Abstract

The study examines the efficiency differences across the ownership structure of Indian microfinance institutions (MFIs) operating during the year 2005/06 to 2017/18 in response to regulatory reforms initiated by the Reserve Bank of India (RBI) in the year 2011. We remove the outliers from the dataset first. Thereafter, we employ the bootstrap data envelopment analysis (DEA) to assess the bias-corrected efficiency scores. To identify the performance determinants, we use bootstrap truncated regression. The empirical results suggest that the performance difference between NBFCs and Non-NBFC MFIs is not statistically significant in the sample period. Further, the study finds that the size and ownership structure of MFI has a positive and statistically significant impact on the efficiency level. Although the coefficient of PAR30 (Portfolio at risk, 30 days) is statistically insignificant, however, the results conclude that the deteriorating credit quality has hindered the efficiency level. The Indian MFI industry needs to focus on the adoption of more innovative technology and partnership with FinTech (financial technology) firms to reduce the transaction costs and service time. The RBI essentially endorses the regulatory-sandbox practices to offer micro-financial services to the poor.

摘要

该研究检查了在 2005/06 至 2017/18 年期间运营的印度小额信贷机构 (MFI) 所有权结构的效率差异，以响应印度储备银行 (RBI) 在 2011 年发起的监管改革。我们删除了首先是数据集中的异常值。此后，我们采用自举数据包络分析 (DEA) 来评估偏差校正的效率分数。为了确定性能决定因素，我们使用引导截断回归。实证结果表明，NBFC 和非 NBFC 小额信贷机构之间的绩效差异在样本期内不具有统计显着性。此外，研究发现，小额信贷机构的规模和所有权结构对效率水平具有积极且统计上显着的影响。尽管 PAR30（风险投资组合，30 天）在统计上不显着，但结果表明信用质量恶化阻碍了效率水平。印度 MFI 行业需要专注于采用更多创新技术并与 FinTech（金融技术）公司合作，以降低交易成本和服务时间。印度储备银行基本上支持监管沙盒做法，为穷人提供小额金融服务。