EVALUATING THE SOCIAL IMPACT OF INTEREST-FREE MICROFINANCE INSTITUTIONS IN KERALA: AN ANALYSIS OF VARIANCE

The study has evaluated the Social Impact of Interest-free microfinance institutions (IFMFIs) in Kerala in terms of Impact on Self-confidence, Impact on Skill Development and Impact on Social Awareness and Responsibility to examine their performance in keeping their social commitments towards their beneficiaries. Using a sample size of 454 respondents from 32 sample institutions, the study found that the IFMFIs in Kerala have a positive social impact on its beneficiaries. The study has also made an attempt to examine whether there is any significant difference between the Society Model, Trust Model and Nidhi Model of Interest-free Microfinance in Financial Performance and found the hat Society Model of interest-free microfinance institutions are performing better in all social impact parameters compared to other two models.