Grameen Bank
Grameen Bank is a micro-credit institution which gives loans to the poor and landless villagers who can use the money in many productive activities. Dr. Mohammad Yunus, the eminent economist and the professor of Economics in Chittagong University, founded this bank. He introduced the idea of micro-credit through this bank.
The aim of Grameen bank is to improve the economic condition of the poor village people of Bangladesh. Only the poor and landless people are eligible to get loan from this bank. There are some procedures for getting loans from the bank. To get the loans, the villagers must fulfill some conditions. They have to form a 5/6 groups of workers. Each group should have five members. A centre should be set up to give loans and receive repayments. Each member of the group is given a registration number. Then a chairperson and a secretary are elected among the members. It is the responsibility of the group chairperson to maintain the discipline. All the members must do their banking through the chairperson. Proper steps are taken to ensure the best use of money to lent to the poor.
Actually, Grameen Bank has brought about a revolutionary change in our rural economy. For this Dr. Yunus was given the Nobel Peace Prize, the highest international recognition, in 2006. Many countries of the world have accepted the micro-credit system of Grameen Bank.
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