Vijay Mahajan(born 1954) is an Indian social entrepreneur and the Founder and was the CEO till 30 September 2016 of the BASIX Social Enterprise Group which is engaged in livelihood promotion of low income households in over 20 states in India and six developing countries.
The BASIX Group comprises 11 entities, including three social enterprises providing microfinance services, four providing livelihood promotional services such as agricultural guidance and market linkages; vocational skill training; solid waste management; climate change advisory services, and three non-profits, all under a holding company. (see BASIX corporate structure below).
Vijay co-founded Sa-Dhan, the association of community development financial institutions in 1999 with Ela Bhatt of SEWA. He was the founding President of MicroFinance Institutions Network (MFIN) of India.
Since the middle of 2018, Vijay is the CEO of the Rajiv Gandhi Foundation and the Director of the Rajiv Gandhi Institute of Contemporary Studies. 
Vijay Mahajan was born in Pune, India in 1954. His early education was in neighbourhood schools, but in the last four years, he was sent to the Jesuit St Xavier's School, Jaipur, where he learnt to speak English first time at the age of 12. He did well in the final school board examination in 1970 and appeared in the All India Merit List and was selected a National Science Talent Scholar.
Vijay joined the Indian Institute of Technology, Delhi in 1970 for a five-year bachelor's degree in technology, specialising in Electrical Engineering. He won a merit scholarship all five years at IIT and excelled in academics in his final years at the IIT. The IIT was also the place where Mahajan discovered and nurtured his love for public affairs, development work and the arts and literature.
After working in Philips, the electronics multinational for four years, in 1979, he went to attend the post-graduate program in management (MBA) at the Indian Institute of Management, Ahmedabad, from where he graduated in 1981, with a gold medal for scholastic performance. He was a Mid Career Fellow at the Woodrow Wilson School of Public and International Affairs, Princeton University in 1989.
Among his inspirations, he includes Prof Ravi Matthai of IIM Ahmedabad, Ela Bhatt of SEWA, Ahmedabad, Dr Verghese Kurien of the AMUL and the NDDB fame, Prof. Mohammad Yunus of the Grameen Bank, Bangladesh, Sir Fasle Abed of the Bangladesh Rural Action Committee (BRAC), Bangladesh, and Mary Houghton, the co-founder of the Shorebank, USA.
Vijay's first job was at the electronics multinational company Philips in a marketing position. He worked there for four years, mostly in the Northeastern and Eastern India. His work took him to several industrial project locations in the hinterland where he encountered visible poverty. This fuelled the early interest in rural development and poverty alleviation he had developed while still at the IIT Delhi. Having heard of the Jawaja Rural University Project launched by the founder and former Director of IIMA, Prof Ravi J. Matthai and Prof Ranjit Gupta, Vijay decided to study at the IIM Ahmedabad. Two years of study and working with them made up Vijay's mind that he would like to work in rural economic development full-time and he has been doing that since 1981.
The opportunity for grassroots work came in 1982 when Vijay met Deep Joshi then a young program officer in the Ford Foundation's New delhi office. Both of them shared their experience and agreed that committed and competent young professionals were need to work at the cutting edge in development tasks. Deep told Vijay about a Gandhian NGO, the Association for Sarva Seva farms (ASSEFA), which was working with landless poor households who had been given land under Vinoba Bhave's Bhoodan movement. ASSEFA began in 1969 in Tamil Nadu in South India and in 1979 expanded its work in the northern states of Bihar, Rajasthan and Maharashtra. By 1982, its northern programs were in trouble and ASSEFA was looking for someone to manage those.
Vijay took up this challenge and joined ASSEFA in Bihar in mid 1982. After turning around the initial project in Gaya, he set up new projects in Jamui and Deoghar districts and then many more in other northern states. Having demonstrated that professionals can make a positive difference, Vijay sought the help of ASSEFA's founder Mr Loganathan and executive coordinator, Mr TK Mathew, to work on the idea that Deep and he espoused – of professionals working at the developmental cutting edge. This led to the birth of PRADAN or "professional assistance for development action". Pradan in Hindi means "to give in exchange" as against dan which means "to give in charity". Vijay strongly felt that people like him who had the privilege to go to an IIT and an IIM should do something for society, particularly for those who were left behind.
In October 1983, PRADAN was established as a non-profit society and was funded by the Ford Foundation. Vijay became its first executive director. Continuing his work with ASSEFA, Vijay inducted a number of young professionals from the IITs, IIMs and top agricultural universities to work with ASSEFA as well as other NGOs such as MYRADA, Seva Mandir, Anand Niketan Ashram, Mahila Jagaran Samiti and Gram Vikas, Orissa. By 1986, PRADAN began its own direct work with rural poor communities, starting with the tribals of the Kesla block in Hoshangabad district of Madhya pradesh to the dalit carcass flayers of Barabanki in Uttar Pradesh to the tasar silk reares of Santhal Parganas of Bihar (now Jharkhand). Vijay topped up this flush of innovative projects by setting up three separate types of collaborative projects – for wasteland development with small NGOs in Purulia, West Bengal; for income-generation with ITC near its cigarette factories in Munger, Bihar and Saharanpur, UP; and with the local panchayats and district/block level government agencies in the Kishangarh Bas block of Alwar district in Rajasthan.
In keeping with the leadership norms then prevalent in his alma mater IIMA, he stepped down from the Executive Directorship after serving a five-year term. Deep Joshi, who had joined PRADAN in 1986, took over as the second Executive Director of PRADAN. Vijay then went for a year's fellowship to the Princeton University. On his return, he worked in PRADAN for a year and a half. He spent the initial few months with Mr Laxmi Chand Jain and Smt Ela Bhatt, who were both senior development activists then serving as Members of the Planning Commission of India. He also carried out a review of the first ten years of the program for rural management (PRM) offered by the Institute for Rural Management, Anand, (IRMA). The review was titled "In Search of Relevance" and was sponsored by the Swiss Agency for Development Cooperation.
In 1991, Vijay left PRADAN with a vague notion of working in the mainstream. He tried to provide policy advice to the VP Singh government, but it fell before anything could be done. Vijay then interned for a year as an Organization Development trainer under Prof Somnath Chattopadhyay and Dr Deepankar Roy, building on his earlier apprenticeship in behavioural work with Dr Rolf Lynton and Dr Ronnie Lynton.
PRADAN continues to thrive and is considered one of India's more effective NGOs specialising in livelihoods of rural poor households. See more at www.pradan.net. Some of his colleagues at PRADAN, including Deep Joshi and Sankar Datta helped him start BASIX in 1996.
In 1992, Vijay was joined by Thomas Fisher, whom he had met in Princeton and along with whom and a third colleague, Geoffrey Onegi-Obel, he had established a US non-profit agency called VikaSoko (a word synthesised from Vikas meaning development in Hindi and Soko meaning marketplace in Swahili). They then offered services as development consultants and researchers and also as trainers, but with a focus exclusively on the issue of livelihoods.
Their first assignment was for the Dalai Lama's Tibetan Government-in-Exile in Dharamsala, whom they worked with to produce the first Integrated Development Plan for the 120,000 Tibetan community in exile. Subsequently, they carried out a study of the Rural Non-Farm Sector in India, for the Indian National Bank for Agriculture and Rural Development (NABARD) and the Swiss Agency for Development Cooperation (SDC). Another study was of the SEWA Bank for the Ford Foundation and a third one of financial services for the rural poor and women, for the World Bank.
There was a lot learning in these studies for Vijay and his team. which led them to the conclusion that India badly need a pro-poor, pro-women financial institution which would focus not just on credit but on overall livelihood promotion. VikaSoko was closed in 1996 when Vijay established BASIX, Thomas went back from India to the UK and Geoffrey got busy as a newspaper publisher in Uganda. Sixteen years later, Vijay led the establishment of the African Livelihoods Partnership with the support of the SDC in Tanzania, Mozambique and Cameroon.
In 1996, realising the need to attract mainstream financial resources, Vijay conceptualised BASIX, a new generation institution devoted to promoting a large number of livelihoods for the poor and women on a sustainable basis. See more at . BASIX established Bhartiya Samruddhi Finance Ltd (BSFL), which was among the first microfinance companies in the world to attract commercial debt and equity investments, both internationally and from within India. It also offers a range of services including savings and insurance, agricultural, livestock and non-farm enterprise development, and institutional development to rural producers and their groups. Some of his early colleagues at BASIX were BL Parthasarathy, Ashok Singha, Sankar Datta, MS Sriram, and D Sattaiah.
A vast majority of the borrowers of BASIX were the rural poor, particularly the landless and women. BASIX gave loans to them to promote self-employment. BASIX believed, however, that all the poor did not want to be self-employed and many sough steady wage-employment. This meant that farms and firms which generate wage-employment for the poor would also need to be finance. Thus BASIX decided to lend to rural commercial farmers and non-farm small enterprises, which generate much-needed wage employment for the rural poor. BASIX thus addressed customer segments in different sectors and different levels of income, as follows:
|Agriculture Sector||Allied Sectors||Non-Farm Sector|
|Subsistence Workers and Landless Poor||Landless (lease-holder) and marginal farmers in dryland areas.||Landless livestock rearers; backyard poultry rearers; lac||Self-employed artisans e.g. handloom weavers / cottage units|
|Small and Marginal Farmers and non-farm micro-enterprises||Small farmers producing cash crops or marketable surplus of food crops||Dairy farmers, sheep and goat rearers, poultry farmers.||Micro-enterprises and services e.g. furniture making unit; auto repair shops|
|Commercial Farmers and Growth Micro-Enterprises and Small Enterprises||Farmers, mainly growing cotton, oilseeds, vegetables, cotton and other cash crops.||Dairy cooperatives, Commercial poultry and dairy farmers; fish pond owners;||Enterprises, with 2-10 workers engaged in food processing, metal work, retail shops|
The lending methodology was also different in each of three segments. For subsistence workers and the landless poor, whose loan requirements were quite small, typically less than Rs 3,000, BASIX established self-help groups (SHGs) of about 15-20 women and leant up to Rs 50,000 to the SHG, out of which the SHG leant to its members, largely accepting the decision of the SHG as to who should get how much. In the small farmers and non-farm micro-enterprises segment, where the average loan requirement was Rs 10,000, typically five or six neighbouring borrowers were asked to form joint liability groups (JLG), and while each individual was appraised separately and the loan was given to each individually, all JLG members guaranteed the repayment of each other’s loan. In the final segment, commercial farmers and small enterprises, the average loan size was Rs 30,000 with a range of Rs 20,000 to 50,000. Here BASIX extended loans direct to the individual farmers and micro-entrepreneurs, based on a detailed appraisal of the cashflows of the business as well as creditworthiness of the borrower.
In 2002, at the end of five years of micro-credit by BSFL and promotional service by IGS, BASIX decided to carry out an assessment of its work in terms of impact on its clientele. A reputed external agency was identified and a number of experts were drafted as advisors. Based on a sample of about 800 borrowers who had taken and successfully repaid loans taken from BSFL over the previous five years, and a similar number of control group households who had not received any loans from BSFL nor any promotional services from IGS, the study tried to assess if the BASIX had made any difference to their incomes, assets, ability to cope with risks, extent of participation in markets, social affairs and in terms of empowerment of women as well of poor households. The highlights of the study were as follows:
· Only about 52% of the borrowers, showed any significant (at least 10%) increase in incomes as compared to the control group, over the five year period.
· Another 25% of the borrowers did not show any significant (at least 10%) increase in incomes as compared to the control group, over the five year period.
· A further 23% of the borrowers reported a significant (at least 10%) decrease in incomes as compared to the control group, over the five year period. This was despite the fact that they had repaid their loans
Till then, most evaluation studies of microfinance, particularly from Bangladesh and Latin America were full of glowing stories of positive impact on the poor. So we found the findings of the BSFL impact assessment hard to reconcile to. What we found most difficult to understand was how come 23% of the borrowers had repaid all their loans on time, even as they reported a decline in incomes compared to the control group (although still higher than their starting incomes, in most cases). We decided to do a detailed study of these 200 odd households and found three clusters of problems:
· High risk : Almost all the poor households had suffered from some or the other severe adverse event in the previous three to five years – either death of an earning family member, or crop damage due to drought or flood, or livestock death or events like fires or thefts in their shops. These events set them back by many years’ income and as almost no one was insured, the cost had to be met from sale of assets or borrowing from relatives and moneylenders.
· Low productivity: Whatever economic activity these poor households were engaged in, their productivity was usually well below the average. If they were growing crops, the yields were lower due to lower level and quality of inputs (seeds, fertilisers, pesticides). If they were rearing dairy animals, the milk yield was half or less than the average due to poor breed of animals and poor feeding and veterinary care.
· Adverse terms of trade: If after the high risk and low productivity, if the poor households still had any marketable surplus, when they took it to the traders, they got offered lower prices as the traders knew they were desperate to sell for cash. When they had to buy any inputs, they got charged higher prices as they bought in small lots and at the time of peak demand.
In view of the above analysis, BASIX decided to change its strategy and extend insurance services to cover various kinds of risks in the lives and livelihoods of poor households, to greatly enhance training and extension services to enhance productivity, producers, and also to organise producers into informal groups and formal organisations to get better terms of trade from the market. This new strategy was called the Livelihood Triad and it took a whole year of discussion and debate to evolve. Although the BSFL investor Boar Members was not fully in its favour because they feared it would affect BSFL growth and profitability, they went along Vijay Mahajan’s strong advocacy of it.
The Livelihood Triad strategy was designed to provide a comprehensive set of livelihood promotion services to rural poor households. This includes provision of financial services, agricultural/business development services and institutional development services. The BASIX Livelihood Triad includes the following services.
|Financial Inclusion Services (FIs)||Agricultural, Livestock & Enterprise Development (AGLED) Services||Institutional Development Services (IDS)|
|Savings (only in three district where we have a banking license)||Productivity enhancement – increase in yields||Individual level awareness, skill and entrepreneurship development|
|Credit: agricultural, allied and non-farm, short and long-term||Productivity enhancement – reduction in costs||Formation of groups, federations, cooperatives, mutual benefits, etc. of producers|
|Insurance, for lives and livelihoods||Risk mitigation (other than insurance)||Accounting and management information systems, using IT|
|Money transfer, for migrant workers||Local value addition||Building collaborations to deliver a wide range of services|
|Financial orchestration (arranging funding from various sources)||Alternate Market linkages - Input supply, output sales||Sector and Policy work – analysis and advocacy for changes/reforms.|
The rationale behind the BASIX Livelihood Triad strategy was as follows: Micro-credit by itself was helpful for the more enterprising poor people in economically dynamic areas. Less enterprising poor households need to start with savings and insurance before they can benefit from micro-credit, because they need to cope with risk. For their old age, people need long term safe savings which can yield pensions. They also need money transfer services to receive payments for migrant family members and the government. These together constitute Financial Inclusion Services.
In addition, producers in economically backward regions, and poor people in all regions need a whole range of Agriculture, Livestock and Enterprise Development (AGLED) Services such as input supply, training, technical assistance, local value addition and market linkages need to be provided. Since most small farmers find it hard to make a living with just agriculture, they also need support for livestock rearing, such as dairy buffaloes or poultry chicken. Then there were poor households without land who can be helped with starting non-farm micro-enterprises.
To offer these services in a cost-effective manner, it was not possible to work with poor households individually and they need to be organized into groups, informal associations and sometimes cooperatives or producer companies. The formation of such groups and making them function effectively at a scale on a sustainable basis, requires Institutional Development Services (IDS). Once the poor were organised into groups, they can also bargain better for inputs (fair prices, good quality, timely supply), services from governments (extension, infrastructure, etc.) and output marketing (better prices, and no cheating or exploitation by middlemen).
The BASIX Livelihood Triad Model had been adopted by BASIX since 2003 and had been used to serve over two million rural poor households all over India. The model had undergone several evaluations and though these have shown many areas of improvement, on the whole they have said that the model was indeed superior to any other such integrated approach. Though livelihood promotion services were offered by various NGOs and government development agencies, mostly those were confined to only one or two main services or sub-sectors, these were mostly subsidised, with producers paying nothing or certainly not full-cost. It was here that the BLTM stands apart. Every service that was provided was charged for, and together they constitute a revenue model, particularly where there was a large enough cluster of fee-paying users.
In Oct 2010, the BSFL was serving 1.8 million poor households with micro-credit and about 4 million with micro-insurance services for life, hospitalization, crop, livestock and assets. The Andhra Pradesh Government promulgated an Ordinance to regulate MFIs in the state and this led to a mass default. In an attempt to understand the people's response Vijay Mahajan undertook a ten week Shodh Yatra  a journey of search, across India in 2011. His later experiences of reviving BSFL have been captured in an interview with Prof Arvind Ashta, titled Dealing with Black Swan Events. He was also described as Tragic Hero in a chapter by that title by Tamal Bandopadhyay in his book Bandhan: The Making of Bank.
BASIX Corporate Structure 2016
To effectively carry-out its mission, BASICS Ltd., the holding company exists for the purpose of managing investments in its subsidiaries and affiliate companies and building synergies across its corporate structure through strategic guidance the opportunities. The corporate structure has been carefully crafted so that each company meets specific needs of target customers in a cost efficient, sustainable and profitable manner. BASICS LTd., has built and nurtured 12 different legally incorporated institutions under its umbrella.
Bhartiya Samruddhi Finance Limited is registered with the Reserve Bank of India (RBI) as a Non Banking Finance Company (NBFC) MFI in the year 1996, which provides credit, risk mitigation and management services, and technical assistance is delivered. BSFL is unique among MFIs as it operates through more than 4000 CSCs as a Public-Private Partnership with the Govt. of India aimed at providing Government to Citizen (G2C) services. These CSCs are IT Kiosks with internet deliver a holistic suite of services through an alternate channel to the rural market.
Krishna Bhima Samruddhi, licensed by RBI under a special category of Local Area Bank (KBS LAB), commenced operations in the year 2001. The bank operates in four districts of Mahabubnagar in Andhra Pradesh and Gulbarga, Yadgir, Raichur in Karnataka which are by far least developed. The bank is currently operating through 14 branches, and 59 Business Correspondent locations providing all banking and microfinance services.
BASIX Sub-K iTransactions Ltd was incorporated in September 2010 to provide residents of rural, urban and semi-urban areas with a mobile technology based transactional platform for access to digitized services. These could include Banking Services, Savings, NREGA and other Government Payments, Money Transfers, Utility Payments, Prepaid Mobile Top-ups and others, enabled through a network of Basic Convenience Outlets (BCO) operated by Sub-K agents. Sub-K works on appointing service providers / banks at one end and BCOs at the other to bridge the digital divide and create a more prosperous, ‘financially included’ society. In Hindi language, Sub-K also means “for everyone” – inclusiveness.
BASIX Krishi Samruddhi Limited has evolved in the year 2010 to provide a holistic suite of services in an integrated manner to the farmers engaged in agriculture and agri-allied activities. The company operates under a decentralized business model where each branch responds to local conditions and requirements and seeks to maximize the number and type of BASIX Krishi farmer-customers. The agriculture advisory services provided by Krishi help in productivity enhancement of the small and marginal farmers. Through local value addition and input and output linkages, the company helps in better price realization and more remunerative options for the produce of the farmers.
BASIX Consulting and Training Services Limited: BASIX from inception has been doing pioneering work for the development of the microfinance and livelihood sector in India. The Consulting primarily draws on the experiences and expertise of BASIX across all group companies and specialties. BASIX Consulting offers: Sector and policy research and advocacy; capacity building, project management, short term training programs and long term techno managerial handholding support to institutions; product development in microfinance including micro-insurance and diagnostic and Institutional Assessment Studies; Monitoring and Evaluation and Impact Assessment.
CTRAN Consulting Services Ltd., is a leading Consulting Organization focusing on infrastructure, energy and environment sector, with special emphasis on Climate Change and Clean Development Mechanism. One of the key modes of delivery includes PPP (Public Private Partnership) and PPCP (Public Private Community Partnership) models in several sectors demystifying policy and institutional constraints through probing research and survey.
BASIX Academy for Building Lifelong Employability Ltd (B-ABLE): B-ABLE, has the message of 'BE ABLE'(aptly translated into a Sanskrit DAKSHA BHAV), started its journey in 2009 by setting up a pilot skill training campus in Dehradun. In its first year itself, B-ABLE achieved the distinction of being the first organization approved by NSDC (www.nsdcindia.org) with the soft loan funding to pursue its mission. B-ABLE conceived an innovative, sustainable, nation-wide model for building a high quality skilled workforce - both for the unorganized and the organized sectors.
BASIX Municipal Waste Venture Limited was incorporated in the year April 2012. BMWV proposed conducted integrated solid waste management including primary doorstep collection, sorting, recycling, and composting within the Municipal jurisdiction for approximately 50 thousand households. The waste management activity would be carried out by a model waste picker group trained by BMW to provide efficient, timely and quality integrated solid waste management services to citizens.
Indian Grameen Services was established in 1987 as a not-for profit Section 25 Company. IGS has undertaken research and development in promoting / supporting large number of sustainable rural livelihoods. IGS works in the thematic areas - Action Research-Sub-sector approach; Financial Inclusion: Focus on unreached; Population and design technological model for Communities accessing financial services; Capacity building of NGOs/MFIs,
Policy Advisory and Board Roles
Vijay was a member of the Committee on Financial Sector Reforms, chaired by Raghuram Rajan and also of the C. Rangarajan Committee on Financial Inclusion. Vijay serves on the Insurance Regulatory and Development Authority, and the Micro Finance Development and Equity Fund. He is the Principal Advisor to the Government of Rajasthan on Livelihoods.
He served for several years on the Boards of various NGOs including Association for Sarva Seva Farms (ASSEFA), Gram Vikas, ARAVALI, Development Support Centre a. He also served on the boards of management institutions including the Indian Institute of Health Management Research, the Institute of Rural Management Anand and the Indian Institute of Forest Management.
Vijay has been an advisor to the Planning Commission, Government of India, the state governments of Andhra Pradesh, Karnataka, Madhya Pradesh, Rajasthan and Sikkim, and to RBI and NABARD. He was the Principal Advisor on Livelihoods to the Government of Rajasthan (2004-2010) and in that capacity helped conceptualise the Rajasthan Mission on Livelihoods, which later became the Rajasthan Skill and Livelihood Development Corporation in 2011.
Internationally, Vijay served on the Board of Oxfam America from 1995 to 1998 and from 2006–2012 on the Executive Committee(ExCom) of the World Bank's Consultative Group to Assist the Poor (CGAP, see www.cgap.org ), a global consortium of 33 bilateral, multilateral and private donor organisations on microfinance . In his last two years he was elected the Chair of the CGAP ExCom and in that capacity helped to move CGAP agenda from microfinance to financial inclusion. He was co-chair, along with late Prof Greg Dees, of the Global Working Group on Social Entrepreneurship, World Economic Forum, Davos, 2009-2010.
Apart from founding and serving till Sept 2016 on the Boards of all the BASIX Group's social enterprises, Vijay served as an Independent Director on the Boards of several social enterprises such as Waste Ventures India Pvt Ltd, Swasth India Services Pvt Ltd, and financial inclusion enterprises, including as the promoter of the Krishna Bhima Samruddhi Local Area Bank Ltd (KBS Bank) and Sarvodaya Nano Finance Ltd. He was also on the Investment Committee of the Aavishkaar India Micro Venture Capital Fund in its first three years (2003-2006) and is on the Investment Committee of the Menterra Social Impact Fund.
Vijay has been listed in “60 Outstanding Social Entrepreneurs” by the Schwab Foundation for Social Entrepreneurship at the World Economic Forum, Davos, 2002; "India's 50 Most Powerful People" by BusinessWeek, 2009 and among "the twenty people who will reform India during this decade", by the Indian Express, 2011
He was a keynote speaker at the OECD Foreign Aid Ministers in Paris in 2004, the Geneva Private Equity Conference on Microfinance, 2005 and the Goldman Sachs global forum on microfinance, 2006, Several panels in the World Economic Forum, Davos 2010.
Awards conferred on him include:
- Distinguished Alumnus Award by IIT Delhi, 2003
- Ashoka Fellowship, 2008
- HSBC Access award for outstanding contribution to the microfinance sector, 2009
- Skoch Foundation Award for Financial Inclusion, 2010
- Distinguished Alumnus Award by IIM Ahmedabad, 2011
- Prerna Samman I(Inspiration honour) at Sankalp Event, 2013
- Rockefeller Foundation Fellow at Bellagio Centre, 2016
- MFIN Award for outstanding contribution to the microfinance sector, 2018
Books & publications
Vijay Mahajan has published over 60 articles on rural livelihood, development and micro-finance in international journals.
Some of his books
- "The Forgotten Sector: Non-farm Employment and Enterprises in Rural India” by Thomas Fisher (Author) , Vijay Mahajan (Author)
- "Microfinance – from the fire to the frying pan?" by Mr. Vijay Mahajan (Author) , Mr. Bikram Duggal (Contributor)
- "Businessweek - Bloomberg". Bloomberg.com.
- "Archived copy" (PDF). Archived from the original (PDF) on 29 March 2012. Retrieved 1 August 2013.
- http://www.indiabusinessforum.net/events_2007/popup/mahajan.htm[permanent dead link]
- "Vijay Mahajan: We're Very Much Alive - Forbes India". Forbes India.
- Chakraborty, Somasroy (31 August 2011). "Q&A: Vijay Mahajan, Chairman, BASIX" – via Business Standard.
- "Vijay Mahajan: Rebuilding a Stronger Microfinance Sector in India - Knowledge@Wharton".
- "Archived copy". Archived from the original on 11 August 2013. Retrieved 23 August 2013.
- "Archived copy". Archived from the original on 12 August 2010. Retrieved 5 September 2013.
- Tibetan Refugee Community Integrated Development Plan-II, 1995-2000. Dharamsala, HP, India: Planning Council, Central Tibetan Administration of His Holiness the Dalai Lama. 1994.
- Fisher, Mahajan and Singha (1996). Forgotten Sector: Non-farm employment and enterprises in rural India. Rugby, UK: Practical Action. ISBN 978-1-85339-408-9.
- "SEWA Bank".
- Mahajan and Ramola (March 1996). "Access and Sustainability: Financial Services for the Rural Poor and Women". Journal of International Development. 8 (2) – via JSTOR.
- "Vijay Mahajan promoted BASIX to look at debt restructuring". Moneycontrol.
- Chakraborty, Abhijit Lele & Somasroy (4 July 2012). "BSFL to focus outside home turf Andhra" – via Business Standard.
- "LAUNCH: Aviva and BASIX launch "Khushiyaan di Gaddi" in rural Punjab - City Air News". cityairnews.com.
- India, Press Trust Of (11 April 2012). "MFIN seeks RBI's intervention to enable MFIs to collect dues" – via Business Standard.
- Administrator. "Basix India - BASIX Consulting". www.basixindia.com.
- Reporter, B. S. (24 November 2012). "Basix launches retail model for risk products" – via Business Standard.
- "Rajasthan Mission on Livelihoods (RMOL)".
- "Rajasthan Sill and Livelihood Development Corporation".
- http://www.voiceofbharat.org/microfinance/people.aspx[permanent dead link]
- "Archived copy" (PDF). Archived from the original (PDF) on 3 September 2013. Retrieved 1 August 2013.
- "Vijay Mahajan - Ashoka - India". india.ashoka.org.
- "9781853394089: The Forgotten Sector: Non-farm Employment and Enterprises in Rural India - AbeBooks - Thomas Fisher; Vijay Mahajan: 1853394084". www.abebooks.com.
- Risan, Hoina M. "The Forgotten Sector : Non-farm employment and enterprises in rural India". www.dwu.ac.pg.
- Mahajan, Mr Vijay; Duggal, Bikram (27 April 2013). "Microfinance - from the fire to the frying pan?". CreateSpace Independent Publishing Platform – via Amazon.