Karnani (2007) summarized following problems of microcredit from various studies: Microloans are more beneficial to borrowers living above the poverty line than to borrowers living below the poverty line microcredit; seems to do more harm than good to the poorest; microcredit is the businesses it is intended to fund. Williams &Durrance(2008) found that across a number of instances of community technology, technology use is directly influenced of social networks, and social networks are directly influenced by technology use. Perron (2011) examined case by case the various approaches from companies, public sector entities, philanthropy, etc., and also institutional and private investors in their availability as well as their specific legal capacities and limitations to deliver the funding required supporting the growth. Such initiatives are vital in the fight against poverty and income inequalities. Batool(2013) commented that implementation of emotions intelligently in any organization by a leader to be effective and efficient plays a vital role to leader effectively. Emotional intelligence is one of the useful tools which helps a leader to judge people more clearly and closely and build a connection between people.
Bhattacharya et al. (2014) described that social networking has affected the process of marketing and how present day marketing activities is highly dependent on this phenomenal process of social networking. Also focus has been laid on how social networking affects the process of market signaling and hence reduces the possibility of asymmetric information within a market and lowers the possibility of market failure for a particular product. Yang et al. (2014) observed that social intelligence and technology explore the roles of information, the Internet, and mobile technology in improving our understanding about human behaviors and social interaction in human society at the individual, interpersonal, and community levels-building a sustainable social environment, developing social intelligence, and having practical applications with major impacts in solving societal problems such as health, security, energy, and the environment. Ali(2016) suggested that establishment of integration fund to encourage creative entrepreneurship so that poor downtrodden people can come out with innovative business process through financial inclusion process, to remove poverty. Rattanawiboonsom and Ali (2016) more intensive and pragmatic policy should be developed for the development of the social enterprises particularly for self-motivated entrepreneurs. Experiences from the research work, they observed that the rural poor are mobilized and working together in self-controlled community based organizations which ensures social welfare and Pareto optimality. Not only small and medium enterprises but also micro enterprises should get special priority and inclusion through financial organizations are being required for developing proper steps to poverty alleviation, public-private and foreign strategic alliances are required in the small and medium enterprise sector with special emphasis on micro enterprises of the country.
This alternative framework was an attempt to develop a theory on how social networking facilitates to empower people which were developed by Muhammad Mahboob Ali (2016) to test any country The study will extensively tries to display an integral part regarding different dimensions of empowerment before involving in social networking and after involving in social capital, social along with business and social investment along with social intelligence ,social enterprises along with micro savings transformed to micro investment. Social intelligence is also one of the key components to readdress to come out from poverty. In Current century a greater role is being played by social media for which interpersonal connectivity in vital. Environmental scanning for doing the business is vital especially to ease the business process and local economies. Empowerment of people rises from decision making process when people do have purchasing power capability. Community banking framework should be developed under a regulatory framework which will work starting in joint effort of Pali Sanchya bank, Karmasonsthan bank and postal savings deposit and creating postal investment sector.
Community banking idea is larger than agent banking or mobile banking. It will give the scope of financial inclusion and current 80% people who are working informal sector will gradually transformed to the formal sector. This will also help to raise direct taxation as well as employees’ job satisfaction and job security.
Technological diffusion, innovation, creativity and suitable regulations by the local level planning with local level law of the province are the key to deepening financial inclusion analysis where nano saving must be transformed to nano investment. Community banking will help to expedite the process of social networking and ultimately empowerment of people.
In Chart:1 we have seen a model as concept developed by Ali(2016) based on aforesaid discussion in this section as Social Networking Model and empowerment of people through transformation of Micro savings to micro investment with the help of community banking .However social education in the form of formal or non-formal is very important to act as a complementary.
The Rabobank view (2005) described that Rabobank was founded in the Netherlands more than a hundred years ago as a co-operative bank providing access to financial services for small farmers and offering a secure option for savings to the local community. The driving force behind the Rabobank Group has always been to create opportunities for individuals and organisations to participate fully and independently in economic activities. Rabobank has developed an integrated concept of sustainable rural financing in developing countries. In addition, Rabobank participates through its different departments in international platforms and partnerships concerning the challenge of economic development in developing countries.
Mallick(2009) found that moneylender interest rates go up with the percentage of households borrowing from Micro Financial Institutes (MFIs). Productive investment of loan lowers moneylender interest rates. But MFI program expansion increases moneylender interest rates in the villages in which more loans are invested in productive economic activities. As loans are utilized in productive purposes, the likelihood of repayment increases so that moneylenders are able to charge lower interest rates.
Dupas et al.(2012) depicted that while simply expanding access to banking services will benefit a minority, broader success may be unobtainable unless the quality of services is simultaneously improved. There are also challenges on the demand side, however. More work needs to be done to understand what savings and credit products are best suited for the majority of rural households.
Ngalemwa(2013) described that village Community Banks (VICOBA) have benefited people in reducing their income poverty by playing an important role in enabling the poor to save and access credits. VICOBA lending model is a unique and an effective tool for development of rural communities.
Halim et al. (2016) found that the series of income inequality and savings demonstrate a nonlinear relation in Bangladesh. Savings behave differently at different level of income inequality. Moreover, this nonlinear relationship is due to changes in economic policy. From our data set we can see that economic liberalization has improved the inequality situation of our country and caused savings GDP ratio to increase.
Valkenburg and Piotrowski(2017) argued that the negative spin that youth and media research often receives in the news can give most people the idea that media primarily have negative effects on children and adolescents.
The Sustainable Development Goals (SDGs) possesses 17 Goals build on the successes of the Millennium Development Goals, while including new areas such as climate change, economic inequality, innovation, sustainable consumption, peace and justice, among other priorities. The goals are interconnected – often the key to success on one will involve tackling issues more commonly associated with another. The SDGs work in the spirit of partnership and pragmatism to make the right choices now to improve life, in a sustainable way, for future generations. They provide clear guidelines and targets for all countries to adopt in accordance with their own priorities and the environmental challenges of the world at large. The SDGs are an inclusive agenda. They tackle the root causes of poverty and unite us together to make a positive change for both people and planet. “Supporting the 2030 Agenda is a top priority for UNDP,” said UNDP Administrator Helen Clark. “The SDGs provide us with a common plan and agenda to tackle some of the pressing challenges facing our world such as poverty, climate change and conflict. UNDP has the experience and expertise to drive progress and help support countries on the path to sustainable development.”(Source: http://www.undp.org/content/undp/en/home/sustainable-development-goals.html,1st March,2017)
Ali et al.(2017) commented that policy makers should come forward to think how community banking with the applicability of the social networking can be used in local level planning system of the country. They also argued that people must be cautious about misuse of social media as reported by different dailies.
Methodology of the study
Based on aforesaid literature review and also objectives of the study, we observed that there is no clear study on impact of social networking and community banking for transforming micro savings to micro investment. As such the study intends to develop the theoretical model .The study used secondary sources. Time period of the study is from March 2017 to June 2017.The study tried to consider objectives of the study through conceptually for formulating the model. Further, through reviewing different literatures this study tried to develop some theoretical framework which helped to develop a proposed model. This is just a qualitative analysis not quantitative analysis.
(To be continued)
Bhattacharya et al. (2014) described that social networking has affected the process of marketing and how present day marketing activities is highly dependent on this phenomenal process of social networking. Also focus has been laid on how social networking affects the process of market signaling and hence reduces the possibility of asymmetric information within a market and lowers the possibility of market failure for a particular product. Yang et al. (2014) observed that social intelligence and technology explore the roles of information, the Internet, and mobile technology in improving our understanding about human behaviors and social interaction in human society at the individual, interpersonal, and community levels-building a sustainable social environment, developing social intelligence, and having practical applications with major impacts in solving societal problems such as health, security, energy, and the environment. Ali(2016) suggested that establishment of integration fund to encourage creative entrepreneurship so that poor downtrodden people can come out with innovative business process through financial inclusion process, to remove poverty. Rattanawiboonsom and Ali (2016) more intensive and pragmatic policy should be developed for the development of the social enterprises particularly for self-motivated entrepreneurs. Experiences from the research work, they observed that the rural poor are mobilized and working together in self-controlled community based organizations which ensures social welfare and Pareto optimality. Not only small and medium enterprises but also micro enterprises should get special priority and inclusion through financial organizations are being required for developing proper steps to poverty alleviation, public-private and foreign strategic alliances are required in the small and medium enterprise sector with special emphasis on micro enterprises of the country.
This alternative framework was an attempt to develop a theory on how social networking facilitates to empower people which were developed by Muhammad Mahboob Ali (2016) to test any country The study will extensively tries to display an integral part regarding different dimensions of empowerment before involving in social networking and after involving in social capital, social along with business and social investment along with social intelligence ,social enterprises along with micro savings transformed to micro investment. Social intelligence is also one of the key components to readdress to come out from poverty. In Current century a greater role is being played by social media for which interpersonal connectivity in vital. Environmental scanning for doing the business is vital especially to ease the business process and local economies. Empowerment of people rises from decision making process when people do have purchasing power capability. Community banking framework should be developed under a regulatory framework which will work starting in joint effort of Pali Sanchya bank, Karmasonsthan bank and postal savings deposit and creating postal investment sector.
Community banking idea is larger than agent banking or mobile banking. It will give the scope of financial inclusion and current 80% people who are working informal sector will gradually transformed to the formal sector. This will also help to raise direct taxation as well as employees’ job satisfaction and job security.
Technological diffusion, innovation, creativity and suitable regulations by the local level planning with local level law of the province are the key to deepening financial inclusion analysis where nano saving must be transformed to nano investment. Community banking will help to expedite the process of social networking and ultimately empowerment of people.
In Chart:1 we have seen a model as concept developed by Ali(2016) based on aforesaid discussion in this section as Social Networking Model and empowerment of people through transformation of Micro savings to micro investment with the help of community banking .However social education in the form of formal or non-formal is very important to act as a complementary.
The Rabobank view (2005) described that Rabobank was founded in the Netherlands more than a hundred years ago as a co-operative bank providing access to financial services for small farmers and offering a secure option for savings to the local community. The driving force behind the Rabobank Group has always been to create opportunities for individuals and organisations to participate fully and independently in economic activities. Rabobank has developed an integrated concept of sustainable rural financing in developing countries. In addition, Rabobank participates through its different departments in international platforms and partnerships concerning the challenge of economic development in developing countries.
Mallick(2009) found that moneylender interest rates go up with the percentage of households borrowing from Micro Financial Institutes (MFIs). Productive investment of loan lowers moneylender interest rates. But MFI program expansion increases moneylender interest rates in the villages in which more loans are invested in productive economic activities. As loans are utilized in productive purposes, the likelihood of repayment increases so that moneylenders are able to charge lower interest rates.
Dupas et al.(2012) depicted that while simply expanding access to banking services will benefit a minority, broader success may be unobtainable unless the quality of services is simultaneously improved. There are also challenges on the demand side, however. More work needs to be done to understand what savings and credit products are best suited for the majority of rural households.
Ngalemwa(2013) described that village Community Banks (VICOBA) have benefited people in reducing their income poverty by playing an important role in enabling the poor to save and access credits. VICOBA lending model is a unique and an effective tool for development of rural communities.
Halim et al. (2016) found that the series of income inequality and savings demonstrate a nonlinear relation in Bangladesh. Savings behave differently at different level of income inequality. Moreover, this nonlinear relationship is due to changes in economic policy. From our data set we can see that economic liberalization has improved the inequality situation of our country and caused savings GDP ratio to increase.
Valkenburg and Piotrowski(2017) argued that the negative spin that youth and media research often receives in the news can give most people the idea that media primarily have negative effects on children and adolescents.
The Sustainable Development Goals (SDGs) possesses 17 Goals build on the successes of the Millennium Development Goals, while including new areas such as climate change, economic inequality, innovation, sustainable consumption, peace and justice, among other priorities. The goals are interconnected – often the key to success on one will involve tackling issues more commonly associated with another. The SDGs work in the spirit of partnership and pragmatism to make the right choices now to improve life, in a sustainable way, for future generations. They provide clear guidelines and targets for all countries to adopt in accordance with their own priorities and the environmental challenges of the world at large. The SDGs are an inclusive agenda. They tackle the root causes of poverty and unite us together to make a positive change for both people and planet. “Supporting the 2030 Agenda is a top priority for UNDP,” said UNDP Administrator Helen Clark. “The SDGs provide us with a common plan and agenda to tackle some of the pressing challenges facing our world such as poverty, climate change and conflict. UNDP has the experience and expertise to drive progress and help support countries on the path to sustainable development.”(Source: http://www.undp.org/content/undp/en/home/sustainable-development-goals.html,1st March,2017)
Ali et al.(2017) commented that policy makers should come forward to think how community banking with the applicability of the social networking can be used in local level planning system of the country. They also argued that people must be cautious about misuse of social media as reported by different dailies.
Methodology of the study
Based on aforesaid literature review and also objectives of the study, we observed that there is no clear study on impact of social networking and community banking for transforming micro savings to micro investment. As such the study intends to develop the theoretical model .The study used secondary sources. Time period of the study is from March 2017 to June 2017.The study tried to consider objectives of the study through conceptually for formulating the model. Further, through reviewing different literatures this study tried to develop some theoretical framework which helped to develop a proposed model. This is just a qualitative analysis not quantitative analysis.
(To be continued)
