Chit Fund Research Articles

TruChit: A Blockchain-Based Trusted Chit Fund System with Creditworthiness Evaluation

Chit fund is a peer-to-peer saving and borrowing scheme operated among trusted groups of people. It is a reliable source of funds in emergencies with no guarantor and low-interest rate. Despite their enduring benefits, chit funds face challenges related to trust, transparency, and security. At present, unscrupulous subscribers might join chit-funds, borrow money, and make payment defaults. This leads to disruptions in contribution cycle and affects overall functioning. Additionally, non-transparent record-keeping and transaction processes, hinder participants from verifying fund activities, creating a susceptible environment for fraud and malpractice. These challenges are an obstacle to the sustainability and trustworthiness of the chit-fund system. Therefore, to overcome aforementioned challenges, this paper proposes TruChit, a blockchain-based chit fund system with creditworthiness evaluation framework. It leverages the Adaptive Neuro-Fuzzy Inference System (ANFIS) to assess the creditworthiness of subscribers, which ensures the credibility and reliability of individual participants. Further, proposes permissioned blockchain-assisted chit-fund framework with role-based access control to instill trust, security, and transparency within chit-fund operations. Moreover, the efficacy of TruChit is evaluated by analyzing credit score dataset and achieves 93.5% accuracy, which is better than other approaches.

A study on the General opinion of the Customers Towards the Chit fund Investment

Chit fund is an age old unorganized non-banking financial institution over the years both the government and players in this industry have tried to organize this important institution which has been contributing significantly to the economic development of the country. Money is the source of livelihood and is the life line for existence. If money is properly invested it can leads to generation of income, employment, eradication of poverty, stability and inflation control. Investment defines the sacrifice of certain present value for future value. All form of savings cannot be considered as investment. Savings will become investment if a person makes a distinction to forego the use of money saved for a period of time, in the hope of earning a return.

A Study on the Financial Literacy Levels amongst Chit Fund Investors with Reference to Bengaluru City

The Indian financial market has been developing at a rapid pace in recent years with the Government playing an active role in regulating it and providing much safer and regulated avenues to the citizens for savings, investments as well as borrowings. However, we have been witnessing numerous scams in financial markets, especially in semi-regulated and unregulated markets, including the pyramid and ponzi schemes that initially offer exorbitantly high returns and ultimately swindle the investors’ money. In spite of such scams, and also with better accessibility to safer avenues for savings, investments and borrowings, investors’ preference still seems to be inclined towards the much riskier options like the Chit Fund Schemes, both regulated as well as unregulated. This article aims at studying and comparing the financial literacy and awareness level of alternate investment avenues amongst chit fund investors and non-chit fund investors.

Case Study on Saradha Chit Fund Scam

Case Study on Saradha Chit Fund Scam

INCOME, SAVINGS AND INVESTMENT PATTERNS OF PRIVATE SECTOR SALARIED HOUSEHOLDS IN KARNATAKA: A STUDY WITH REFERENCE TO PRE LOCKDOWN AND POST UNLOCK COVID-19 PERIOD

Purpose of the research – The unprecedented pandemic COVID -19 created a havoc across the globe. All economic activities were disturbed due to lockdown, and many people spent days without having full squares of meals. Many migrated workers, including employees who were working in private sector business undertakings had to lose their jobs, suffer without pay, or less pay. The drop in income caused depletion in the savings of individuals, since they used their savings for their consumption during pandemic. They were forced to leave their places without any type of safety and security. Hence this research is carried out to assess the pre COVID – 19 and post unlock period income, savings, and also investment patterns of those individuals serving in private sector enteprises belonging to education, automobile and telecommunication sectors. Methodology – A structured questionnaire is used as a tool for collecting the data from 180 private sectors salaried households, selected for the study as a sample respondents from three cities in Karnataka state, viz., Bengaluru, Davanagere and Hubli, and from three sectors viz., education, automobile and telecommunication. Convenient sampling technique is adopted to select the sample respondents from the study areas. Major Findings – Analysis of the data collected showed that there is a significant difference in the monthly income of the salaried households in the pre lockdown and post unlock period. But there is no significant difference exisiting in their monthly expenses during both the periods. It is proved that there is an association between monthly savings of the salaried households and both the time periods. With regard to investment, there is a shift in the investment preference of the salaried households from pre lockdown period to post unlock period. Gold, silver were the top preferred investment opportunity before lockdown, but soon after the unlock period chit fund has become the top preferred investment avenue.

Income and Expenditure Pattern of Vegetable Vendors

Street vegetable vendors are an integral part of the urban economic development in many countries. In this street, vegetable vendors are selling the vegetables in the truck/cart or streets and public places. The street vegetable vendors earn money for their family members and their children a better education. And more of the street vegetable vendors are Illiterates and do not aware of hygienic environments. Street vegetable vendors took money from some financial institution or loans from relatives or friends or some co-operative societies. And some of the street vegetable vendors are the reason for choosing this business like unemployment or family business or not qualified. In this informal sector should be help full to a low-income family, and their living condition has changed because of this business. Some of the street vendors do not have any other occupation, And Summer or rainy season, the sales should be imbalance. It should be affected on their income also. Some of the street vendors have some problems like place related problems or financial related. And their monthly income is low, and expenses should be high; it should be affected by their lifestyle. Street vendors are saving money from L I C, Chit Fund, Fixed deposit. Some of the street vendors are living in the rented house, paid the amount to Children education or gas bill or cable bill or electricity bill etc..Now a day’s women also doing the business in the informal sector, the women’s are making the decision independently or ability to do this business, it should women going to forward, they earn money for their children better education purpose or households, livelihoods, etc.

Why Business Schools Must Teach “Arthashastra Related Karma” Lessons? A Study on Awareness regarding Kautilya's Arthashastra amongst B –School Students

Most of the MBA Colleges and Business Schools are not imparting Arthashastra, karma lessons apart from the formal courses, case studies and classwork on finance, marketing, accounting and economics' B-School students in India deserve to learn about Kautilya's Arthashastra, an ancient treatise on statecraft, economic policy and military strategy. “The scandals like Sahara, Satyam, Chit fund Scams, Kingfisher Airlines and Nirav Modi, further increasing trend of wilful loan defaulters to banks, huge deposits made by a few business firms/individuals during demonetisation expose the weak foundations of ethics and values in Indian business scenarios,” therefore Business Schools must come forward to teach beyond Business Ethics i.e.., Karma Lessons and Socio Economic Development process as mentioned in Arthashastra. This article highlights Socio, Economic and Development thoughts of Kautilya's Arthashastra that is relevant to Business Schools.

MARKETING MANAGEMENT PERFORMANCE ANALYSIS FOR CHIT FUND COMPANIES IN SELECTED DISTRICTS OF TAMILNADU

Chit funds have been a popular savings scheme in several parts of India for generations together now. It has paved its way as a convenient finance option amongst businessmen, small scale industrialists, and other small-time investors. Though very often shrouded by news of fraudulence, they have still managed to retain their popularity. So, what exactly are chit funds and how efficient a financial tool is it? Read on to find out more. Chit funds evolved years ago, when the present system of banking did not exist. Few families in a village would get together to form a chit or a group, to save money and to avail of loans amongst the group formed. A sensible person is chosen to manage the group. This informal system of saving prevailed only on trust. This study is to evaluate the “A Marketing Management Performance Analysis of Registered Chit Funds Companies in Tamilnadu.” The research concentrates on the financial performance of registered and unregistered chit fund marketing performance of chit fund companies. The area of the study is Trichy, Tripur and Erode in registered, unregistered chit fund companies and ge neral public also covered this area. The research is to identify what are the marketing management performances to make in the registered and unregistered chit fund companies and to compare the performance of registered and unregistered chit fund companies’ subscribers.

Understanding the Financial Lives of Nepali Immigrants in Bangalore, India

This paper examines the financial practices of a low-income, Nepali immigrant group living in Bangalore, India. Members of this group often experience adverse circumstances that lead to erratic incomes and unexpected expenditures. However, they find themselves squeezed between the stringent requirements of the formal banking system and the predatory practices of private money lenders. Through observational research and interviews of members of this group, the study attempts to understand how they manage their financial needs. Critical to achieving their goals is an informal, community-based saving and lending scheme called a chit fund. To gain insights into a chit fund’s operations, we track two chit funds managed by the Nepali immigrant group’s local leader. We examine how these funds work, why members participate in them, and how the community addresses default risk by fund members. Our findings lead to two important learnings. First, informal chit funds serve as a means to save and borrow money, which helps stabilize and manage financial uncertainties in their lives. Second, the informal chit fund arrangement succeeds because of mutual trust, reciprocity among members, and the community leader’s position of influence. The learnings from understanding the operations of chit funds can help policymakers adopt a more effective and inclusive financial system that caters to millions of unbanked households.

Development-Induced Displacement and Policy Measures: A Case Study of Lower Suktel Irrigation Project of Balangir in Odisha

The study has attempted to examine the status of the displaced families of Lower Suktel Irrigation Project (LSIP), Balangir, in the Odisha State. The field survey was carried out to find out the implementation of Land Acquisition, Rehabilitation and Resettlement policy measures and their impact on the social-economic life of the displaced persons in LSIP and to scrutinise the issues which the displaced families are confronting due to the projects. The direct interview and focus group discussion was the method of primary data collection from 100 respondents in affected villages of the project. It was found that70 percent of respondents are dissatisfactory due to loss of sustainability livelihood, loss of forest, land and water, 70 percent respondent spent their compensation money in chit fund due to lack of awareness to investment in proper ways; they are depriving the facilities of all governmental programmes in their village for 14 years because they have received compensation amount. In addition to that, no civil society and government agency is working for awareness of their right and policy information with related to rehabilitation and resettlement measure. The results revealed that from the year of 2000 to 2018, the displaced families of the project have received the compensation and rehabilitation package without full-fledged process and having no alternative future subsistence, they are living as a crisis life without displacement.

Economic Crimes and Companies of East India

At present, economic crimes are capturing the headlines in India. In eastern India ‘chit fund’ companies have drawn the attention of all by accumulating billions of pounds from millions of people. A huge amount of public money has been siphoned off from the mainstream economy for wrongful gain through chit fund channels often with the complicity of politicians. Some masterminds have been deceiving people through these white-collar crimes taking advantage of inert administrative systems. Surprisingly, common people are falling into the traps persistently set by these fraudulent companies despite of getting awful examples from the past. Economic crime is a new concept with respect to other conventional crimes in India but the nature of economic offenses is pervasive. This humble effort of mine shall aware common people and equip the regulatory authorities against these criminals.

Modelling credit and savings behaviour of chit fund participants

Chit funds are a form of Rotating Saving and Credit Association (ROSCA) prevalent in India. In this institution, a group of individuals pool in equal amounts of money at a fixed frequency, and at every time period a round of competitive bidding takes place among the individuals to identify a borrower for the collected amount. The borrower foregoes his/her right to participate in further auctions, but continues paying his/her share of the pool till every individual in the group has collected the pooled amount. The auction process relies on the bidders’ willingness to give up a certain amount of the pool and take the rest as loan. The amount given up at every time period is shared equally among all individuals in the group. A chit fund, therefore, is structurally similar to the modern formal banking and financial institutions: they act as an intermediary to optimally mobilize funds collected from savers to borrowers and manage repayment of loans from borrowers such that savers receive their dues at the appropriate time. The latter role exposes the industry to credit risk. Modern banking and financial institutions rely heavily on their ability to assess and mitigate credit risk; and, over the last century, they have been able to move from a system where risk assessment was based on human judgment and simple intuition to a system reliant on statistical and mathematical techniques. However, the standard chit fund company still relies heavily on human judgment for assessing risk. The pilot envisages a move towards a standardized statistical methodology for risk assessment and mitigation as the path ahead for the industry.

Chit Funds: A Poor Manns Bank

The concept of chit funds is centuries old. In earlier days when banks were not very consumer friendly unlike these days, the Indians had an informal way of collecting and saving money which was based on trust. Various families gathered to collect a fixed sum of money each month, then decided who is to get the whole collection by draw of lots or by rotation. They selected a person amongst themselves to manage the way it is run. However every thing was based on trust so people started applying their own rules and logic to regulate it. The system gained more popularity amongst women as they could invest their saved house hold expenses for their own needs. The companies saw the growth in chit fund system, its potential and decided to launch various schemes to allure interested investors. Briefly speaking, a chit fund is India’s version of what is known overseas as Rotating Savings and Credit Associations (Roscas), also referred to as “the poor man’s bank”. As the name suggests, customers can save as well as borrow in such a scheme, where members make a fixed contribution every month for a maximum of 50 months.

Chit Fund Crisis in India Is the Result of Inefficient Indian Banking System, an Analytical Study

Chit Fund Crisis in India Is the Result of Inefficient Indian Banking System, an Analytical Study

An Analysis of the Financial Schemes to Defraud People in the Garb of Sound Investment

Different conventional financial schemes are prevalent in the market such as bank deposits, post office schemes. Life Insurance products, Public Provident Fund, Government and Corporate Bond, equity share, mutual fund schemes, real estate, gold, bullion, derivative products, paintings and antiques which offers a certain rate of return depending on the riskiness of the scheme. Apart from these traditional players, , there are Nidhi companies, Chit fund players, Non Banking Financial Companies as well as Financial intermediaries which are alluring the layman retail investors by making a promise of offer a super normal rate of return. Due to the lack of adequate financial literacy and the greed of appropriating above average return, a major section of the retail investors are being trapped by those unscrupulous lenders. As a result, they have to lose their hard earned money and this creates a keen jerking effect to the all stakeholders of the nation. The RBI and SEBI has already conducted different financial awareness program to protect the depositors as well as investors from these ponzi schemes. The objectives of the research paper is to focus on the major threats imposed by the shadow bankers, to analyze the unholy nexus of the media business and chit fund players, to interpret the interdependence between the banks, micro finance institutions, chit fund payers. The methodology of the paper is collecting the secondary data from the different research articles of various national and international reputed journals which are available in Ebscho and Emerald. Simultaneously analysis and collection of secondary data is performed from the Annual Reports of Reserve Bank of India, Security Exchange Board of India, website of the Ministry of Finance, Government of India etc. This paper will give a new dimension in the literature of investment strategies of the Individual Investors

Chit Funds as an Innovative Access to Finance for Low-income Households

Chit Funds are indigenous financial institutions in India that combines credit and savings in a single scheme. In a chit fund scheme, a group of individuals come together for a predetermined time period and contribute to a common pool at regular intervals. In order to understand the intricacies of the chit fund model in India, we studied the size of the registered chit fund industry and how it serves the members. We find that the money circulated in the registered chit fund industry ranges from 10 per cent to 50 per cent of bank finance when compared to the total deposits and credits in the bank. The number of chit schemes registered has been reducing over the years. The average percentage change in the number of schemes registered from 2003 to 2006 is approximately a negative 10 per cent. While the number of schemes has reduced, the total value of registered chit schemes increased by approximately 13 per cent from 2003 to 2006. Our survey of the chit fund members shows that as much as 72 per cent of the members participate in chit funds for saving. Additionally, 96 per cent of the current and non-current chit fund members think that chit funds are safe. Majority of the current and non-current chit fund members belong to low-income households. Our study also suggests that the institutional arrangements which govern the functioning of the chit scheme that have emerged seem to serve the interest of all participants irrespective of their socio-economic status. Perhaps, this could explain why this industry has survived for such a long period of time. Our findings point to the fact that though chit funds are an important source of finance for small businesses and low-income households in India, there has been a general exodus of low value chit schemes from the registered chit fund market. This is mainly because registered chit funds find it less lucrative to serve the poor due to the increased cost of operating such schemes imposed by the regulators. We find that the chit fund industry addresses the savings needs of people, is considered very safe and also offers loans at lower interest rates than moneylenders.

Institutional Change in the Non-Market Economy: Endogenous Matching in Chennai's Chit Fund Auctions

This paper tests the proposition that non-market institutions can respond flexibly to changes in the economic environment that they operate in, using data from Chennai's chit fund auctions. These auctions bring borrowers and lenders together in small groups, and starting from September 1993, legal restrictions exogenously capped the amount that could be bid in the auctions. A theory of endogenous matching is proposed, in which borrowers and lenders sort themselves into groups with different characteristics, which also predicts how the participants will re-sort following the policy experiment. Data collected before and after the experiment reveals that this non-market institution settles remarkably quickly into its new equilibrium. Consistent with the theory, a completely different composition of borrowers and lenders in the groups, and a completely different group structure is observed.

The Distribution of "Chit Fund" Gains and Losses

AN ARRANGEMENT which is called the chit fund in India and which goes by various names in other countries has been described by Geertz' and Anderson.2 It is a common, and possibly not a quantitatively insignificant, instrument for inducing and aggregating savings in low-income countries. The arrangement is contrived with various degrees of complexity, so that the incidence of gains and losses by its participants is often not easily seen, although the experience of long association with the schemes by simple, unlettered villagers has apparently developed among them the capacity to distinguish the relative values of different outcomes. The purpose of this paper is to spell out these values explicitly.

Rotating Credit Associations in India

Previous articleNext article No AccessRotating Credit Associations in IndiaRobert T. AndersonRobert T. Anderson Search for more articles by this author PDFPDF PLUS Add to favoritesDownload CitationTrack CitationsPermissionsReprints Share onFacebookTwitterLinkedInRedditEmail SectionsMoreDetailsFiguresReferencesCited by Economic Development and Cultural Change Volume 14, Number 3Apr., 1966 Article DOIhttps://doi.org/10.1086/450168 Views: 4Total views on this site Citations: 16Citations are reported from Crossref Copyright 1966 The University of ChicagoPDF download Crossref reports the following articles citing this article:Rashed Jahangir, Mehmet Bulut, Yusuf Dinc Evolvement of ROSCA to real property acquisition as a form of interest-free SBF model: a PRISMA-compliant systematic review, Property Management 41, no.11 (Aug 2022): 111–148.https://doi.org/10.1108/PM-03-2022-0025Raquel M. MIRANDA ORTIZ El paisaje financiero en el espacio rural: el caso Latinoamericano., Revista Euroamericana de Antropología 0, no.77 (Jan 2019): 149.https://doi.org/10.14201/rea20197149158Gebreyesus Abegaz Yimer, Wim Decock, Mehreteab Ghebremeskel Ghebregergs, Gebrehiwot Hadush Abera, Gidey Seyoum Halibo The interplay between official and unofficial laws in rotating savings and credit associations (Eqqub) in Tigray, Ethiopia, The Journal of Legal Pluralism and Unofficial Law 50, no.11 (Jan 2018): 94–113.https://doi.org/10.1080/07329113.2017.1407525NEKEHIA QUASHIE, ZACHARY ZIMMER Residential proximity of nearest child and older adults’ receipts of informal support transfers in Barbados, Ageing and Society 33, no.22 (Jan 2012): 320–341.https://doi.org/10.1017/S0144686X1100122XJan Eeckhout, Kaivan Munshi MATCHING IN INFORMAL FINANCIAL INSTITUTIONS, Journal of the European Economic Association 8, no.55 (Dec 2010): 947–988.https://doi.org/10.1111/j.1542-4774.2010.tb00545.xElsa Bawani Satkunasingam, Bala Shanmugam Underground banking in Malaysia: a case study of ROSCAs, Journal of Money Laundering Control 9, no.11 (Jan 2006): 99–111.https://doi.org/10.1108/13685200610645256Jan Eeckhout, Kaivan D. Munshi Institutional Change in the Non-Market Economy: Endogenous Matching in Chennai's Chit Fund Auctions, SSRN Electronic Journal (Jan 2003).https://doi.org/10.2139/ssrn.372801Sudhanshu Handa, Claremont Kirton The economics of rotating savings and credit associations: evidence from the Jamaican `Partner', Journal of Development Economics 60, no.11 (Oct 1999): 173–194.https://doi.org/10.1016/S0304-3878(99)00040-1Charles W. Calomiris, Indira Rajaraman The role of ROSCAs: lumpy durables or event insurance?, Journal of Development Economics 56, no.11 (Jun 1998): 207–216.https://doi.org/10.1016/S0304-3878(98)00059-5Thomas W. Valente, Susan C. Watkins, Miriam N. Jato, Ariane Van Der Straten, Louis-Philippe M. Tsitsol Social network associations with contraceptive use among Cameroonian women in voluntary associations, Social Science & Medicine 45, no.55 (Sep 1997): 677–687.https://doi.org/10.1016/S0277-9536(96)00385-1Peer Smets Community‐based finance systems and their potential for urban self‐help in a new South Africa, Development Southern Africa 13, no.22 (Feb 2008): 173–187.https://doi.org/10.1080/03768359608439887Timothy Besley Chapter 36 Savings, credit and insurance, (Jan 1995): 2123–2207.https://doi.org/10.1016/S1573-4471(05)80008-7Carlos Vélez-I. Social Diversity, Commercialization, and Organizational Complexity of Urban Mexican/Chicano Rotating Credit Associations: Theoretical and Empirical Issues of Adaptation, Human Organization 41, no.22 (Jun 1982): 107–120.https://doi.org/10.17730/humo.41.2.r05478j7q8358640Donald Messerschmidt Nogar and Other Traditional Forms of Cooperation in Nepal: Significance for Development, Human Organization 40, no.11 (Mar 1981): 40–47.https://doi.org/10.17730/humo.40.1.k7811l2478272681James Nwannukwu Kerri Understanding urban anthropology: A review of anthropology of the city, Reviews in Anthropology 5, no.44 (Jul 2010): 529–539.https://doi.org/10.1080/00988157.1978.9977419 References, (Jan 1975): 199–206.https://doi.org/10.1016/B978-0-12-125750-7.50017-4

Kyes and Mujins. Financial Intermediaries in South Korea

Previous articleNext article No AccessKyes and Mujins. Financial Intermediaries in South KoreaColin D. Campbell and Chang Shick AhnColin D. Campbell Search for more articles by this author and Chang Shick Ahn Search for more articles by this author PDFPDF PLUS Add to favoritesDownload CitationTrack CitationsPermissionsReprints Share onFacebookTwitterLinkedInRedditEmail SectionsMoreDetailsFiguresReferencesCited by Economic Development and Cultural Change Volume 11, Number 1Oct., 1962 Article DOIhttps://doi.org/10.1086/449984 Views: 5Total views on this site Citations: 15Citations are reported from Crossref Copyright 1962 The University of ChicagoPDF download Crossref reports the following articles citing this article:You-Kyung Byun Money for Belongingness: The Account Book and the Management of the Communal Fund of a High School Alumni Association in South Korea, (Dec 2021): 75–96.https://doi.org/10.1108/S0190-128120210000041004Morio Onda Rotating savings and credit associations as traditional mutual help networks in East Asia, International Journal of Asian Studies 18, no.22 (Mar 2021): 271–287.https://doi.org/10.1017/S1479591421000036Jihwan Kim Dissonance between formal and informal housing capital: The case of Korea, Environment and Planning A: Economy and Space 50, no.66 (Jul 2018): 1171–1188.https://doi.org/10.1177/0308518X18779592Gebreyesus Abegaz Yimer, Wim Decock, Mehreteab Ghebremeskel Ghebregergs, Gebrehiwot Hadush Abera, Gidey Seyoum Halibo The interplay between official and unofficial laws in rotating savings and credit associations (Eqqub) in Tigray, Ethiopia, The Journal of Legal Pluralism and Unofficial Law 50, no.11 (Jan 2018): 94–113.https://doi.org/10.1080/07329113.2017.1407525Deung-geon Ahn, Wanmo Kang, Kyoung-Kuk Kim, Hayong Shin Analysis and design of microfinance services: A case of ROSCA, The Engineering Economist (Sep 2016): 0–0.https://doi.org/10.1080/0013791X.2016.1236305Joong-Hwan Oh Economic Incentive, Embeddedness, and Social Support: A Study of Korean-Owned Nail Salon Workers? Rotating Credit Associations, International Migration Review 41, no.33 (Sep 2007): 623–655.https://doi.org/10.1111/j.1747-7379.2007.00088.xStefan Klonner Rotating Savings and Credit Associations When Participants are Risk Averse*, International Economic Review 44, no.33 (Aug 2003): 979–1005.https://doi.org/10.1111/1468-2354.t01-1-00097Jan Eeckhout, Kaivan D. Munshi Institutional Change in the Non-Market Economy: Endogenous Matching in Chennai's Chit Fund Auctions, SSRN Electronic Journal (Jan 2003).https://doi.org/10.2139/ssrn.372801 Robert Dekle and Koichi Hamada On the Development of Rotating Credit Associations in Japan Dekle & Hamada, Economic Development and Cultural Change 49, no.11 (Jul 2015): 77–90.https://doi.org/10.1086/452491Charles W. Calomiris, Indira Rajaraman The role of ROSCAs: lumpy durables or event insurance?, Journal of Development Economics 56, no.11 (Jun 1998): 207–216.https://doi.org/10.1016/S0304-3878(98)00059-5Subrata Ghatak Rural financial institutions in LDCs, (Jan 1995): 175–193.https://doi.org/10.1007/978-1-349-23895-8_10Peter Newman, Murray Milgate, John Eatwell R, (Jan 1992): 265–381.https://doi.org/10.1007/978-1-349-11721-5_5Mitsuhiko Kimura Financial Aspects of Korea's Economic Growth under Japanese Rule, Modern Asian Studies 20, no.44 (Nov 2008): 793–820.https://doi.org/10.1017/S0026749X00013731 Readings in Money and Banking in the LDC's: Bibliography, (Jan 1980): 763–810.https://doi.org/10.1016/B978-0-08-024041-1.50054-5Subrata Ghatak Rural interest rates in the Indian economy, The Journal of Development Studies 11, no.33 (Nov 2007): 190–201.https://doi.org/10.1080/00220387508421537