Professor Muhammad Yunus has been recently awarded Nobel Peace Prize jointly with the Grameen Bank, Bangladesh, which he is heading, for his microfinance initiative.
Grameen Bank (GB) based in Jobra, Bangladesh, was originated in 1976 and was transformed as a formal bank in the year 1983. The bank was incepted with a vision of development of rural Bangladesh, by expanding better banking facilities to poor men and women through abolishing their exploitation by money lenders, creating prospects for self-employment for a large number of unemployed people, making the underprivileged, mostly the women to understand and manage themselves better, and reverse the age-old fierce circle of low income, low savings and low investment into honorable circle of low income, injection of credit, investment, more savings, more investment, and more income. GB detached the need for security against its micro-loans and pioneered an inverted conservative banking practice, that was based on mutual trust, liability, involvement and vision. |
