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PROJECT REPORT(Submitted for the degree of B.com Honors in accounts and finance /marketing /taxation/computer application in business under the university of Calcutta.)
Title of the project
Micro finance institution in west Bengal
Submitted byName of the candidate :Registration No :Roll No : Name of the Collage :
Supervised byName of the Supervisor :Name of the Collage :
Chapter-11.1 Back ground
1.2 Object of study
1.3 Need of study
1.4 Lecture Review
1.5 Methodology
1.1 Background History of MicrofinanceOver the past centuries practical visionaries, from the Franciscan monks who founded the
community-oriented pawnshops of the 15th century, to the founders of the Europeancredit
union movement in the 19th century (such asFriedrich Wilhelm Raiffeisen) and the founders
of the microcredit movement in the 1970s (such asMuhammad Yunus) have tested practices
arid built institutions designed to bring the kinds of opportunities and risk-management
tools that financial services can provide to the doorsteps of poor people. While the success
of the Grameen Bankhas inspired the world, it has proved difficult to replicate this success.
In nations with lower population densities, meeting the operating costs of a retail branch by
serving nearby customers has proven considerably more challenging.The history of
microfinancing can be traced back as long to the middle of the 1800s when the theorist
Lysander Spooner was writing over the benefits from small credits to entrepreneurs and
farmers as a way getting the people out of poverty. The modem use of the expression
"microfinancing" has roots in the 1970s when organizations, such as Grameen Bank of
Bangladesh with the microfmance pioneerMuhammad Yunus, were starting and shaping the
modem industry of microfinancing.
Role of MFI.MFIs could play a significant role in facilitating inclusion, as they areuniquely positioned in
reaching out to the rural poor. Many of them operate in alimited geographical area, have
greater understanding of the issues specific to therural poor, enjoy greater acceptability
amongst the rural poor and have flexibility inoperations providing a level of comfort to their
clientele. lt is roughly estimated that there are about 1,000 NGO-MFIs and more than 20
Company MFIs. Further, in Andhra Pradesh, nearly 30,000 cooperative organizations are
engaged in MF activities. However, the company MFIs are major players accounting for over
80% of the microfinance loan portfolio.
Why MicrofinanceTraditionally, banks have not provided financial services, such as loans, to clients with little
or no cash income. Banks incur substantial costs to manage a client account, regardless of
how small the sums of money involved. The fixed cost of processing loans of any size is
considerable as assessment of potential borrowers, their repayment prospects and security;
administration of outstanding loans, collecting from delinquent borrowers, etc., has to be
done in all cases. There is a break-even point in providing loans or deposits below which
banks lose money on each transaction they make. Poor people usually fall below that
breakeven point. A similar equation resists efforts to deliver other financial services to poor
people. In addition, most poor people have few assets that can be secured by a bank as
collateral. As documented extensively by Hernando de Soto and others, even if they happen
to own land in the developing world, they may not have effective title to it. This means that
the bank will have little recourse against defaulting borrowers. Seen from a broader
perspective, the development of a healthy national financial system has long been viewed
as a catalyst for the broader goal of national economic development. However, the efforts
of national planners and experts to develop financial services for most people have often
failed in developing countries.
Because of these difficulties, when poor people borrow they often rely on relatives or a local
moneylenders who usually charge higher rates to poorer borrowers than to less poor ones.
These reasons highlight the need for microfinance.
1.2 Object of study:My project work is based on the following objectives
To acquire conceptual knowledge about microfinance.
To know the areas where these types finance is required.
To know the current scenario of microfinance in India.
To generate an idea regarding it is global scenario.
To make a clear view microfinance regarding it is future prospects.
1.3 Need of study:My project work has been done with some objectives. So it serves some utility which is summarized as follows-
It helps some small and medium scale businessman regarding arrangement of there
capital.
It helps to provide the current scenarios of India for need of microfinance.
It also creates awareness among general people.
1.4 Literature review: Microfinance: A Comprehensive Review of the Existing LiteratureThroughout the world, poor people are excluded from formal financial systems.
Exclusion ranges from partial exclusion in developed countries to full or nearly full exclusion
in lesser developed countries (LDCs). Absent access to formal financial services, the poor
have developed a wide variety of informal, community-based financial arrangements to
meet their financial needs. 1 In addition, over the last two decades, an increasing number of
formal sector organizations (non-government, government, and private) have been created
for the purpose of meeting those same needs. Microfinance is the term that has come to
refer generally to such informal and formal arrangements offering financial services to the
poor.
Although the word finance is in the term microfinance, and the core elements of
microfinance are those of the finance discipline, microfinance has yet to break into the
mainstream or entrepreneurial finance literature. The purpose of this article is to introduce
the finance academic community to the discipline of micro finance and microfmance
institutions (MFIs). We provide a comprehensive review of over 350 articles and address the
issues of MFI sustainability, products and services, management practices, clientele
targeting, regulation and policy, and impact assessment.
1.5 limitation of study like all other project my project is not free from limitation the limitation are as follows –
The time period for project ark is very short. Details study cannot be done with in 3
month.
Since mast of data an collected from Wed sites and journals and books, so 100%
accuracy can not be provided.
Some important data grading companies always not available.
-Research Deigning
-Analysis
-limitation
Data Collection
This exploratory study is based on a solid theoretical framework. Secondary literature on the
research topic is reviewed and the theoretical structure is build up, aiming at functioning as
a clear and comprehensive basis of the thesis.The secondary data is of specific use to get an
insight into the field of study. A general overview has been established in a bid to define the
area of the report as well as its limitation and to identify particular variables of interest for
further investigation. In addition, it will assist in how to approach the primary research and
the design, content and conduction of the questionnaires. Information on CRM and
microfinance are collected from books from the university library, scientific articles from
online libraries and journals as well as company reports and reliable websites. In order to
obtain important background information and knowledge about the field of research,
different sources of data were used.
By means of creating a deeply rooted theoretical part, terms and definitions, the underlying
questions concerning issues that determine long-term efficiency of MFIs and how
confidence and trust play a role in order to gain competitive advantage through customer
satisfaction and customer retention could be elucidated. Moreover, controversial views of
various authors on the research matter are illustrated and evaluated. Although secondary
data are collected for a specific purpose differing from the research questions of this thesis,
it is chosen to make use of secondary data, because larger data sets could be analyzed.
Chapter-1Conceptual Frame work
andNational & International Scenario.
Conceptual Frame workSelf-help group:A self-help group (SHG) is a village-based financial intermediary usually composed of 10-20
local women. A Self-Help Group may be registered or unregistered. It typically comprises a
group of micro entrepreneurs having homogenous social and economic backgrounds, all
voluntarily coming together to save regular small sums of money, mutually agreeing to
contribute to a common fund and to meet their emergency needs on the basis of mutual
help. They pool their resources to become financially stable, taking loans from the money
collected by that group and by making everybody in that group self-employed. The group
members use collective wisdom and peer pressure to ensure proper end-use of credit and
timely repayment. This system eliminates the need for collateral and is closely related to
that of solidarity lending, widely used by micro finance institutions. To make the book-
keeping simple enough to be handled by the members, flat interest rates are used for most
loan calculations.
Joint Liability Groups:A Joint Liability Group (JLG) is an informal group comprising preferably of 4 to 10 individuals
coming together for the purposes of availing bank loan either singly or through the group
mechanism against mutual guarantee.
The JLG members are mostly engaged in similar type of economic activity in the
Agriculture/Allied/Non-Farm sector. The JLG members offer a joint undertaking to the Bank
that enables them to avail loans.
The management of the JLG is simple with little or no financial administration.
Individual Lending:-In order to it’sobjectives, MFIs have started thinking beyond group lending as the only credit
delivery methodology to individual lending systems - indeed this is a clearly defined global
trend in microfinance. This toolkit specifically targets Credit Officers. They must take a client
through the lending process, from the first introduction to the MFI and products to full
repayment of the loan. In some institutions, they underwrite several different types of
loans, as well as sell many different types of bank products.
Microfinance is typically associated with joint liability of group members. Interestingly, our
analysis predicts that individual lending in microfinance will gain in importance in the future
if microfinance institutions continue to get better access to capital markets and if
competition further rises.
Financial needs of poor peopleTYPES OF MICROFINANCE USED BY POOR PEOPLE
Household Financial GoalsCost of
health care. Replacement
cost after hurricanes
&floods, etc.
various insurance
plan.
retirement (for self or parents).
migration, farm
equipment, wells, home upgrade, self finance etc.
pension plan for long time
deposit
irrigation, transportation,
livestock, micro
enterprise, home
renovation, schooling and education, etc.
Medium time deposit
Foodssecurity health
treatments, festival &social
obligations emergencies
, etc. demand or short time
deposit
Send money to family at home
and away, microenterprise working capital.
etc.
Funds transfers and cheque
Meet urgent family
disaster like
sickness or crop
failure pay off money
lender. etc.
Emergency loans
Micro enterprise working
capital. livestock
,sewing machine
radio, bikes, etc.
short-term loans
Housing wells,
irrigation systems,
boats motorbikes,
etc.
longer term loans
Microfinance Products
In developing economies and particularly in the rural areas, many activities that would be
classified in the developed world as financial are not monetized: that is, money is not used
to carry them out. But circumstances often arise in their lives in which they need money or
the things money can buy.
In Stuart Rutherford’s recent book The Poor and Their Money, he cites several types of
needs:
Lifecycle Needs: such as weddings, funerals, childbirth, education etc.
Personal Emergencies: such as sickness, injury, unemployment, theft etc.
Disasters: such as fires, floods, cyclones and man-made events etc.
Investment Opportunities', expanding a business, buying land or equipment,
securing a job etc.
National & International ScenarioLegal Structure:-Microfinance institutions in India are registered as one of the following five entities:
Non Government Organizations engaged in microfinance (NGO-MFIs), comprised of
Societies and Trusts.
Cooperatives registered under the conventional state-level cooperative acts, the national
level multi-state cooperative legislation Act (MSCA 2002 ), or under the new state-level
mutually aided cooperative acts (MACS Act)
Section 25 Companies (not-for-profit)
For-profit Non-Banking Financial Companies (NBFCs)
NBFC-MFIs
With a detailed study on the legal, statutory and financial requirements of each institutional
design under which micro finance institutions operate generally, Sa-Dhan intends to
disseminate information on a wide spectrum including both the external as well as internal
stakeholders of the micro finance sector.
Types Regulation Example Startup
Society Societies Regulation Act 1860
SKS all capital, Grameen Koota
No minimum requirement
Trust Indian Trust Act 1882 ASA Trust No minimum requirement
Section 25 Companies Act 1936 Sanghamitra Rural Fin Services
Non requirement
NBFC RBI Bandhan, Baxis Rs. 2 crore
Mutually Aided Co-operative
Society
AP Mutually Aided Co-operative Society Act 1995
Annapurna, Mahila Co-operative Credit Society Nominal
Co-operativeBanks RBI - Moderate 1
Lakh
Source: Existing legal and regulatory framework of MFI’s in India, Sa-dhan and corresponding websites of MFI’s and NABARD,
IRDAIRDA is the Indian insurance industry to protect the interests of the policyholders and work
for the orderly growth of the industry.
IRDA’s Mission: To protect the interests of policyholders, to regulate, promote and ensure
orderly growth of the insurance industry and for matters connected therewith or incidental
thereto.
IRDA’s Activities: Frames regulations for insurance industry in terms of Section 114A of the
Insurance Act 1938.From the year 2000 has registered new insurance companies in
accordance with regulations Monitors insurance sector activities for healthy development of
the industry and protection of policyholders’ interests.
IRDA RegulationsThe following Regulations have been notified in the Gazette of India:
1. Appointed Actuary
2. Actuarial Report and Abstract
3. Assets, Liabilities, and Solvency Margin of Insurers
4. Licensing of Insurance Agents
5. General Insurance - Reinsurance
6. Registration of Indian Insurance Companies
7. Insurance Advertisement and Disclosure
8. Obligations of Insurers to Rural Social Sectors
9. The IRDA (Meetings)
10. The Insurance Advisory Committee (Meetings)
11. Investments (Life and General)
12. Statements of Accounts in a zipped file
13. The IRDA (Staff)
14. Surveyors and Loss Assessors
15. Reinsurance - Life
16. Modified Investment Regulations
17. Third Party Administrators
18. IRDA (Preparation of financial statements and auditor's report of insurance
Companies) Regulations, 2002
19. IRDA (Protection of Policyholders' Interests) Regulations, 2002
20. IRDA (Insurance Brokers) Regulations, 2002
21. IRDA (Licensing of Corporate Agents Corporate Agents) Regulations, 2002
22. IRDA (Manner of Receipt of Premium) Regulations, 2002
23. IRDA (Obligations of Insurers to Rural Social Sectors) Regulations, 2002
24. IRDA (Distribution of Surplus) Regulations, 2002
25. IRDA (Micro-Insurance) Regulations, 2005
26. Report of the KPN Committee on Provisions of the Insurance Act, 1938
27. IRDA Act, 1999
Chapter 3Data analysis and findings.
Data analysis and findings(SAHARA UTSARGA WELFARE SOCIETY)
History:SUWS under Sri Sudipta Banerjee leadership started the journey in 1993, with a group of
dedicated persons, residing mainly in North 24 Parganas district. Thus, a non-governmental,
nonpolitical making organization (a NGO) was formed and registered under West Bengal
Societies Registration Act xxvi of 1961. Initially it stated functioning from its registered office
at Baneijeepara under Madhyamgram Municipality, North 24 Paiganas.Recently its office
has been shifted to its new administrative building premises at Chinarpark, Rajarhat,
Kolkata.
Mission:Their mission is to strengthen the socio economic condition by empowering the
downtrodden and disadvantaged people through a platform based on financial and other
support.
Vision:A society with smiling people having no discrimination in gender, caste and qualification
with sense of equality and a country with economic independence and social dignity.
Services:- Micro Credit:Micro-Credits are mainly offered to poor and under-privileged women, who are the
members of the MF programme. Loan is allowed for different kinds of income generating
activities including agro-processing Job, animal husbandry, handicraft, and family needs.
Before sanctioning the loan, KYC formalities completed and eligibility as borrower is
thoroughly examined.
Insurance:In order to ensure refund/adjustment of loan in vase of any disaster, principal loan amount
is covered under Group Insurance Scheme of Life Insurance Corporation of India. Insurance
premium being 1 % of the loan amount is paid by the borrower.
In case of death of the borrower or her spouse, principal loan amount is refunded by
insurance company. The balance amount after settlement of remaining dues, is refunded to
the borrowers or her spouse, as the case may be.
Products and ServicesProduct Highlights
Type of ban Lending to SHG MembersLoan Size Rs. 2000 to Rs. 15000Loan Period 52 weeksRate of Interest 24.83% (on reducing balance)RepaymentFrequency
Weekly
Security Deposit NILOther Fees 2% of the ban amount (Insurance Premium - 0.3% each for borrower
and her spouse & administrative expenses - 0.4% iblbwing IRDA guidelines and customer mentoring charges - 1 %
Human Development Programme:- Institutional Building:-
Under human resources development programmes SUWS has extended necessary co-
operation to the people, namely the women and marginalized to form institutions or
primary groups. These groups have expanded upwards to form bodies and apex
organization that influence local
government to form policies which in turn helps to attain empowerment for women and the
disadvantaged as well as the marginalized members of the society.
Savings:-
SUWS has inculcated the habit of saving among the members through institutions as savings
enable the members to build up their own capitals which can help them when it is badly
needed.
It is also experienced that saving habit develops self-confidence which helps to proceed
further in the life and as such, SUWS has provided necessary guidance as to how they should
deploy their fund arising out of saving for its gainful utilization.
Credit:-
Credit support is extended for various activities e.g. to increase employment opportunity, to
build up production facility, to develop resources of the community as well as income
generating opportunities of the institutions and its members. Since the borrowers do not
possess any tangible security to offer, credit is extended without any collateral security and
it makes a difference with other moneylenders. Trust posed on the institution by the
borrower based on relationship established and unseen assurance to stand as a friend in
need, drive them to pay back the dues.
Education Programme:-SUWS is engaged in establishing education right from its inception not only for the children,
but also for the adults belonging to the age group 15 year and above. It is engaged, not only
in removing illiteracy among them, but also helps them in developing technical skills, which
is essential now a days.
Awareness Generation Programme:-Awareness generation programme undertaken by the society aims to bring in the changes in
the prevailing situation, outlook of the people and attitude of the people on human rights.
SUWS also attempts to make people aware on the following issues:
Health Care and Family Welfare.
Arsenic Treatment.
Prevention of Child Labour.
Equal Right and Status of Women.
STD, HIV/Aids Prevention and Control.
Prevention of pollution and ecological balance.
Creche Programme:-SUWS attempts to provide various support to the people who belong to schedule and other
backward classes and minority community of the society, so that they are not deprived of
the legitimate rights.
Creche programmes are undertaken number of villages with trained creche workers so as to
ensure that these children are not deprived of their right to basic education, health,
nourishment etc. and they can grow properly to reach the goal.
Training Programme:-In order to develop human quality and skills and to make them fully conscious about the
immediate environment, various training programmes are arranged by SUWS from time to
time.SUWS, a state level NGO having an organized training arrangement, imparts training
for attaining right knowledge, attitude and take out appropriate skills of the people. It also
extends it’s facilities and training to the staff and the beneficiaries of other NGOs.
Role:-Sahara Utsarga Welfare Society realized that there was dire need for educating the people
in different aspect as solution for financial problem is not only the way-out. Apart from
literacy, Sahara has also attempted to bring an awareness about the certain vital aspects like
health care, child education, pollution free environment, etc. which are the birthright of the
person. Sahara has been succeeded in implementing all these things and also injected the
banking habits into its members. Sahara Utsarga has motivated its members in the proper
direction and has been fully succeeded in making them education conscious.
Particulars 2011-2012 2010-2011No. of Districts 10 10No. of Villages\Towns 3302 3212NO. of Branches 135 135Number of CO 551 600Total Staff Strength 759 804NO. OF Active Members 127231 163425 No. of Active Borrowers 93318 134470No. of loan Disbursed 101397 164367New Clients Joined during the Period 3952 58512Members Drop Out during the Period 40126 22578Borrowers/Members Ratio 73.35 82.28Savings/Security PortfolioYearly Savings/Security Deposits during the year 35970000 143446700Yearly Savings/Security Withdrawals during the year 94574745 109817500Savings/Security Portfolio 74892955 133497700Average Savings Balance Per Member 589 817
Savings/Security Portfolio Per CO 135922 222496Savings/Security Portfolio Growth (%) -43.9 46.35Loan Portfolioloan Disbursed During the Year 1199051306 1434467000Cumulative Disbursed 5561181037 4362129731Loan Realized During the Year 1341787360 1358738160Loan Portfolio 543928016 691525511Loan Portfolio Growth (%) -21.34 21Sustainability/ProfitabilityOperating Self-Sufficiency (%) 114.57 128.23Financial Self-Sufficiency (%) 116.35 133.22Yield on Gross Portfolio (%) 31.42 32.22Cost of Fund (%) 12.85 14.62Efficiency/ProductivityLoan Officer Productivity (Number) 169 224Personnel Productivity (Number) 168 203Average Loan Size on Yearly Disbursement 11825 9800
Annual Report:
(SAHARA UTTARAYAN)
History:
SAHARA UTTARAYAN is a Microfinance Institution presently engaged in West Bengal
primarily working for alleviation of poverty through economic and social empowerment of
underprivileged class of the society. This institution working primarily with poor women.
During the initial period since its formation in 2001, the society, mainly concentrated on
social empowerment through various programmes in regard to awareness building, human
rights, health, education, nutrition etc. Gradually it realized the need for economic
empowerment of distressed people of the credit programmes to support income generating
and consumption activities of the poor to bring positive qualitative changes in their lives.
Sahara Uttarayan offers credit and insurance to secure its portfolio. As an institution, Sahara
Uttarayan is known as a credible and promising institution to all its stakeholders, having high
level of transparency and a systematic approach towards operations.
Mission:
Sahara Uttarayan is focused on providing cost effective financial services. The intended
result is to enhance the livelihood opportunities for the clients. The primarily lends for
income generating activities so that the clients can earn and repay the loan. However in
some cases the institution also lends for consumption purposes. Increase in their income
levels helps the clients provide better education for children, nutritious food, take care of
health related issues and build assets.
Vision:
“To achieve client outreach of 300,000 by expanding in West Bengal and neighbouring
states by 2013 ” To provide efficient and cost effective financial services to three lakh active
loan clients across West Bengal and neighboring states as per their repayment capacity.
Values:
Values are deeply held beliefs and are meant to be expressed through day-to-day behaviors
of all. These are the guiding principles that preserve our commitment to excellence and
sustain our long term viability forming the architecture of our beliefs. Sahara Uttarayan
pursues Good governance, Honesty, Fairness, Teamwork, Transparency, Customer
satisfaction.
Loan, Products and Services:
Product highlights
Loan Product
Loan Features Small Loan
Loan Size (Rs.) 1st loan cycle: Max Rs.8, 000
2nd loan cycle onwards: Increment of Rs 1.000 to 3,000 on the basis of repayment record of die Previous loan cecle
Credit ranGe under this product is Rs 5000 to R$ 25,000
Loan Term installment 45 weeks Weekly
Cheat Profile Women who are in business or want to start
Besides credit, Sahara Uttarayan offers loan linked insurance service to the client and
spouse through tie-up with Life Insurance Company of India (LIC).
Role:
The Banking services in the country have flourished. They do not have access to formal
credit. In such circumstances, the only option left before them is to knock the doors of the
moneylenders, who charge higher rate of interest. Sahara Uttarayan has an important role
to play by extending credit facilities to the poorest of our society on easy terms and without
mortgages.
Annual Report:
Particulars 31.3.10 31.3.09Source of FundCapital Fund 42219899 22515066Security Deposit from Beneficiaries 51405473 43790973Benevolent Fund 147286 993616Death Relief Fund 0 2002087Secured Loan 164742098 234807036Unsecured Loan 60000000 47777760Total 318514755 351886538
Application of FundFixed Assets (Net) 3896060 2654923Loan to Beneficiaries 291437465 264396483Advance Recoverable 2512772 4008033Interest Accrued 1954627 0Cash and Bank Balance 8517070 77475908Deposit Pledged with Bank 16505541 11062500Total 318514755 351886538
Chapter-4
Conclusion
We firmly believe that an integrated approach to servicing clients can enhance
microfinance’s effectiveness as a poverty alleviation tool. By acting as a platform to deliver
important social services along with credit and financial services, MFIs can contribute to
greater sustainability at the client level. Integrating microfinance with social services such as
health, education and natural disaster relief or prevention addresses the other contributing
factors to poverty beyond the economic factor. In doing so, we are providing clients with a
comprehensive solution to minimize the risks they face.
By addressing the very issues that inhibit a client’s chances of succeeding with microfinance,
microfinance can increase its overall efficacy.
With leveraged resources - assets, infrastructure, knowledge, distribution channels, etc. - we
can increase the capacity of the service offerings to reach more clients and to reach them
more effectively. By partnering with other critical social providers and businesses and
serving as a platform, microfinance can offer other organizations with a distribution channel
to reach individuals in need, share experiences in working in a particular region and
community, and offer countless other tangible and intangible products and services.
As an entrenched and recognized leader in this mission, microfinance can serve as a bridge
beyond banking and development. It can be the link that brings together the services and
products available today to the people who need them most. Only through a collective
effort will we have the best chance of succeeding.
BIBLIOGRAPHY1. Bhat R and Jain N (July 2006), “Factor Affecting the Demand for Heath Insurance in a
Micro Insurance Scheme” IIMA, W.P.No.2006-07 -02, Ahmedabad.
2. RajivanAnuradha (April 2007), “Engaging the private sector to insure the poor”, UN
business focal point(www..net/focalpoint/e_article000802398.cfm)
3. Ganesan. S. and Jayaprakash, S. (July 2007), “Micro Banc assurance Models for India”
Eleventh Annual APRIA Conference at National Chengchi University, Taipei, Taiwan
4. Ito, S. and Kono, H. (2007), “Why is the take-up of microinsurance so low? Evidence
from a health insurance scheme in India” ,JEL Classification: F35,
5. Q19.(http://ase.tufts.edu/econ/events/neudcDocs/SundavSession/Session25/
SItoWhvTake
6. upMicroinsurance.pdf)
Websites referred1. www.microinsuranceinsights.com
2. www.grameenfoundation.org
3. www.undp.org.in
SAHARA UTSARGA WELFARE SOCIETY
No. of Districts
No. of Villages\Towns
NO. of Branches
Number of CO
2011-2012
No. of Districts
No. of Villages\Towns
NO. of Branches
Number of CO
2010-2011
SAHARA UATTARAVAN
Fixed Asse
ts (N
et)
Loan to
Beneficiarie
s
Advance Recove
rable
Interest Accr
ued
Cash an
d Bank B
alance
Deposit Pledge
d with
Bank
0%10%20%30%40%50%60%70%80%90%
100%
2009-102010-11
APPLICATION OF FUND OF BALANCE SHEET
Capita
l Fund
Securit
y Deposit
from Beneficia
ries
Benevolent F
und
Death Relie
f Fund
Secured Lo
an
Unsecured Loan
0%10%20%30%40%50%60%70%80%90%
100%
2009-102010-11
SOURCE OF FUND OF BALANCE SHEET