stakeholders Category TotalPromoter FIsDonorNo Count2712539ImpactAssessment% of Total Yes Count % of79.4% 100.0% 50.0% 69.64% 7 0 5 12 20.6% 0% 50.0% 21.43%TotalTotalCount34121056% of100.0% 100.0% 100.0% 100.0%TotalSource: Compiled from the QuestionnaireDistribution of the sample respondents byperforming of Quality Assessment is presented in 19 19Quality Assessment ConductedStakeholders CategoryTotalPromoterFIsDonorQualityassessmentNo YesCount % of Total 67.6% 23 Count 11 % of Total 32.4%9 75.0% 60.0% 67.86% 6 38 3 4 18 25.0% 40.0% 32.14%TotalCount34121056% of Total 100.0% 100.0% 100.0% 100.0%Source: Compiled from the Questionnaireviii. PerformanceassessmentconductedbystakeholdersC Volume XIII Issue XI Version IGlobal Journal of Management and Business ResearchDistribution of the sample respondents by performing of Performance Assessment is presented in 20 20Performance Assessment ConductedStakeholders CategoryTotalPromoterFIsDonorPerformanceAssessmentNo Count % of Total Yes Count % of15 44.1% 19 55.9%5 41.7% 40.0% 42.85% 4 24 7 6 32 58.3% 60.0% 57.14%TotalTotalCount34121056% of100.0% 100.0% 100.0% 100.0%TotalSource: Compiled from the Questionnaireix. Nature of Donor organisationDistribution of the sample respondents byNature of Donor Organisation is presented in Table 21. Itis observed that majority of respondents comes fromGovernmentDepartments(50%),while20%respondents belong to NGO and 30% belong to Trust. 21Nature of Donor OrganisationDonorGovt.Count5Dept% of Total50.0%Nature of Donor OrganisationTrust NGOCount % of Total Count3 30.0% 2% of Total20.0%TotalCount10% of Total100.0%Source: Compiled from the Questionnairex. Nature of financial institutionDistribution of the sample respondents bynature of financial institution is presented in Table 22. Itis observed that majority of respondents comes fromPublic Sector Financial Institutions like SBI and Othernationalised commercial banks available in the studydistrict (75%), while 25% respondents belong toRegional Rural bank i.e. AGVB. 22Nature of Financial institutionFinancial InstitutionsNature ofPublic SectorCount9FinancialFI% of Total75.0%InstitutionsRRBsCount3% of Total25.0%TotalCount12% of Total100.0%Source: Compiled from the Questionnaire 23Statistic Std.Error 24Overall Score onFinancial ModelN100Normal Parameters a,bMean-3.76Std. Deviation12.230Most Extreme DifferencesAbsolute.116Positive.116Negative-.062Kolmogorov-Smirnov Z1.156Asymp. Sig. (2-tailed).138a. Test distribution is Normal.b. Calculated from data.Source: Compiled from the Questionnairee) ANOVA analysis on the score on perceptions ofstakeholder about SHG as Financial modelFurther, from the ANOVA output (Table 25Sum ofdf MeanF Sig.SquaresSquareFinancialBetween Groups 2277.524 3 759.175 5.816 0.001 Within Groups 12530.716 96 130.528 Model Total 14808.240 99Source: Compiled from the Questionnaire 26NMean Std. Deviation Std.95% ConfidenceMinimumMaximumErrorInterval for MeanLowerUpperBoundBoundOverall Score onPromoter34.73610.7661.846-3.0214.492-14.0026.00Financial ModelDonor10.0010.3603.276-7.4117.411-10.0020.00Financial12.0839.2392.667-5.7875.954-13.0014.00InstitutionsGroup Members 44-9.13612.5761.896-12.96-5.313-30.0020.00Total100-3.7612.231.223-6.187-1.333-30.0026.00Source: Compiled from the Questionnaire 272013FM -IDStatements relating to Financial ModelMinimum MaximumMeanStd. DeviationY earStatisticStatistic Statistic Std. ErrorStatisticFM -1 Helps in collection of deposits.121.72.045.451FM -2 Helps in providing loans without security. FM -3 Helps in providing loans with security. FM -4 Helps in money transfers. FM -5 Helps in cash deposit in Bank at the earliest possible time. FM -6 Helps in insurance to group members FM -7 Ability to take financial risk. FM -8 Helps in increases the capacity to spend more. FM -9 Helps in preparation of cash book and other ledger books. FM -10 Helps in acquiring the skill of cash management. FM -11 Helps in acquiring the skill budgeting. FM -12 Helps in special loan products for women from funding agencies.1 -2 -2 -1 -2 -2 -1 -2 -2 -2 -22 2 2 2 1 2 2 1 1 1 11.57 .57 -.51 1.12 -.51 -.18 .35 -.48 -.63 -1.02 -1.35.050 .155 .108 .077 .113 .101 .074 .102 .099 .091 .088.498 1.552 1.078 .769 1.133 1.009 .744 1.020 .991 .910 .880Volume XIII Issue XI Version IFM -13 Helps in pre-loan help with business planning by fund provider to the groups-21-1.36.094.938( )FM -14 Helps in special loan guarantee and collateral arrangements for groups. FM -15 Helps in launching of financial literacy projects for SHG members by promoters, donors and FI FM -16 Helps in women members having workable knowledge of calculations FM -17 Helps women members maintaining records of financial transactions. FM -18 Helps women members understanding of basic banking process. FM -19 Understand and manage commercial rate of interest on loan. FM -20 Understand and manage investment of SHGs. FM -21 Understand and manage assets of SHG. FM -22 Understand and manage liability of the SHG. FM -23 Understand and manage financing portfolio of SHG. FM -24 Understand and manage compulsory saving requirement. FM -25 Understand and manage repayment methods. FM -26 Understand and manage revolving of credit mechanism.-2 -2 0 -1 -1 -2 -2 -2 -2 -2 -1 -1 -11 2 2 2 2 1 1 1 2 2 2 2 2-1.45 .38 1.03 .75 .91 -.75 -.82 -1.01 -.90 -1.00 1.06 .87 .63.087 .085 .026 .074 .047 .073 .070 .056 .081 .085 .040 .061 .073.869 .850 .264 .744 .473 .730 .702 .559 .810 .853 .397 .614 .734Global Journal of Management and Business ResearchFM -27 Understand and manage loan utilization check.-22.24.095.955FM -28 Understand and manage cash flow projection.-21-.97.074.745FM -29 Understand and manage return on earning.-21-1.01.075.745FM -30 Understand and manage operating expenses.-21-1.01.075.745C Self Help Groups -A Financial Model: Perceptions of Stakeholders Valid N (list wise) 100 Source: Compiled from the Questionnaire © 2013 Global Journals Inc. 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