Social Impact Assessment: Muthoot Fincorp to organize workshops on soap making, candle making,...

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Submitted to: Muthoot Fincorp, Kochi Muthoot Chambers’ City Branch, Opp: Saritha Theatre, Banerji Road, Kochi Submitted by: INTELLECASH Microfinance Network Company Pvt. Ltd. #11 F, Gopala Tower, Rajendra Place, New Delhi 110008, INDIA Tel: +91-11-47093361, 45558027, 28, 29 Fax: +91-11-45558026 Website: www.intellecash.com Mumbai ∙ New Delhi ∙ Hyderabad Patna Social Impact Assessment: Muthoot Fincorp

Transcript of Social Impact Assessment: Muthoot Fincorp to organize workshops on soap making, candle making,...

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Submitted to:

Muthoot Fincorp, Kochi

Muthoot Chambers’ City Branch,

Opp: Saritha Theatre, Banerji Road, Kochi

Submitted by:

INTELLECASH Microfinance Network Company Pvt. Ltd.

#11 F, Gopala Tower, Rajendra Place, New Delhi – 110008, INDIA

Tel: +91-11-47093361, 45558027, 28, 29 Fax: +91-11-45558026

Website: www.intellecash.com

Mumbai ∙ New Delhi ∙ Hyderabad ∙ Patna

Social Impact Assessment: Muthoot Fincorp

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Table of Contents 1. Introduction to Muthoot Mahila Mitra ………………………………………………………………………… 5

1.1. Background …………………………………………………………………………………………………………… 5

1.2. Muthoot presence ………………………………………………………………………………………………… 5

1.3. Operational Methodology ……………………………………………………………………………………. 5

1.4. Outreach ……………………………………………………………………………………………………………… 6

2. Introduction to Sthreejyothi training programme ……………………………………………………… 6

2.1. Background …………………………………………………………………………………………………………. 6

2.2. Geographical spread and outreach ……………………………………………………………………… 7

2.3. Methodology ……………………………………………………………………………………………………… 8

3. Background of the impact assessment study ……………………………………………………………… 8

3.1 Objectives of the impact assessment study …………………………………………………………. 9

4. Study phases ……………………………………………………………………………………………………………… 9

4.1. Phase I ………………………………………………………………………………………………………………… 10

4.2. Phase II ………………………………………………………………………………….……………………………… 10

5. Study Design ………………………………………………………………………………………………………………… 10

5.1. Study time frame …………………………………………………………………………………………………… 10

5.2. Research tool ………………………………………………………………………………………………………… 11

5.3. Sampling method: Stratified random sampling ……………………………………………………… 11

5.4. Research questions ………………………………………………………………………………………………… 12

5.5. Sampling design ……………………………………………………………………………………………………… 12

5.6. Data analysis …………………………………………………………………………………………………………… 13

6. Findings and Analysis ……………………………………………………………………………………………………… 13

7. Respondent profile ………………………………………………………………………………………………………… 13

7.1 Age …………………………………………………………………………………………………………………………… 13

7.2 Housing status ………………………………………………………………………………………………………….. 14

7.3 Social status ……………………………………………………………………………………………………………… 14

7.4 Poverty status …………………………………………………………………………………………………………… 15

7.5 Occupation status …………………………………………………………………………………………………….. 15

8. Impact Analysis ……………………………………………………………………………………………………………… 16

8.1 Impact Heterogeneity ………………………………………………………………………………………………. 17

8.2 Insurance coverage (Life, health & vaccination) ……………………………………………………… 17

8.2.1 Life and health insurance coverage …………………………………………………………………. 17

8.3 Member children’s vaccination status ……………………………………………………………………. 18

8.4. Savings trend ……………………………………………………………………………………………………………. 20

9. Participation in community organization trained versus non-trained ………………………… 22

9.1. Differing patterns of change in leadership ………………………………………………………………… 23

9.2. Decision making ability ………………………………………………………………………………………………. 25

10. Impact of income generating loan on business / enterprises ………………………………………… 27

10.1 Impact of IGL on business ……………………………………………………………………………………………. 27

10.2 Self-perception …………………………………………………………………………………………………………… 28

11. ‘Swarnavarsham’ loan ………………………………………………………………………………………………………….. 29

11.1. Rating Swarnavarsham loan ………………………………………………………………………………………… 29

11.2. Utilization of gold coin offered in Swarnavarsham loan ……………………………………………… 30

11.3. Swarnavarsham loan a key attraction? ……………………………………………………………………….. 30

12. Feedback on the services ……………………………………………………………………………………………………... 32

12.1. Client suggestions on Muthoot MMM programme …………………………………………………… 32

12.2. Feedback from non-trained clients …………………………………………………………………………….. 33

12.3. Feedback from Other stakeholders…………………………………………………………………………….. 33

13. Conclusions ………………………………………………………………………………………………………………………….. 34

14. Recommendations ………………………………………………………………………………………………………………. 35

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Annexures

Annexure 1 – Impact Assessment Study – Muthoot Mahila Mitra – Client Questionnaire

Annexure 2 - Impact Assessment Study – Muthoot Mahila Mithra - Stakeholders

List of Tables

Table 1: MMM Clients trained

Table 2: Study phases

Table 3: Phase I survey sampling

Table 4: Phase II survey sampling

Table 5: Profile of the clients covered in sample

Table 6: Change in family level income after MMM programme

Table 7: Life and health insurance coverage

Table 8: Member children’s Vaccination status

Table 9: Saving habits

Table 10: Community level participation

Table 11: Differing patterns of change in leadership

Table 12: Members self-perception

Table 13: Impact of IGL on business

Table 14: Client’s feedback and suggestion

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List of Graphs

Graph 1: Insurance Coverage

Graph 2: Member children’s e vaccination status.

Graph 3: Saving habits

Graph 4: Community level participation

Graph 5: Leadership skill

Graph 6: Decision making ability for trained clients

Graph 7: Decision making ability after MMM intervention – Trained

Graph 8: Decision making ability before MMM intervention –Non-trained

Graph 9: Decision making ability after MMM intervention –Non-trained

Graph 10: Decision making and perception trend of trained and Non-trained clients

Graph 11: Community level participation

Graph 12: Leadership skill

Graph 13: Respondent’s decision making ability-Trained

Graph 14: Respondent’s decision making ability-un Trained

Graph 15: Impact of IGL on business / enterprises

Graph 16: Members Self perception

Graph 17: Rating Swarnavarsham loan

Graph 18: Buying / utilizing gold coins

Graph 19: Swarnavarsham loan a key attraction

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1. Introduction to Muthoot Mahila Mitra

1.1 Background

Muthoot Fincorp Limited, a subsidiary of Muthoot Pappachan Group (MPG) is a finance company catering to the

financial needs of retail and institutional customers. It is registered with the Reserve Bank of India as a non-

deposit taking non-banking finance company (NBFC).

Muthoot Fincorp Limited focuses on providing an array of financial services through their network of 2,300

branches across India. It has a diverse mix of retail offerings in the areas of consumer loan products. “The

services comprise of a mix of retail offerings in the areas of gold loan & other loan products including Investment

products, Insurance & Advisory Services.”

Muthoot Fincorp designed Muthoot Mahila Mitra (MMM) Programme in April 2010 with special emphasis for

providing microfinance services to women entrepreneurs. It caters to the financial needs of unbanked. Under

MMM programme, Muthoot Fincorp offers loans to economically active women for any declared legal end use,

like business expansion, working capital needs, purchasing raw material, purchasing animals, marriage,

education and debt consolidation.

The lending norms of MMM are based on the profile of the members, their cash flows, income stability,

repayment capacity, business models and group guarantee. Emphasis is laid on understanding the borrowers’

weekly and monthly income, family income, household income, other expenses and the resultant installment

affordability.

1.2 Muthoot Presence

Muthoot is emerging as a leading player in the microfinance space, presently operating in Kerala, Karnataka and

Tamil Nadu. Muthoot Mahila Mitra (MMM) is present in 22 districts with 80 operational branches.

1.3 Operational Methodology

Muthoot Mahila Mitra follows Joint Liability Group (JLG) model of microfinance. Clients are organized in groups

of 5-10 women and each woman takes joint liability for the other members of the group. The clients have weekly

meetings where they pay back the loan installments and discuss other challenges or concerns regarding

members or MMM’s loan products and services.

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1.4 Outreach

Muthoot Mahila Mitra has reached 2.95 lakh borrowers as on March 31st, 2012 with 100% women clients. The

portfolio outstanding as on March 31st, 2012 was INR 179 Crore with a repayment rate of 99.80%.

2. Introduction to Sthreejyothi Training Programme

2.1 Background

In Collaboration with ACCION1 International, Muthoot Fincorp provides financial literacy and entrepreneurship

development trainings to select MMM clients. Under this programme, women clients are trained on business

acumen and entrepreneurship aspects. This is initiated by the Muthoot Pappachan Group (MPG) under its

Corporate Social Responsibility in partnership with ACCION Dialogue on Business. This is one of the unique

features of the Muthoot microfinance initiative. The programme is branded as “Sthreejyoti”, and was started in

Kerala, Karnataka and Tamil Nadu. Sthreejyothi training programme uses interactive games and role-plays to

solve real life business challenges. The workshops are participatory and reality based, rather than text book

cases, thus it helps people with lower formal education to learn effectively and apply that learning in their

business activities.

The training modules offered are as follows:

Self-Management for women

Communication and promotion of business

Leadership skills

Feasibility of client’s business

The Entrepreneur and The Management

Savings and Investment

Idea to business

Cash Management

Debt Management

Muthoot and ACCION signed an agreement in March 2010 to design, develop, and deliver Sthreejyothi

Programme for a 3 year period. Under this partnership, the role of ACCION is to provide all the training

modules, train the Muthoot team, and also monitor the programme.

1 ACCION International is a microfinance and micro lending organization, giving people the financial tools they need to

work their way out of poverty. www.accion.org

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Participants, after successfully completing the programme, are also certified by the Sthreejyothi team and get

benefits like market linkages and product branding. Sthreejyothi has trained nearly 5,000 women in its first year

of operations and scaled it to 16,000 during the second year. ACCION continues to monitor the members

businesses to ensure success. Along with ACCION’s inputs, Muthoot has also collaborated with many other local

NGOs to organize workshops on soap making, candle making, fabric whitener, phenyl manufacturing, paper bag

making etc. at various centers.

As part of this programme, Muthoot has also collaborated with NABARD2 and other Non-Government

Organizations to deliver the programme and utilize their expertise for forward and backward linkages.

2.2 Geographical spread and outreach

2 National Bank for Agriculture and Rural Development (NABARD) is an apex development bank in India

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Table 1: MMM Clients trained

As of March 2012, a total of 16,296 members have been trained from three different states under Sthreejyothi

programme. This makes around 5% of the total MMM clients to be trained clients.

2.3 Methodology

MMM has gone beyond regular lending, training and has been trying to enable entrepreneurs to either learn or

enhance various skills. Sthreejyothi training programme has trained more than 16000 women entrepreneurs

across three states in South India namely Kerala, Karnataka and Tamilnadu. ACCION’s highly competent and

skilled facilitators act as “Coach” to entrepreneurs. It begins with business counseling followed by customization

of programme which leads to a unique learning experience. The women entrepreneurs with business acumen

are increasingly enrolling for the programme. The programme is not a classroom; it is participatory, fun-to-learn

and applies best practices in business mentoring, conducted by the Sthreejyothi facilitators.

3. Background of the impact assessment study

Muthoot Pappachan Group (MPG), as part of its corporate social responsibility programme, has initiated many

activities and integrated them in their operations. To understand the impact of these changes and also measure

changes in the quality of lives of its customers, over time, Muthoot engaged INTELLECASH3 Microfinance

Network Company (P) Limited to conduct a social impact study for the Muthoot Mahila Mitra programme.

Muthoot Fincorp’s microfinance operations are spread across three states namely Kerala, Tamil Nadu and

Karnataka covering around 295,000 women. Keeping in view the size of the universe and available resources,

Muthoot management felt that a sample size of 360 would be reasonable to get some insights on the impact.

Based on this discussion, INTELLECASH has selected a sample size of 360 covering both Sthreejyothi and Non-

Sthreejyothi members as part of the impact assessment study. The sample set covers all three southern states

and includes 15 districts. Further, it was decided that the sample should cover only 2nd cycle clients, so that

clients who spent reasonable time with Muthoot will be able to share their thoughts on the MMM programme.

3 INTELLECASH is a premier microfinance consulting company specialised in providing wide range of services.

State Mar 11 Mar 12

Kerala 2587 8563

Karnataka 1185 3051

Tamil Nadu 1220 4682

Total 4992 16296

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3.1 Objectives of the Impact Assessment study

To understand the various activities carried out for Muthoot Mahila Mitra members.

To measure the knowledge and skills of women group members before and after the intervention.

To measure the impact of the interventions on the target client’s managerial abilities, and if it has

contributed to an improved quality of life.

To understand other stakeholders’ view and perspective on the intervention.

4. Study Phases

Table 2: Study phases

Sl No

Activities

Mar ‘12

Mar ‘12

Mar ‘12

Mar ‘12

Mar ‘12

Apr '12

Apr '12

Apr '12

Apr '12

May '12

May '12

Week 1

Week 2

Week 3

Week 4

Week 5

Week 1

Week 2

Week 3

Week 4

Week 1

Week 2

1 Initial Assessment and Tool Design

2

Field interview (360 sample size with 2 ICash and 4 MUTHOOT FINCORP resources)

3

Partner interview (other stake holders like NABARD and ACCION)

4 Data Compilation and Analysis

5 Detailed Report Preparation

6 Presentation of the Report

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4.1 Phase I

In the first phase of the study three resources from INTELLECASH were directly involved in the survey. They also

simultaneously trained the MMM team for the second phase of the study. During this phase total 91

questionnaires were administered.

Table 3: Phase I – survey sampling

State Survey conducted

Kerala 24

Karnataka 17

Tamil Nadu 50

Total 91

4.2 Phase II

MMM’s resources that were trained by INTELLECASH during the first phase carried out remaining part of the

survey and 269 forms were administered in the second phase of the survey.

Table 4: Phase II Survey sampling

State Survey conducted

Kerala 231

Karnataka 13

Tamil Nadu 25

Total 269

5. Study Design

5.1 Study Time frame

The field work/data collection was undertaken in the month of March and April of 2012.

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5.2 Research tool

Data collection tool: Keeping in mind the various stakeholders in the study, INTELLECASH used following data

collection tools.

a) Structured Interview/ Questionnaire schedule ( for clients)

b) Structured Questionnaire ( other stakeholders)

c) Secondary sources namely reports, new letters, case studies, brochures, pamphlets etc.

d) Focused Group Discussion (FGD).

The study combined the application of both quantitative and qualitative tools including questionnaire on

different indicators addressed to beneficiaries and other stakeholders. Qualitative information was collected

through Focus Group Discussions (FGDs), to understand the present situations of the members.

The Social impact assessment study includes the processes of analyzing and monitoring the intended and unintended social consequences, both positive and negative, of planned interventions (policies, programme, plans, projects) and any social change processes invoked by those interventions .The subject matter of the impact is MMM and Sthreejyothi Programme in three states of India namely Kerala, Karnataka and Tamilnadu -specifically to assess the extent to which these programmes have benefited the target group.

, The study has used client recall technique to measure members’ pre-intervention status.

5.3 Sampling Method: Stratified Random Sampling

The sample was divided into smaller group of trained and non-trained clients based on members'

shared attributes or characteristics like geography, present loan cycle etc. A random sample from each stratum

was taken in a number proportional to the stratum's size when compared to the population.

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5.4 Research Questions

The key research questions addressed during the study include:

1. Sthreejyothi training programme benefits

2. MMM products and services

3. Change in business income

4. Change in savings, health, and insurance and food habits of the household

5. Change in self-perception, leadership skills etc.

5.5 Sampling Design

A multi-stage sampling design with cluster based sampling was used. Sample of 360 members were selected in

different geographical location, rural/urban presence, and trained & non-trained, on random basis. Under each

state, about 2-6 clusters with at least 30- clients, which included both trained and non-trained members per

cluster were selected, it was decided to cover 50% of sample from trained and 50% non-trained. The sample was

spread across the clusters (10 rural and 19 urban) in 41 districts of 3 states.

The survey was designed to cover the respondents, who have availed loan(s) from MMM and also Sthreejyothi

participants.

The traceable samples of trained members and non-trained members were interviewed through structured

questionnaires to seek information on the change in the household income, savings, meals, health facilities etc.

Table 5: Profile of the clients covered in sample

State Clients Trained clients Non-trained clients

1st cycle clients 2nd cycle clients

Karnataka 30 22 8 19 11

Tamil Nadu 75 46 29 24 51

Kerala 255 200 55 61 194

Total 360 268 92

104

256

As planned, the sample clearly represents mostly trained and 2nd cycle clients. However, it was noticed that around 20 members from the first cycle, who are not trained are also covered.

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5.6 Data Analysis

The quantitative data of sample households was analyzed to find out percentages, averages and frequencies for

various indicators. The results were analyzed and compared across trained v/s non-trained. Further, the

quantitative results were supplemented and validated by qualitative aspects like FGDs and field interactions

with clients.

6. Findings and Analysis

This section of the report discusses about the study findings and analyses each indicator in detail. Entire section

is broadly divided into two sub-sections; the first section describes the respondent profile in terms of Age,

social, housing and poverty status, while the second section of the report discusses the impact analysis,

namely family income, savings pattern, children’ education & vaccination and overall well-being of the family.

7 Respondent Profile

7.1 Age Graph 1 : Respondent profile

Majority of the survey respondents are in the age group of 31-40 years. The average age is 36 years. It

is believed that this age group is the most productive in terms of working and contributing to

household economy.

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7.2 Housing Status Graph 2: Respondents social status

The social profile of the respondents shows that majority are represented by Other Backward Caste

(OBC) social category followed by schedule caste around 25%. Hence, it is felt that Muthoot can review

its target segment in terms of social profile, in order to have a more diversified client base.

7.3 Social Status Graph 3 : Respondents housing status

Around 77% of the Muthoot clients own a house. This may be considered quite well, as it ensures that

members are stable and reliable in terms of mobility, and may be considered less risky while lending.

Still, around 20% seem to be staying in a rented house; this is clearly an operation policy deviation.

Muthoot can review this policy and take necessary action.

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7.4 Poverty Status Graph 4 : Respondents poverty status

Muthoot approach seems to be balanced in terms of client targeting with reference to their poverty

status. Around 55% of the clients are represented by below poverty category. During the field visit and

FGDs it was noticed that Muthoot is targeting economically active population.This confirms that

Muthoot is targeting to address economically active clients and not merely focusing on their poverty

status.However, keeping in view of the recent RBI guidelines on MFIs’, this should be considered a

major gap for Muthoot and should invite immediate policy review, especially if Muthoot wants to carry

out microfinance as an NBFC MFI.

7.5 Occupation Status

Graph 5 : Status on Members Occupation

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The above tables show that around 85% of the respondents are involved in some kind of

business/enteprise. It is interesting to see that out of 306 members who are engaged in business,

around 57% of the member were running the business before they joined MMM programme while

around 28% of the repondents started running the Business/enterprise post joining MMM programme

8. Impact Analysis

Under this section of the report, the findings on each indicator are analysed in detail, they include both

qualitative and quantitative aspects of impact. The quantitative aspects include change in family income,

savings patterns and insurance coverage, whereas the qualitative aspects include decision making,

participation, leadership, and impact of IGL on enterprise.

Table 6 : Change in family level income after MMM programme

Family level income level after MMM

PROGRAMME – All members

Family Income Level

Increased 81%

Decreased 0%

Constant 19%

Graph 6: Respondents family income levels

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Of the total respondent around 81% reported that their income has increased after joining MMM programme. This is a very significant achievement for Muthoot. This also confirms that Muthoot’s basic objective of microfinance is fulfilled. It can also be inferred that the programme has been successful to a great extent.

The impact of the increase income could be seen across other indicators namely improved access to health, education, insurance etc, which can be considered as the improved quality of life of MMM members.

8.1 Impact Heterogeneity

This section of the report describes the impact of the various MMM interventions on two different sample

groups.

Trained members

Non-trained members

It is to be noted that the non-trained members are also part of Muthoot Mahila Mitra programme and have

taken loan from MMM.

8.2 Insurance Coverage (life, health & vaccination)

8.2.1. Life and health Insurance coverage

Table 7: Life and health Insurance coverage

Parameters Before MMM After MMM Not insured yet

Life Insured – Trained 135 31 102

Life Insured – Non-trained 31 10 51

Health Insured – Trained 74 37 157

Health Insured – Non-trained 22 13 57

Life Insurance: The analysis on the insurance coverage under life insurance indicates that before Joining MMM

programme many of the clients already accessed various kind of insurance.

However, there has been a positive impact of joining the MMM programme, nearly 11% of the clients have

taken insurance for the first time after joining the MMM programme. Further, it clearly shows that the impact is

more among trained (Sthreejyothi) members. Next level of analysis shows that, post joining MMM programme,

members who are trained using insurance are almost three times more than non-trained clients.

Similar trend is observed under Health insurance coverage.

However it’s interesting to observe that the scope for improvement is still very high, nearly 42% of the total

sample size are still not covered under insurance.

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Conclusion:

MMM could look at the option of creating special focus on Insurance education to its clients. The

Training program should have a module on the importance of life insurance.

Graph 7: Insurance coverage (life & health)

Source: Survey Data

8.3 Members’ children’ Vaccination status

Table 8: Members’ children’ Vaccination status

Parameters Before MMM After MMM Not vaccinated

yet

NA

Vaccinated – Trained 99 23 35 111

Vaccinated – Non-trained 28 9 16

39

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Conclusion:

Sthreejyothi trained members are aware about the benefits of vaccination and thus get their

children vaccinated.

Graph 8: Vaccination Coverage

Source: Survey Data

Vaccination does not apply to approx. 50% of the respondents as their children are grown ups and does not

require vaccination. Out of the eligible client responses, it is observed that nearly 60% client children are

vaccinated before they joined the MMM programme.

Of the total 23 clients whose children are vaccinated post MMM enrollment makes up around 15%, which is

reasonable impact when compared among the trained Vs. non-trained members.

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Conclusion:

MMM intervention has shown a better impact on savings of the clients.

The level of savings has increased and clients understood the importance of savings much more

than before.

Members are looking for secured and good returns for their savings. There is a lot of scope for

Muthoot to introduce the products which help the members get good returns for their savings.

8.4 Savings Trend Graph 9: Respondents savings trend

187

70

9 17

99

174

111

141

19

127 127

9283

93

110

133

0

84

3424

0

168

0

Rs.100 - Rs.500 Rs.100 - Rs.500 Rs.501 - Rs.1000 Rs.501 - Rs.1000 >Rs. 1000 >Rs. 1000

Before MMMPROGRAM

After MMMPROGRAM

Before MMMPROGRAM

After MMMPROGRAM

Before MMMPROGRAM

After MMMPROGRAM

Savings trend

Post office / bank Self-help group Private / chits Piggy bank / Home

The survey figures on savings habit of MMM programme clients reveal that most of them had increased their

savings amount post joining MMM programme. Members are using post office / bank as the most preferred

option to saving their amounts which is in the range of Rs.1000/- and above. The increase in this segment is

most significant after MMM programme. Savings amounts at Self Help Groups (SHG) also increased in the

range of Rs.500/- - Rs.1000/-. Savings at private chits has increased after the MMM programme for the amount

range Rs.100/- - Rs.500/-.

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Conclusion:

Sthreejyothi training program showed good impact on increase in savings quantum

After joining MMM and undergoing Sthreejyothi training program, clients’ ability to save money on

monthly basis has gone up.

About 22% of clients are not able to save money even after receiving Sthreejyothi training because

of household problems which could be higher expenditure of the household, repayment of

previous debt etc.

It has been noticed that after joining MMM clients very well understand benefits of savings and

inclined to save money on monthly basis.

Some clients save money and then invest that in mutual fund or gold investments. Muthoot can

track these clients and can offer wide range of products.

Table 9: Savings habits

Savings Habits Before MMM After MMM Not Saving

Trained members savings money

103 106 59

Non-trained members savings money

38 21 33

Graph 10: Saving habits

Source: Survey Data It’s interesting to observe that around 35% of the members have either started savings or increased quantum of

savings, when compared to non-trained client; this clearly shows the impact of Sthreejyothi Training.

The graph clearly shows impact on savings after the Sthreejyothi training. The number of clients saving money

after Sthreejyothi training is 5 times more than the members who have not attended training. Training has a

positive impact here. However, there is still considerable scope to include other members who are not saving.

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Box 1: Advantages of MMM loan

It is available at the doorstep

Get gold coin as savings/investment

Involves less paper work

Accessible to the poor

No corruption involved

No involvement of middlemen The groups expressed that:

The loans from MMM were far better and cheaper than borrowing from private sources

The loans were given without delay and the entire processing was completed at their doorstep

The repayment was also easy

Source: FGDs

9 Participation in community organization: trained versus non-trained

Table 10: Community level participation

Participation

in

community

organization

Trained Non-trained

Full participation

Partial participation

No participation

Full participation

Partial participation

No participation

37 71 160 9 25 58

While analyzing the participation level of the members in various community development activities, it is

noticed that there is no significant difference between the groups. Across the scale of participation, the pattern

is same in both groups (trained and non-trained).

Members seem to be not very keen in participating in general community development programme. This also

indicates that either the members are fully engaged with Muthoot initiatives or their own Livelihoods

development. Hence, they are not getting time to involve themselves in the other programme. Additionally,

these are slow moving developments and also largely dependent upon local dynamics and culture.

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Conclusion:

MMM needs to review its training module on community participation if this is one of their

agenda.

Graph 11: Community level participation

Source: Survey Data

Inner circle represents trained clients and outer circle represents non-trained clients.

9.1 Differing patterns of change in leadership

Table 11: Differing patterns of change in Leadership

Before joining MMM

After joining MMM

Not at all

Differing patterns of changes in leadership skill – Trained

69 48 150

Differing patterns of changes in leadership skill – Non-trained

10 12 70

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Conclusion:

Leadership skills show no major improvement for trained and non-trained members.

In overall sample, it is evident that more than half of the clients surveyed are not showing any

change in leadership skills. However, among trained this percentage is less.

It is also a time taking process and requires intervention at multiple levels for longer periods.

MMM should review its training modules to ensure that this particular aspect gets proper

attention in times to come.

Graph 12 : Leadership skill

Source: Survey Data

Inner circle represents trained clients and outer circle represents Non-trained clients

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9.2 Decision Making Ability Graph 13: Respondents’ decision making ability-Trained

Graph 14: Respondents’ decision making ability-un Trained

Source: Survey Data

Interesting pattern has emerged on the members’ decision making ability on critical aspects. Members’ decision

making ability has improved from less than spouse to equal to spouse scale; this confirms that Muthoot’s inputs

are more on gender balance issues. The members and their spouse are maintaining balance in decision making

process.

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Conclusion:

On almost all aspect, women have shown higher degree of decision making ability after

joining MMM program.

Especially on money, production material, household goods, loan utilization and earning,

women have got decision making power equal to spouse after MMM intervention. The

change is significant among the trained members where their decision making status moved

from less than spouse to equal to spouse.

Asset purchase decision still remains with spouse.

Women intervention is more visible in purchase of production material, household material

and utilization of the loan.

MMM clients in generally have got significant decision making power. In most of the cases

women have either equal or more decision making powers in comparison to spouse.

Overall MMM intervention and their trainings appear to have a direct impact on the

decision making capacity of its women members.

However, this trend is more significant among trained than non-trained. Trained members’ decision making

ability has shown quicker movement than that of the non-trained members’. It can be presumed that the impact

is due to inputs provided during the process of training and also access to credit by members.

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10. Impact of Income Generating Loan on Business/Enterprises.

10.1 Impact of IGL on Business Table 13: Impact of IGL on business

Increase

in sales

Increase

in profits

Expande

d size of

business

activity

New

products

launched

Increase

in

producti

on /

turnover

No

Change

Improve

ment in

quality of

the

products

Reduced

expenses

Hired

more

workers

Number 117 40 31 29 28 24 13 10 10

Graph 15: Impact of IGL on business / enterprises

Overall results clearly show that IGL has a positive impact on members’ business and enables them to grow and

sustain their business. Nearly 50% impact is seen in terms of increase in profit and sales, while around 30%

impact is in terms of growth of the business.

Its’ interesting to see that nearly 3% of the members enterprises are creating jobs, which is one of the key

achievements. This essentially means that members are not only growing their business, but also providing

employment opportunities to fellow community members. If the percentage of such member enterprises can

be increased over a period of time, it stands to great a huge impact on the ground.

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10.2 Self-perception

Table 12: Members’ Self Perception

Particulars

Trained

Non-trained

Feel more confident to run the business 155 28

Feel more confident as a person 50 6

Customers are happy with my business services 9 2

Feel more happy with my business 17 2

No Change 16 5

Not responded 21 49

Overall self-perception of members is quite high. They responded by saying that they feel more confidence in

their professional and personal life. It is interesting to observe that the trend is more or less similar in both

groups of trained and non-trained.

Graph 16: Members Self perception

Source: Survey Data Inner circle represents trained clients and outer circle represents Non-trained clients.

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Conclusion:

The training clearly has an impact on the confidence level of members in handling business and taking business related decisions.

As a person, members feel more confident after getting training

It seems that the confidence level is more due to be MMM program in general than training specific inputs. It is believed that access to finance has always proved to be important factor in building members confidence.

11. Swarnavarsham loan

To understand the impact of Swarnavarsham product --one of the unique products of Muthoot Fincorp

Limited, members’ feedback on was captured both in terms of its benefits and value. The findings are

interesting and encouraging.

11.1 Rating Swarnavarsham loan Graph 17: Rating ‘Swarnavarsham’ loan

The graph clearly shows nearly 95% of the members liked Swarnavarsham product. Out of the 2% who suggested for improvement, a majority felt that cost can be reduced.

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11.2 Utilization of gold coin offered in Swarnavarsham loan Graph 18: Buying / utilizing gold coins

Total 153 members find gold coin as indirect way of savings and 110 members said that they will use the gold coin for making ornaments, while 50 members see it as an investment. The rest said that they will use it for marriage; during emergencies or for gift it to somebody. Overall members value this product very highly.

11.3 Swarnavarsham loan a key attraction? Graph 19: ‘Swarnavarsham’ loan a key attraction

The finding on the attractiveness of the product is positive. Around 69% of members mentioned that the gold coin is a key attraction for taking loan from Muthoot,

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Box 2: Gold coin scheme: A boon to the women

The reasons for preference of the gold coin scheme, especially by women, were their ability to:-

invest in gold at their doorstep

indirect way to save small amounts on regular basis which was not possible in any formal financial institution

create emergency asset to give them some security at difficult times

contribute to their family or near and dear ones during distress Members felt that availing gold coin was almost like a panacea as it helped in emergency situation including medical purposes, children’s education and social and religious functions Source: FGDs

Conclusion:

Maximum members are satisfied with the product and services of Swarnavarsham loan.

Maximum Members are using gold coin as savings, investments and for making ornaments.

Though maximum members mentioned that gold coin is a key attraction for taking loan from Muthoot, they will continue availing loan from Muthoot even if gold coin is not offered

When asked if you would take loan without Swarnavarsham, it is interesting to observe that a high majority (94%) says that they will still take the loan. This reinforces the belief that members perceive Swarnavarsham as a value added product but not as the main product.

Out of the total responses, 25% suggested an increase in the loan amount for subsequent cycles. Tenure

increment was suggested by 20% of the respondents, and about 20% wanted to increase the weight of

gold coin (Swarnavarsham loan) from 1 gram to 2 grams.

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12. Feedback on the services

12.1 Client suggestions on Muthoot MMM Programme

Across the total sample of 360 clients, there was a general satisfaction with the microfinance programme of MMM. In order to analyze clients’ suggestions and feedback, we have divided their response into three broad areas: namely product, process and Sthreejyothi training.

Table 14: Clients’ feedback and suggestion

Product Process Sthreejyothi Training

To increase loan amount To reduce the documentation process for secured loan

To start skill development trainings every quarter and refresher trainings

To increase repayment from 52 weeks to 60 weeks

To speed up the disbursement process at branch

To initiate medical and eye camps

To increase gold coin from 1 gram to 2 gram weight under Swarnavarsham loan

To be flexible with center meeting timings

To introduce market linkages programme

To introduce loan product with monthly repayments

To provide gold coin at the time of disbursement under Swarnavarsham loan

To start self-employment training like chocolate making, animal husbandry, jute products, poultry farming

To introduce personal loan, housing loan, two wheeler loan, rickshaw loan

To increase rented house up to 60% in a group

To provide training on value addition in their current products in terms of moving to next level.

To decrease interest rates To give subsequent loan immediately after completion of a loan

To start Muthoot provision stores

To introduce interest fee emergency loan and festival loan

To start discussions in center meetings which women can benefit from in their personal and social-life

To arrange job fairs

To introduce top up loan. To introduce center leader incentives To start Muthoot school and children education scholarships

To introduce education loan To introduce Swarnavarsham loan without gold coin and interest

Training on sales and marketing

Individual Loan product with big ticket size loans enterprises

To organize seating arrangements and drinking water facility for the clients at branch

Awareness on farming and on women related issues like health and hygiene

To increase business loan up to 1 lakh

To start loan products with fortnightly repayment schedules

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“MMM understands the importance of financial assistance to the poor and provides timely credit support to the poor and vulnerable groups who are finding difficult to get loan support from financial institutions.MMM Team-from all the departments-from the top to the bottom gives the full support for the implementation of the Sthreejyothi programme”. Source: Accion

12.2 Feedback from non- trained clients

To capture the feedback of the non-trained clients, a separate analysis was carried out to understand their

specific requirements and expectation from MMM. Few of the key suggestions are mentioned below:

1. Need Sthreejyothi training.

2. Provide Trainings on Business development including market linkages and cash management training.

3. There were suggestions for: tailoring, designs and embroidery trainings, umbrella making training,

saree designing training, and ornaments and jewelry making.

4. Need Mushroom harvesting training, Bakery items training, Paper bags making training, pickle making

training.

12.3 Feedback from other stakeholders

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13 Conclusions Based on the above findings and analysis, the following conclusions have been drawn with special focus on

important impact indicators.

Muthoot Mahila Mitra appears to have achieved most of its microfinance programme objectives.

Evidence of the achievements can be seen under income increase and improved quality of life namely

health, education and children’s vaccination.

In terms of financial inclusion, the results are mixed; members are fully included on credit services, but

moderately included on savings and very less on Insurance services.

Muthoot Fincorps’ focus in terms of targeting client segment is also in line with its goals. However, the

Socio-economic profile of the members needs to be reviewed both in terms of economic and social

profile, keeping in view the regulatory aspects that govern the newly formed class of NBFC MFI's.

Muthoot’s approach of using CSR activities to complement its Microfinance programme is yielding good

results. Its flagship programme “Sthreejyothi” is showing positive results and members perceive the

programme as positive. One of the key achievements of the MMM programme is the impact on

Decision Making ability of its members. The findings confirm that members have started taking equal

position in the family in all major decisions. The results are more pronounced among the trained

clients.

The impact of Swarnavarsham is also very good. However, this is not seen as the key product but as a

value added product. The demand for Swarnavarsham product is quite high and members wants it to

be packaged along with the regular loan and also increase quantum of the Gold coin.

Impact of IGL product on the Business is also quite good; nearly 50% of the clients confirm that their

profit and sales have increased. While 30% felt it has helped them to expand and grow their business.

Though the employment/jobs created by members' enterprises is around 3%, it is considered as very

important indicator in social performance management arena.

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Recommendations:

Muthoot can review the social profile of its clients and needs to focus on socio-economically

excluded segments also.

Further, keeping in view of recent RBI guidelines on MFIs, it is imperative for Muthoot to review

its client profile in terms of APL. This can be measured through below poverty line (BPL)/above

poverty line (APL), social category and status on house ownership.

In terms of portfolio segmentation, it can diversify to agriculture and allied to mitigate the risk.

This is also required keeping in view the social performance management. The proponents of

SPM also judge quality of MFI based on the range of products and services that it offers to its

community.

On the products front, Muthoot can offer more flexibility in terms of tenure and frequency,

especially monthly repayment options. This is also considered as one of the critical aspects of

social performance management.

Muthoot can review their current operations policy on rented house residents’ eligibility and

allow some rented residents to access credit from Muthoot.

Muthoot can focus on Sthreejyothi with special attention on selection and screening the right

clients for training. Some kind of screening can be carried out to ensure that inputs goes to the

right members.

Need based skill trainings can also be offered to clients since it is a very specific and clear demand

from the clients.

Focus on market linkages needs to be improved, especially post trainings.

Cost-Benefit analysis can be carried out on the Sthreejyothi programme to explore the option of institutionalizing the programme over a long term.

14. Recommendations

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ANNEXURE 1

Impact Assessment Study – Muthoot Mahila Mithra Clients

Muthoot Finance Corporation intends to understand the impact of its various initiatives under Muthoot Mahila

Mitra. To carry out objective assessment, Muthoot requested INTELLECASH do the study. The details of the

respondent will be kept confidential. Hence, request you to give honest response to the following questions. Your

response and suggestions will help Muthoot to improve the program further and bring better services to all its

members.

Client Name: Age: Caste: ST / SC / OBC / Min

Town / Village: State: (Kerala / Tamilnadu / Karnataka)

House (Own / Rented / Lease / Other): BPL / APL:

Start time of interview:

1. Of the following MMM initiatives which services you have utilized [ ] a) Education initiative b) Health programs c) Sthree Jyothi d) All the three e) none of the above 2. Which programs did you OR any of your family members attended? (Please tick)

a. Sthree jyothi training k. Educational Material

b. Medical Camp l. Summer coaching camp

c. Health Insurance m. Seminars for parents and children

d. School Going n. Counseling Program

e. College Going o. Sponsorship for higher education

f. Skill Development p. Skill training

g. Anti-ragging campaign q. Heart to heart orchestra

h. Smiles at Muthoot plaza r. Muthoot Ernakulum cricket club

i. MPG pace setter 2007- Talent hunt s. Bakery making training

j. Mushroom training t. Others, please specify

3. Is your family life is insured? [ ] a) Before MMM b) After MMM c) Not at all

4. Is your family health is insured? [ ] a) Before MMM b) After MMM c) Not at all 5. Do you have children who are in the age group require immunization? [ ] a) Yes b) No

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6. If yes, are they vaccinated? [ ] a) Before joining MMM b) After joining MMM c) Not at all

7. Is there any change in your family food habits [ ] a) Yes after MMM b) No after MMM c) Yes before MMM d) No before MMM

8. How is your family well being? (Please tick ( ) )

Relationship

BEFORE MMM Able to consult doctor for treatment

and get medicines

AFTER MMM Able to consult doctor for treatment

and get medicines

Always Never Sometimes Always Never Sometimes

Self

Spouse

Mother

Father

Mother-in-law

Father-in-law

Child 1 (Male / Female)

Child 2 (Male / Female)

Child 3 (Male / Female)

9. Is there any change in family household income level after MMM? [ ] a) Increased b) Decreased c) Constant

10. How many of your children are going to?

Line Item Girls Boys Total Boys & Girls in your

family Before MMM

After MMM

Before MMM

After MMM

Going to School / College

Not going to School / College

Going to labour work

Not going to labour work

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11. Details of loan from Muthoot?

Purpose Loan amount In which year Loan cycle EWI

Income generation

Household expenses

Asset purchase

Gold purchase

Other specify

12. Do you run any business / enterprises / income generating activity? [ ] a) Yes b) No 13. If yes, when did you start? [ ] a) Before MMM b) After MMM c) NA

14. Which activity do you do? [ ] a) Tailoring / Embroidery h) Business / IGA / Enterprise / Trading / Petty shop b) Agriculture i) Animal husbandry c) Hotel / Food items j) Beauty parlor d) Candle making / Agarbatti making / Beedi rolling e) Dry cleaners / Washing / Cloths ironing k) Paper plates / cups / bags f) House wife l) Labor work / Daily work g) Service / Salaried m) Others, Please specify ___________________________

15. Did you attend any skill training program before joining MMM? [ ] a) Yes b) No c) NA

16. If yes, please list the name of the training _____________________________________

17. Did you setup the business / enterprise / IGA after attending the skill training? [ ] a) Yes b) No c) NA

18. Did you start the same activity/trade that you are trained? [ ] a) Yes b) No c) My old activity

19. Are you able to use the skills that are taught in the training? [ ] a) Yes b) No c) NA

20. Is there any change in the skills after attending joining MMM? [ ] a) Yes b) No

21. If yes, please tick the option that is feel most useful [ ] a) Manage financial transactions b) Maintain books of records c) Manage stakeholders like creditors / debtors / suppliers / financial organizations d) Manage the cash flows e) Communication f) Debt Management g) Leadership h) NA

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22. Is there any change in business / enterprise / IGA? [ ] a) Increase in sales b) Increase in production / turnover c) New products launched d) Launched new business e) Expanded size of business activity f) Improvement in quality of the products g) Started new shop in another location h) Reduced expenses i) Hired more workers j) Increase in profits k) No change l) NA

23. Is there any change in income and financial resources? [ ] a) Business is in profits b) Increased expenses c) Savings initiated d) No Profits / No loss e) NA

24. Did you purchase any of the following assets after Joining MMM? [ ] a) Home appliances b) Business related c) Gold d) Land / buildings e) Not at all

25. Are you able to run your business independently after MMM programs? [ ] a) Yes b) No

26. If No, who is assisting in your business? [ ] a) Spouse b) Parents c) Others

27. Are you confident enough to run an enterprise after attending the skill training program? a) Yes b) No c) Can’t say [ ]

28. Do you feel the need for any other handholding support other than loan? [ ] a) Yes b) No

29. If yes, which hand hold support did you need the most? [ ] a) Financial Linkages b) Marketing Linkages c) Loan support d) Packing / Transport e) Quality Check f) Designing / Labeling g) Registration / Licensing h) Advertisement i) Others please specify __________________________________________________

30. What change do you feel in your self-perception after training? [ ] a) Feel more confident to run the business / IGA / Enterprise b) Feel more confident as a person c) Customers are happy with my business services d) Feel more happy with my business / IGA / enterprise e) No change

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31. If you have to rate the difference in decision making power before and after joining MMM,

how would you rate on the following parameters?

Item Before / After

NA Less than

spouse

Equal to

spouse

More than

spouse

Fully independently

Real assets (Land, Houses) Before

After

Money (Savings, Cash) Before

After

Livestock Before

After

Production materials (Enterprises, Farm tools)

Before

After

House hold goods (Kitchen, furniture, TV etc)

Before

After

Use of the loan Before

After

Money earned from enterprise

Before

After

32. Do you save money? [ ] a) Before MMM b) After MMM c) Not at all

33. If yes; where and how much does you do save?

Where Before MMM Savings Amt pm After MMM Savings Amt pm

Post office / Bank

SHG

Private / Chits

Piggy bank / Home

34. Are you participating in any community organizations / civil society groups? [ ] a) Full participation b) Partial participation c) No

35. Are you holding any leadership position in one or more groups or organizations? [ ] a) Before joining MMM b) After joining MMM c) Not at all

36. How would you rate the disbursement process at MFL branch? [ ] a) Excellent b) Good c) Average d) Has to improve

37. If has to improve, kindly suggest the improvements? [ ] a) Service part b) Quality part c) Cost part d) Others specify

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38. Have you availed any other MFL Product? [ ] a) Yes b) No

39. If yes, please give the following details of products and services availed?

Products Amount Charges Turnaround time

Liked Features

Money Transfer

Vehicle loan

Gold loan

Gold coin

40. Do you recommend MFL to your friends / relatives? [ ] a) Yes b) No c) In future

41. Since when do you know about Muthoot? [ ] a) After availing loan b)Before availing the loan

42. If before, by whom? [ ] a) Relatives b) Friends c) Neighbors d) Others

43. Can you differentiate between blue Muthoot and other group? [ ] a) Yes b) No c) Merely

44. Do you want to continue in this MMM? [ ] a) Yes b) No c) Can’t say

45. If No, why? _________________________________________________________________

46. How would you rate ‘Swarnavarsham’ loan? [ ] a) Excellent b) Good c) Average d) Has to improve

47. If has to improve, kindly suggest the improvements? [ ] a) Service part b) Quality part c) Cost part d) Others specify

48. Why do you want to buy gold coin? [ ] a) For marriage purpose b) An investment c) As savings d) Help in critical situations e) for giving as gifts f) for making ornaments 49. Is this gold coin a key attraction for taking loan from Muthoot? [ ] a) Yes b) No

50. If the gold coin is not offered would you like to take loan? [ ] a) Yes b) No

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51. How MFL products / activities / trainings / programs can be improved?

52. Any suggestions / comments?

Name and Signature of the interviewer Date and Place End time of interview

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ANNEXURE 2

Impact Assessment Study – Muthoot Mahila Mithra

Muthoot Finance Corporation intends to understand the impact of its various initiatives under Muthoot Mahila

Mitra. To carry out an objective assessment, Muthoot requested INTELLECASH to carry out the study. The details of

the respondents will be kept confidential. Hence, we request you to give honest response to the following

questions. Your response and suggestions will help Muthoot to improve the program further and bring better

services to all its members.

Name of the organization:

Details of the respondent:

A) Name

B) Designation

C) Contact number

D) Email id

1) Type of Stakeholder:

1. NGO 2. Accion 3. NABARD 4 Other

2) Did you /organization sign a formal partnership agreement with Muthoot?

1. Yes 2. No

If yes, what are the specific objectives of the agreement?

_______________________________________________________________

_________________________________________________________________

__________________________________________________________________

3) What is the tenure of the agreement /partnership?

a) Less than a year b) 1-3 years c) More than 3 years

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4) In what specific areas have you contributed to the MMM programme.

_______________________________________________________________

_________________________________________________________________

__________________________________________________________________

5) Do you review the programme progress?

a) Yes b) No c) Sometimes.

6) With whom / which department do you interact in MMM

_____________________________________________________________________

7) What has been your experience with MMM association so far?

_____________________________________________________________________

_____________________________________________________________________

_____________________________________________________________________

8) What are the challenges you have experienced working with Muthoot

_____________________________________________________________________

_____________________________________________________________________

_____________________________________________________________________

9) What are your expectations from this partnership

_____________________________________________________________________

_____________________________________________________________________

_____________________________________________________________________

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10) Do you feel that the MMM programme intervention is having any impact on the end client?

a) Yes b) No

11) If yes can you list down TOP 3 Impact areas?

__________________________________________________________________

_____________________________________________________________________

_____________________________________________________________________

12) How do you think MMM programme can be made more effective?

a) Yes b) No c) Can’t say

13) Do you intend to continue with MMM over long (5 years) period of time?

a) Yes b) No

14) If yes; would your role remain the same or would you want to expand the scope of the

engagement with MMM

____________________________________________________________________

_____________________________________________________________________

__________________________________________________________________

THANKS FOR YOUR VALUABLE TIME AND SUGGESTIONS.