The microfinance sector in Andhra Pradesh, an Indian state, faced an existential crisis in 2010 as a consequence of extensive lending, leading to over-indebtedness and default. Coercive measures were employed to recover loans, suicides became endemic, and the matter escalated. In this article, we explore various mechanisms that caused such a phenomenon, and note that a similar situation to what unfolded in India can develop in other parts of the world as well. We discuss the policy implications of various regulatory measures that the governments of Andhra Pradesh and India subsequently undertook to harness and regulate microfinancial practices in the country. It is argued that the governmental response to the crisis has not addressed the issue of unequal distribution of the community institutional infrastructure base for delivery of microfinance among different states in India, which largely contributed to development of the current situation.

ACCION (2008) Summary of Client Protection in Brazil [website], <www.accion.org/Page.aspx?pid=1758≯ [accessed 2 February 2011]. www.accion.org/Page.aspx?pid=1758

Armendariz de Aghion, B. and Morduch, J. (2007) The Economics of Microfinance, MIT Press, Cambridge, MA.

Besley, T. (1994) ‘How do market failures justify interventions in rural credit markets?’ World Bank Research Observer 9: 27-47.

Biswas (2011) Madura Microfinance Partners with Vodafone, Nokia [website], <http://techcircle.vccircle.com/500/madura-microfinance-partners-withvodafone-nokia/≯ [accessed 10 May 2011]. http://techcircle.vccircle.com/500/madura-microfinance-partners-withvodafone-nokia/

Bourdieu, P. (2005) The Social Structures of the Economy, Polity Press, Cambridge, UK.

Burke, J. (2011) ‘Impoverished Indian families caught in deadly spiral of microfinance debt’ [website], The Guardian, 31 January, <www.guardian.co.uk/world/2011/jan/31/india-microfinance-debt-struggle-suicide≯ [accessed 4 April 2011]. www.guardian.co.uk/world/2011/jan/31/india-microfinance-debt-struggle-suicide

Business Today (2008) ‘India needs game changers in microfinance’ [website], Business Today, 14 December, <http://businesstoday.intoday.in/story/%E2%80%9Cindia-needs-game-changers-in-microfinance%E2%80.html/1/3464.html≯ [accessed 2 January 2011]. http://businesstoday.intoday.in/story/%E2%80%9Cindia-needs-game-changers-in-microfinance%E2%80.html/1/3464.html

Dewan, I. and Somanathan, R. (2007) Poverty Targeting in Public Programs: A Comparison of some Nonparametric Tests and their Application to Indian Microfinance, Working Paper No. 154, Centre for Development Economics, Department of Economics, Delhi School of Economics.

FullHyd.com (2010) ‘Bill to replace MFI Ordinance soon’ [website], 4 December, <www.fullhyderabad.com/hyderabad-news/bill-to-replace-mfi-ordinance-inandhra-pradesh-soon-2752≯ [accessed 5 January 2011]. www.fullhyderabad.com/hyderabad-news/bill-to-replace-mfi-ordinance-inandhra-pradesh-soon-2752

Ghate, P. (2007) Microfinance in India: A State of the Sector Report, 2006, Microfinance India, New Delhi.

Government of AP (2009) Indira Kranti Patham [website], <www.rd.ap.gov.in/≯ [accessed 30 April 2009]. www.rd.ap.gov.in/

Government of AP (2010) Andhra Pradesh Microfinance Institutions (regulation of moneylending) Ordinance, 2010 [website], <http://indiamicrofinance.com/wpcontent/uploads/2010/10/Andhra-MFI-Ordinance.pdf≯ [accessed 11 July 2012]. http://indiamicrofinance.com/wpcontent/uploads/2010/10/Andhra-MFI-Ordinance.pdf

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Government of India (2012) Microfinance Institutions (Development and Regulation) Bill, 2012. Available at: <www.ujjivan.com/pdf/Microfinance_Bill_in_Parliament.pdf≯ [accessed 6 August 2012]. www.ujjivan.com/pdf/Microfinance_Bill_in_Parliament.pdf

Hulme, D. and Arun, T. (2009) ‘The future of microfinance’, in D. Hulme and T. Arun (eds), Microfinance: A Reader, Routledge, London.

Imai, K., Arun, T. and Annim, S. (2010) ‘Microfinance and household poverty reduction: New evidence from India’, World Development 38: 1760-74 <http://dx.doi.org/10.1016/j.worlddev.2010.04.006≯.

India Microfinance Business News (2010) ‘Andhra Pradesh Microfinance Institutions Ordinance 2010 comes into force’ [website], 15 October, <http://indiamicrofinance.com/andhra-pradesh-mfi-ordinance-2010.html≯ [accessed 11 July 2012]. http://indiamicrofinance.com/andhra-pradesh-mfi-ordinance-2010.html

Infochange (2010) MFIs Lay Small-Debt Trap in Andhra [website], <http://infochangeindia.org/micro-credit/news/mfis-lay-small-debt-trap-in-andhra.html≯ [accessed 7 April 2011]. http://infochangeindia.org/micro-credit/news/mfis-lay-small-debt-trap-in-andhra.html

Kappel, V., Krauss, A. and Lontzek, L. (2010) Over-Indebtedness and Microfinance: Constructing an Early Warning Index, Centre for Microfinance, University of Zurich.

Lapenu, C. (2002) ‘The microfinance revolution: Implications for the role of the state’, in M. Zeller and R.L. Meyer (eds), The Triangle of Microfinance: Financial Sustainability, Outreach, and Impact, pp. 297-320, John Hopkins University Press, Baltimore, MD.

Latifee, H.I. (2006) ‘The future of microfinance: Visioning the who, what, when, where, why, and how of microfinance expansion over the next 10 years’, Grameen Trust, Bangladesh. Paper presented at The Global Microcredit Summit 2006, 12-15 November, Halifax, Nova Scotia, Canada.

Mohan, R. and Prasad, A. (2005) ‘India's experience with financial sector development’, in P. Basu (ed.), India's Financial Sector: Recent Reforms, Future Challenges, pp. 23-42, Macmillan India, Delhi.

NABARD (2010) Status of Micro Finance in India 2009-10 [website], <http://indiamicrofinance.com/wp-content/uploads/2010/11/Status-of-microfinancein-India-2010-Nabard.pdf≯ [accessed 2 January 2011]. http://indiamicrofinance.com/wp-content/uploads/2010/11/Status-of-microfinancein-India-2010-Nabard.pdf

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Olsen, W.K. (2008) ‘Aspiration paradox in microfinance: A difficulty and an opportunity for debate’, paper presented at the International Conference on Microfinance: Tool to Eradicate Poverty, 23-25 January, University of Pondicherry, India.

Pioneer (2011) ‘Microfinance firms move in to help farmers’, 21 April, New Delhi, p. 11.

Priyadarshee, A. (2010) Microfinance, Social Protection and Poverty: Challenges and Opportunities for Service Delivery in India, PhD thesis, Institute for Development Policy and Management, The University of Manchester, UK.

Priyadarshee, A. and Hossain, F. (2010) ‘Decentralisation, service delivery, and people's perspectives: Empirical observations on selected social protection programmes in India’, International Journal of Public Administration 33: 752-66 <http://dx.doi.org/10.1080/01900692.2010.513359≯.

Priyadarshee, A., Arun, T. and Hossain, F. (2011) ‘Impact of microfinance: Evidence from India’, in F. Hossain, C.J. Rees, and T. Knight-Miller (eds), Microcredit and International Development: Contexts, Achievements and Challenges, Routledge, Abingdon, UK.

Puja Campos, A. (2008) ‘Programa credito y sobreendeudamiento de los consumidores’, Consumers International, Fundacion Avina, Informe investigación sobre 5 bancos en Chile.

Ramadugu, N.S. (2009) ‘Corporate-microfinance institutions’ (MFIs) partnerships: New way of reaching out to rural consumers’ [website], <www.ibscdc.org/Articles/Corporate%E2%80%93Microfinance-Institutions-Partnerships-New-Way-Reaching-Out-to-Rural-Consumers.htm≯ [accessed 30 June 2011]. www.ibscdc.org/Articles/Corporate%E2%80%93Microfinance-Institutions-Partnerships-New-Way-Reaching-Out-to-Rural-Consumers.htm

RBI (2011a) Report of the Sub-Committee of the Central Board of Directors of Reserve Bank of India to Study Issues and Concerns in the MFI Sector [website], <www.rbi.org.in/scripts/PublicationReportDetails.aspx?UrlPage=&ID=608≯ [accessed 7 February 2011]. www.rbi.org.in/scripts/PublicationReportDetails.aspx?UrlPage=&ID=608

RBI (2011b) ‘Bank loans to micro finance institutions (MFIs) - priority sector status’, [online] <www.rbi.org.in/scripts/NotificationUser.aspx?Id=6381&Mode=0≯ [accessed 6 August 2012]. www.rbi.org.in/scripts/NotificationUser.aspx?Id=6381&Mode=0

Reuters India (2010) ‘Would you like a soda with your small loan?’ [website], 28 July, <http://blogs.reuters.com/india/2010/07/28/would-you-like-a-sodawith-your-small-loan/≯ [accessed 9 January 2011]. http://blogs.reuters.com/india/2010/07/28/would-you-like-a-sodawith-your-small-loan/

Rhyne, E. (2010) ‘On microfinance: Who's to blame for the crisis in Andhra Pradesh?’ [website], <www.accion.org/page.aspx?pid=2147≯ [accessed 2 August 2012]. www.accion.org/page.aspx?pid=2147

Saifullah, A.K.M. (2001) ‘Credit and seed: New approach of Bangladesh Rural Advancement Committee (BRAC)’, in F. Hossain and Z. Rahman (eds), Microfinance and Poverty: Contemporary Perspectives, pp. 139-56, University of Tampere, Tampere.

Setboonsarng, S. and Parpiev, Z. (2008) Microfinance and the Millennium Development Goals in Pakistan: Impact Assessment Using Propensity Score Matching, Asian Development Bank Institute, Tokyo.

Shepherd, A. and Mehta, A.K. (2006) ‘Chronic poverty in India: An introduction’, in A. Shepherd and A.K. Mehta (eds), Chronic Poverty & Development Policy in India, pp. 23-52, Sage, New Delhi.

Singh, K. (2003) ‘Microcredit myths: No lending hand for the poor’, Times of India, 30 January.

Stiglitz, J.E. and Weiss, A. (1981) ‘Credit rationing in markets with imperfect information’, American Economic Review 71: 393-411 <www.jstor.org/stable/1802787≯. www.jstor.org/stable/1802787

Times of India (2011) ‘Cap on MFI loan rates, cushion for borrowers’, Times of India, Ahmedabad edition, 26 February, p. 20.

The Economic Times (2011) ‘MFIs in India are money-spinning machines: Yunus’, The Economic Times, New Delhi edition, 17 March, p. 14.

Tripathi, A. (2010) ‘FMCGs, telcos find a Godsent ally in microfinanciers’ [website], DNA, 15 July, <www.dnaindia.com/money/report_fmcgs-telcosfind-a-godsent-ally-in-microfinanciers_1409919≯ [accessed 2 February 2011]. www.dnaindia.com/money/report_fmcgs-telcosfind-a-godsent-ally-in-microfinanciers_1409919

Welsh, A. (2007) ‘Microfinance faces debt test in Brazil’ [website], Reuters US Edition, 19 June 2007, <www.reuters.com/article/2007/06/19/businesspro-brazilmicrofinance-dc-idUSN0642269220070619≯ [accessed 31 March 2011]. www.reuters.com/article/2007/06/19/businesspro-brazilmicrofinance-dc-idUSN0642269220070619

Yaron, J., Benjamin, M.P. Jr and Piprek, G.L. (1997) Rural Finance: Issues, Design, and Best Practices, World Bank, Washington, DC.

ACCION (2008) Summary of Client Protection in Brazil [website], <www.accion.org/Page.aspx?pid=1758≯ [accessed 2 February 2011]. www.accion.org/Page.aspx?pid=1758

Armendariz de Aghion, B. and Morduch, J. (2007) The Economics of Microfinance, MIT Press, Cambridge, MA.

Besley, T. (1994) ‘How do market failures justify interventions in rural credit markets?’ World Bank Research Observer 9: 27-47.

Biswas (2011) Madura Microfinance Partners with Vodafone, Nokia [website], <http://techcircle.vccircle.com/500/madura-microfinance-partners-withvodafone-nokia/≯ [accessed 10 May 2011]. http://techcircle.vccircle.com/500/madura-microfinance-partners-withvodafone-nokia/

Bourdieu, P. (2005) The Social Structures of the Economy, Polity Press, Cambridge, UK.

Burke, J. (2011) ‘Impoverished Indian families caught in deadly spiral of microfinance debt’ [website], The Guardian, 31 January, <www.guardian.co.uk/world/2011/jan/31/india-microfinance-debt-struggle-suicide≯ [accessed 4 April 2011]. www.guardian.co.uk/world/2011/jan/31/india-microfinance-debt-struggle-suicide

Business Today (2008) ‘India needs game changers in microfinance’ [website], Business Today, 14 December, <http://businesstoday.intoday.in/story/%E2%80%9Cindia-needs-game-changers-in-microfinance%E2%80.html/1/3464.html≯ [accessed 2 January 2011]. http://businesstoday.intoday.in/story/%E2%80%9Cindia-needs-game-changers-in-microfinance%E2%80.html/1/3464.html

Dewan, I. and Somanathan, R. (2007) Poverty Targeting in Public Programs: A Comparison of some Nonparametric Tests and their Application to Indian Microfinance, Working Paper No. 154, Centre for Development Economics, Department of Economics, Delhi School of Economics.

FullHyd.com (2010) ‘Bill to replace MFI Ordinance soon’ [website], 4 December, <www.fullhyderabad.com/hyderabad-news/bill-to-replace-mfi-ordinance-inandhra-pradesh-soon-2752≯ [accessed 5 January 2011]. www.fullhyderabad.com/hyderabad-news/bill-to-replace-mfi-ordinance-inandhra-pradesh-soon-2752

Ghate, P. (2007) Microfinance in India: A State of the Sector Report, 2006, Microfinance India, New Delhi.

Government of AP (2009) Indira Kranti Patham [website], <www.rd.ap.gov.in/≯ [accessed 30 April 2009]. www.rd.ap.gov.in/

Government of AP (2010) Andhra Pradesh Microfinance Institutions (regulation of moneylending) Ordinance, 2010 [website], <http://indiamicrofinance.com/wpcontent/uploads/2010/10/Andhra-MFI-Ordinance.pdf≯ [accessed 11 July 2012]. http://indiamicrofinance.com/wpcontent/uploads/2010/10/Andhra-MFI-Ordinance.pdf

Government of India (2011) Census 2011 Data Summary [website], <http://census india.gov.in/2011-common/CensusDataSummary.html≯ [accessed 9 March 2011]. http://census india.gov.in/2011-common/CensusDataSummary.html

Government of India (2012) Microfinance Institutions (Development and Regulation) Bill, 2012. Available at: <www.ujjivan.com/pdf/Microfinance_Bill_in_Parliament.pdf≯ [accessed 6 August 2012]. www.ujjivan.com/pdf/Microfinance_Bill_in_Parliament.pdf

Hulme, D. and Arun, T. (2009) ‘The future of microfinance’, in D. Hulme and T. Arun (eds), Microfinance: A Reader, Routledge, London.

Imai, K., Arun, T. and Annim, S. (2010) ‘Microfinance and household poverty reduction: New evidence from India’, World Development 38: 1760-74 <http://dx.doi.org/10.1016/j.worlddev.2010.04.006≯.

India Microfinance Business News (2010) ‘Andhra Pradesh Microfinance Institutions Ordinance 2010 comes into force’ [website], 15 October, <http://indiamicrofinance.com/andhra-pradesh-mfi-ordinance-2010.html≯ [accessed 11 July 2012]. http://indiamicrofinance.com/andhra-pradesh-mfi-ordinance-2010.html

Infochange (2010) MFIs Lay Small-Debt Trap in Andhra [website], <http://infochangeindia.org/micro-credit/news/mfis-lay-small-debt-trap-in-andhra.html≯ [accessed 7 April 2011]. http://infochangeindia.org/micro-credit/news/mfis-lay-small-debt-trap-in-andhra.html

Kappel, V., Krauss, A. and Lontzek, L. (2010) Over-Indebtedness and Microfinance: Constructing an Early Warning Index, Centre for Microfinance, University of Zurich.

Lapenu, C. (2002) ‘The microfinance revolution: Implications for the role of the state’, in M. Zeller and R.L. Meyer (eds), The Triangle of Microfinance: Financial Sustainability, Outreach, and Impact, pp. 297-320, John Hopkins University Press, Baltimore, MD.

Latifee, H.I. (2006) ‘The future of microfinance: Visioning the who, what, when, where, why, and how of microfinance expansion over the next 10 years’, Grameen Trust, Bangladesh. Paper presented at The Global Microcredit Summit 2006, 12-15 November, Halifax, Nova Scotia, Canada.

Mohan, R. and Prasad, A. (2005) ‘India's experience with financial sector development’, in P. Basu (ed.), India's Financial Sector: Recent Reforms, Future Challenges, pp. 23-42, Macmillan India, Delhi.

NABARD (2010) Status of Micro Finance in India 2009-10 [website], <http://indiamicrofinance.com/wp-content/uploads/2010/11/Status-of-microfinancein-India-2010-Nabard.pdf≯ [accessed 2 January 2011]. http://indiamicrofinance.com/wp-content/uploads/2010/11/Status-of-microfinancein-India-2010-Nabard.pdf

NCEUS (2009) ‘The challenges of employment in India: An informal economy perspective’, Volume 1, Main Report [website], <www.scribd.com/doc/48304597/The-Challenge-of-Employment-in-India≯ [accessed 9 March 2010]. www.scribd.com/doc/48304597/The-Challenge-of-Employment-in-India

Olsen, W.K. (2008) ‘Aspiration paradox in microfinance: A difficulty and an opportunity for debate’, paper presented at the International Conference on Microfinance: Tool to Eradicate Poverty, 23-25 January, University of Pondicherry, India.

Pioneer (2011) ‘Microfinance firms move in to help farmers’, 21 April, New Delhi, p. 11.

Priyadarshee, A. (2010) Microfinance, Social Protection and Poverty: Challenges and Opportunities for Service Delivery in India, PhD thesis, Institute for Development Policy and Management, The University of Manchester, UK.

Priyadarshee, A. and Hossain, F. (2010) ‘Decentralisation, service delivery, and people's perspectives: Empirical observations on selected social protection programmes in India’, International Journal of Public Administration 33: 752-66 <http://dx.doi.org/10.1080/01900692.2010.513359≯.

Priyadarshee, A., Arun, T. and Hossain, F. (2011) ‘Impact of microfinance: Evidence from India’, in F. Hossain, C.J. Rees, and T. Knight-Miller (eds), Microcredit and International Development: Contexts, Achievements and Challenges, Routledge, Abingdon, UK.

Puja Campos, A. (2008) ‘Programa credito y sobreendeudamiento de los consumidores’, Consumers International, Fundacion Avina, Informe investigación sobre 5 bancos en Chile.

Ramadugu, N.S. (2009) ‘Corporate-microfinance institutions’ (MFIs) partnerships: New way of reaching out to rural consumers’ [website], <www.ibscdc.org/Articles/Corporate%E2%80%93Microfinance-Institutions-Partnerships-New-Way-Reaching-Out-to-Rural-Consumers.htm≯ [accessed 30 June 2011]. www.ibscdc.org/Articles/Corporate%E2%80%93Microfinance-Institutions-Partnerships-New-Way-Reaching-Out-to-Rural-Consumers.htm

RBI (2011a) Report of the Sub-Committee of the Central Board of Directors of Reserve Bank of India to Study Issues and Concerns in the MFI Sector [website], <www.rbi.org.in/scripts/PublicationReportDetails.aspx?UrlPage=&ID=608≯ [accessed 7 February 2011]. www.rbi.org.in/scripts/PublicationReportDetails.aspx?UrlPage=&ID=608

RBI (2011b) ‘Bank loans to micro finance institutions (MFIs) - priority sector status’, [online] <www.rbi.org.in/scripts/NotificationUser.aspx?Id=6381&Mode=0≯ [accessed 6 August 2012]. www.rbi.org.in/scripts/NotificationUser.aspx?Id=6381&Mode=0

Reuters India (2010) ‘Would you like a soda with your small loan?’ [website], 28 July, <http://blogs.reuters.com/india/2010/07/28/would-you-like-a-sodawith-your-small-loan/≯ [accessed 9 January 2011]. http://blogs.reuters.com/india/2010/07/28/would-you-like-a-sodawith-your-small-loan/

Rhyne, E. (2010) ‘On microfinance: Who's to blame for the crisis in Andhra Pradesh?’ [website], <www.accion.org/page.aspx?pid=2147≯ [accessed 2 August 2012]. www.accion.org/page.aspx?pid=2147

Saifullah, A.K.M. (2001) ‘Credit and seed: New approach of Bangladesh Rural Advancement Committee (BRAC)’, in F. Hossain and Z. Rahman (eds), Microfinance and Poverty: Contemporary Perspectives, pp. 139-56, University of Tampere, Tampere.

Setboonsarng, S. and Parpiev, Z. (2008) Microfinance and the Millennium Development Goals in Pakistan: Impact Assessment Using Propensity Score Matching, Asian Development Bank Institute, Tokyo.

Shepherd, A. and Mehta, A.K. (2006) ‘Chronic poverty in India: An introduction’, in A. Shepherd and A.K. Mehta (eds), Chronic Poverty & Development Policy in India, pp. 23-52, Sage, New Delhi.

Singh, K. (2003) ‘Microcredit myths: No lending hand for the poor’, Times of India, 30 January.

Stiglitz, J.E. and Weiss, A. (1981) ‘Credit rationing in markets with imperfect information’, American Economic Review 71: 393-411 <www.jstor.org/stable/1802787≯. www.jstor.org/stable/1802787

Times of India (2011) ‘Cap on MFI loan rates, cushion for borrowers’, Times of India, Ahmedabad edition, 26 February, p. 20.

The Economic Times (2011) ‘MFIs in India are money-spinning machines: Yunus’, The Economic Times, New Delhi edition, 17 March, p. 14.

Tripathi, A. (2010) ‘FMCGs, telcos find a Godsent ally in microfinanciers’ [website], DNA, 15 July, <www.dnaindia.com/money/report_fmcgs-telcosfind-a-godsent-ally-in-microfinanciers_1409919≯ [accessed 2 February 2011]. www.dnaindia.com/money/report_fmcgs-telcosfind-a-godsent-ally-in-microfinanciers_1409919

Welsh, A. (2007) ‘Microfinance faces debt test in Brazil’ [website], Reuters US Edition, 19 June 2007, <www.reuters.com/article/2007/06/19/businesspro-brazilmicrofinance-dc-idUSN0642269220070619≯ [accessed 31 March 2011]. www.reuters.com/article/2007/06/19/businesspro-brazilmicrofinance-dc-idUSN0642269220070619

Yaron, J., Benjamin, M.P. Jr and Piprek, G.L. (1997) Rural Finance: Issues, Design, and Best Practices, World Bank, Washington, DC.

ACCION (2008) Summary of Client Protection in Brazil [website], <www.accion.org/Page.aspx?pid=1758≯ [accessed 2 February 2011]. www.accion.org/Page.aspx?pid=1758

Armendariz de Aghion, B. and Morduch, J. (2007) The Economics of Microfinance, MIT Press, Cambridge, MA.

Besley, T. (1994) ‘How do market failures justify interventions in rural credit markets?’ World Bank Research Observer 9: 27-47.

Biswas (2011) Madura Microfinance Partners with Vodafone, Nokia [website], <http://techcircle.vccircle.com/500/madura-microfinance-partners-withvodafone-nokia/≯ [accessed 10 May 2011]. http://techcircle.vccircle.com/500/madura-microfinance-partners-withvodafone-nokia/

Bourdieu, P. (2005) The Social Structures of the Economy, Polity Press, Cambridge, UK.

Burke, J. (2011) ‘Impoverished Indian families caught in deadly spiral of microfinance debt’ [website], The Guardian, 31 January, <www.guardian.co.uk/world/2011/jan/31/india-microfinance-debt-struggle-suicide≯ [accessed 4 April 2011]. www.guardian.co.uk/world/2011/jan/31/india-microfinance-debt-struggle-suicide

Business Today (2008) ‘India needs game changers in microfinance’ [website], Business Today, 14 December, <http://businesstoday.intoday.in/story/%E2%80%9Cindia-needs-game-changers-in-microfinance%E2%80.html/1/3464.html≯ [accessed 2 January 2011]. http://businesstoday.intoday.in/story/%E2%80%9Cindia-needs-game-changers-in-microfinance%E2%80.html/1/3464.html

Dewan, I. and Somanathan, R. (2007) Poverty Targeting in Public Programs: A Comparison of some Nonparametric Tests and their Application to Indian Microfinance, Working Paper No. 154, Centre for Development Economics, Department of Economics, Delhi School of Economics.

FullHyd.com (2010) ‘Bill to replace MFI Ordinance soon’ [website], 4 December, <www.fullhyderabad.com/hyderabad-news/bill-to-replace-mfi-ordinance-inandhra-pradesh-soon-2752≯ [accessed 5 January 2011]. www.fullhyderabad.com/hyderabad-news/bill-to-replace-mfi-ordinance-inandhra-pradesh-soon-2752

Ghate, P. (2007) Microfinance in India: A State of the Sector Report, 2006, Microfinance India, New Delhi.

Government of AP (2009) Indira Kranti Patham [website], <www.rd.ap.gov.in/≯ [accessed 30 April 2009]. www.rd.ap.gov.in/

Government of AP (2010) Andhra Pradesh Microfinance Institutions (regulation of moneylending) Ordinance, 2010 [website], <http://indiamicrofinance.com/wpcontent/uploads/2010/10/Andhra-MFI-Ordinance.pdf≯ [accessed 11 July 2012]. http://indiamicrofinance.com/wpcontent/uploads/2010/10/Andhra-MFI-Ordinance.pdf

Government of India (2011) Census 2011 Data Summary [website], <http://census india.gov.in/2011-common/CensusDataSummary.html≯ [accessed 9 March 2011]. http://census india.gov.in/2011-common/CensusDataSummary.html

Government of India (2012) Microfinance Institutions (Development and Regulation) Bill, 2012. Available at: <www.ujjivan.com/pdf/Microfinance_Bill_in_Parliament.pdf≯ [accessed 6 August 2012]. www.ujjivan.com/pdf/Microfinance_Bill_in_Parliament.pdf

Hulme, D. and Arun, T. (2009) ‘The future of microfinance’, in D. Hulme and T. Arun (eds), Microfinance: A Reader, Routledge, London.

Imai, K., Arun, T. and Annim, S. (2010) ‘Microfinance and household poverty reduction: New evidence from India’, World Development 38: 1760-74 <http://dx.doi.org/10.1016/j.worlddev.2010.04.006≯.

India Microfinance Business News (2010) ‘Andhra Pradesh Microfinance Institutions Ordinance 2010 comes into force’ [website], 15 October, <http://indiamicrofinance.com/andhra-pradesh-mfi-ordinance-2010.html≯ [accessed 11 July 2012]. http://indiamicrofinance.com/andhra-pradesh-mfi-ordinance-2010.html

Infochange (2010) MFIs Lay Small-Debt Trap in Andhra [website], <http://infochangeindia.org/micro-credit/news/mfis-lay-small-debt-trap-in-andhra.html≯ [accessed 7 April 2011]. http://infochangeindia.org/micro-credit/news/mfis-lay-small-debt-trap-in-andhra.html

Kappel, V., Krauss, A. and Lontzek, L. (2010) Over-Indebtedness and Microfinance: Constructing an Early Warning Index, Centre for Microfinance, University of Zurich.

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