Paragraph : Grameen Bank

Grameen Bank

↬ Role of Grameen Bank to Eradicate Poverty

Grameen Bank is a non-government organization, the supreme target of which is the eradication of poverty. In Bangladesh, we notice the progress of Grameen Bank in all spheres of development. Grameen Bank is a landmark in the history of Bangladesh. It is needless to say that Grameen Bank does a lot of constructive work in the field of socio-economic progress of our country. It plays an important role in promoting the capabilities of the people who are living in poverty. It distributes loans among the people in different ways. It helps to use our human resources. If human resources are not properly utilized, they will gradually be inactive and useless for the country. Grameen Bank takes very practical and pragmatic programmes to remove poverty from the country.

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Grameen Bank is an unconventional bank which has reversed conventional banking practice by removing the need for collateral and created a banking system based on mutual trust, accountability, participation, and creativity. Professor Dr Muhammad Yunus is the founder of “Grameen Bank”. It functions by providing credit to the poorest of the poor in rural Bangladesh, without any collateral. At Grameen Bank, credit is a cost-effective weapon to fight poverty and it serves as a catalyst in the banking orbit on the ground that they are poor and hence not bankable. 6.74 million borrowers, 97% of whom are women are the beneficiaries of the bank. Grameen Bank provides services in 72,833 villages covering more than 86% of the total villages in Bangladesh. Grameen Bank’s positive impact on its poor and formerly poor borrowers has been documented in many independent studies carried out by external agencies. It won many international prizes and recognition. The founder of the bank Professor Dr Muhammad Yunus and the bank itself have won the Nobel Peace Prize in the year 2006, the highest international recognition in the world. However, Grameen Bank is committed to eradicating poverty from the country in not too distant a future.
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