Paragraph on Your Idea on Grameen Bank

 Your Idea of Grameen Bank

Grameen Bank is a name which has added a new dimension in banking ideology. It is an unconventional bank. Noted economist of the country Professor Dr. Muhammad Yunus established Grameen Bank with a view to alleviating poverty from the rural areas. It functions by providing credit to the poorest of the poor in rural Bangladesh. According to the theory of the founder, credit is a cost effective weapon for the poor to fight against poverty. The bank is rendering service to the rural poor and landless people across the country to make them self reliant. It provides loans to this section of people to start a small business or take up small-scale project so that they can earn and lead a better life. As per rules and regulations of the bank, the poor people interested in taking loans would have to make 5-6 groups and each group consists of five members. They would have a centre where the bank will work to give loans and receive repayment of loans. Thus Grameen Bank is working in the rural areas to free the country from poverty. It is serving as a catalyst in the overall development of socio-economic conditions of the poor who have been kept outside the ritual banking orbit.  The bank is playing a vital role in developing the socio-economic condition of the ill fated rural people. The positive upshot of Grameen Bank has crossed our national territory. It won many international awards and recognition. Eventually Professor Dr. Muhammad Yunus, the founder of the Bank, and the Bank itself have jointly won the world’s most prestigious award, the Nobel Peace Prize, in the year 2006.