Informal finance and rural finance policy in India: Historical and contemporary perspectives

Contemporary South Asia

Volumn 16, Issue 3, 2008, Pages 269-285

  Jones, J Howard M ^a  

^a NONE

Author keywords

[No Author keywords available]

Indexed keywords

AGRICULTURAL FINANCE; CREDIT PROVISION; FINANCIAL SYSTEM; INFORMAL SECTOR; LENDING BEHAVIOR; RURAL FINANCE; RURAL POLICY;

ASIA; EURASIA; INDIA; RAJASTHAN; SOUTH ASIA;

EID: 49249091532     PISSN: 09584935     EISSN: 1469364X     Source Type: Journal    
DOI: 10.1080/09584930802271315     Document Type: Article

References (92)

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2. P. Ghate, 'Informal credit markets in Asian developing countries', Asian Development Review, Vol 6, No 1, 1988, pp 64-85
3. and R. Atieno, Formal and Informal Institutions' Lending Policies and Access to Credit by Small-scale Enterprises in Kenya: An Empirical Assessment (Nairobi: African Economic Research Consortium, AERC Research Paper 111, 2001).
4. S. Johnson and B. Rogaly Microfinance and Poverty Reduction (Oxford: Oxfam, 1997).
5. Ghate, op cit, Ref 2
6. and P. Ghate, Informal Finance: Some Findings from Asia (Hong Kong: Oxford University Press, 1992).
7. D. Germidis, 'Interlinking the formal and informal financial sectors in developing countries', Savings and Development, Vol XIV, No 1, 1990, pp 5-21.
8. World Bank Informal Financial Markets and Financial Intermediation in Four African Countries (Washington, DC: World Bank, Findings 79, 1997).
9. S. Rutherford, Money Talks: Conversations with Poor Households in Bangladesh about Managing Money, (Manchester: Finance and Development Research Programme, Working Paper Series, Paper No. 45, 2002).
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11. Atieno, op cit, Ref 2
12. and Rutherford, op cit, Ref 7.
13. J. Ford and K. Rowlingson, 'Low-income households and credit: Exclusion, preference and inclusion', Environment and Planning A, Vol 28, No 8, 1996, pp 1345-1360.
14. World Bank, op cit, Ref 6.
15. P. Srivastava and R. Shukla, Rural Financial Access Survey: Summary Findings (Washington, DC: World Bank, Background paper prepared for the World Bank, 2004).
16. Rutherford, op cit, Ref 7.
17. P. Basu Improving Access to Finance for India's Rural Poor (Washington, DC: The World Bank, 2006)
18. and Srivastava and Shukla, op cit, Ref 12.
19. World Bank, op cit, Ref 6.
20. Ibid.
21. Ford and Rowlingson, op cit, Ref 10.
22. World Bank, op cit, Ref 6
23. and Atieno, op cit, Ref 2.
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25. Ghate, op cit, Ref 2
26. and Ghate, op cit, Ref 4.
27. Srivastava and Shukla, op cit, Ref 12.
28. Ghate, op cit, Ref 2
29. Ghate, op cit, Ref 4
30. and J.H.M. Jones and O. Sakyi-Dawson 'Linking formal and informal financial intermediaries in Ghana: A way to increase women's access to financial services?', in B. Lemire, R. Pearson and G. Campbell (eds) Women and Credit. Researching the Past, Refiguring the Future (Oxford: Berg, 2002), pp 271-294.
31. S. Hashami, 'Building financial systems for the poor: The global vision', paper presented at Microfinance India 2008, an International Conference, 24-26 February 2004, New Delhi, India
32. and V. Mahajan, 'Keynote speech on session linking with financial markets', paper presented at Microfinance India 2008, an International Conference, 24-26 February 2004, New Delhi, India.
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34. The beginning of the thirteenth century until the mid-eighteenth century, in I. Habib 'Usury in medieval India', Comparative Studies in History and Society, Vol 6, No 4, 1964, pp 393-419.
35. Distinguished from moneylenders through their taking of deposits and dealing in bills of exchange (hundis), in C. Jain, Indigenous Banking in India (London: Macmillan Company, 1929).
36. Habib, op cit, Ref 25
37. and H. Schrader, 'Professional moneylenders and the emergence of capitalism in India and Indonesia, International Sociology, Vol 9, No 2, 1994, pp 185-208.
38. D. Hardiman, Feeding the Bania. Peasants and Usurers in Western India (Delhi: Oxford University Press, 1966).
39. Usually defined as those whose prime business or primary activity is moneylending, although the distinction between the professional and non-professional moneylender is not always clear cut.
40. M.L. Darling, The Punjab Peasant in Prosperity and Debt (London: Oxford University Press, 1925)
41. and Schrader, op cit, Ref 27.
42. L.C. Jain, Indigenous Banking in India (London: Macmillan, 1929).
43. I.J. Catanach, Rural Credit in Western India 1875-1930 (Los Angeles: University of California Press, 1970).
44. Habib, op cit, Ref 25.
45. Hardiman, op cit, Ref 28.
46. Darling, op cit, Ref 30, p 221
47. see also Ghate, op cit, Ref 2, for examples of such 'tied-credit' relations (e.g. a landlord lending to tenants, a fishing boat owner lending to the crew).
48. Hardiman, op cit, Ref 28.
49. Ibid.
50. Ibid.
51. Ibid.
52. Darling, op cit, Ref 30, p 221.
53. Hardiman, op cit, Ref 28.
54. Catanach, op cit, Ref 32.
55. Hardiman, op cit, Ref 28.
56. Catanach, op cit, Ref 32.
57. Hardiman, op cit, Ref 28.
58. Catanach, op cit, Ref 32
59. and Hardiman, op cit, Ref 28.
60. S.S.M. Desai, Rural Banking in India (Bombay: Himalaya Publishing House, 1979).
61. All-India Rural Credit Survey 1954 quoted in C. Bell, 'Interactions between institutional and informal credit agencies in rural India', in K. Hoff, A. Braverman and J.E. Stiglitz (eds) The Economics of Rural Organisation. Theory, Practice and Policy (New York: Oxford University Press, 1993), pp 186-213; see p 187.
62. M.V. Gadgil, 'Agricultural credit in India: A review of performance and policies', Indian Journal of Agricultural Economics, Vol III, No 2, 1986, pp 282-309; see p 282.
63. H.K. Pradhan and B.L. Dinakar 'Rural credit in India: An evaluation of its changing pattern during 1961-81', Savings and Development, Vol 2, 1990, pp 193-212; see p 200.
64. Srivastava and Shukla, op cit, Ref 12.
65. J. Harris, 'Knowing about rural economic change: Problems arising from a comparison of the results of macro and micro research in Tamil Nadu', in P. Bardhan (ed.) Conversations between Economists and Anthropologists (Delhi: Oxford University Press, 1989), pp 137-173.
66. Darling, op cit, Ref 30.
67. Bell, op cit, Ref 48.
68. Jones, op cit, Ref 1.
69. P. Bardhan and A. Rudra 'Interlinkage of land, labour and credit relations: An analysis of village survey data in East India', Economic and Political Weekly, Annual Number, 1978, pp 367-384.
70. M. Lipton, 'Agricultural finance and rural credit in poor countries', World Development, Vol 4, 1976, pp 543-553.
71. G. Djurfeldt and S. Lindberg Behind Poverty: The Social Formation of a Tamil Village (Lund: Curzon Press, 1975).
72. S.S. Sivakumar, 'Aspects of agrarian economy in Tamil Nadu: A study of two villages. Part III: Structure of assets and indebtedness', Economic and Political Weekly, Vol 13, No 20, 1979, pp 846-851.
73. B.H. Michie, 'Baniyas in the Indian agrarian economy: A case of stagnant entrepreneurship', Journal of Asian Studies, Vol XXXVII, No 4, 1978, pp 637-652.
74. J.Ph. Platteau, J. Murickan, A. Palatly and E. Delbar 'Rural credit market in a backward area. A Kerela fishing village', Economic and Political Weekly, Vol 15, Nos 41-43, 1980, pp 1765-1780.
75. S. Rafique, 'The role of migrant moneylenders in North-East India: The Kabuliwallahs of Assam', PhD thesis, University of Reading, UK, 1998.
76. Jones, op cit, Ref 1.
77. Catanach, op cit, Ref 32.
78. Srivastava and Shukla, op cit, Ref 12.
79. Jones, op cit, Ref 1.
80. Ibid.
81. An average sterling exchange rate of Rs.67.50 used for loans over the 12-month period 2000/01.
82. A further meeting was held with the moneylender during a visit to India in 2006.
83. Rutherford, op cit, Ref 7.
84. Srivastava and Shukla, op cit, Ref 12.
85. Ibid.
86. Jones, op cit, Ref 1.
87. Desai, op cit, Ref 47.
88. Catanach, op cit, Ref 32.
89. Hardiman, op cit, Ref 28.
90. Ibid, p. 319.
91. Catanach, op cit, Ref 32, p. 128.
92. The Report on the Technical Group to Review Legislations on Money Lending can be viewed on the Reserve Bank of India website, www.rbi.org.ini under Publications and then Reports.