It's a success story of a rural bank of Bangladesh, popularly known as Grameen Bank(GB) of Bangladesh. It was founded as an experiment project in 1976 by Dr. Mohd. Yunus, professor at Chittagong University. The GB and Dr. Yunus won Nobel prize for Peace in 2006 "for their efforts to create economic and social development from below." This is one of the best rural credit and banking services delivery system as well as an exemplary recovery system.
History: Bangladesh emerged as an independent state in 1971 after a devastating war and surrender of 93000 soldiers, popularly known as "Operation jackpot". In post war period, efforts started for meeting infrastructure and poverty eradication in rural areas. The formation of GB was an attempt to provide banking and credit services for rural areas.
The roots of its formation lies in 1976, while Dr. Yunus researching on a credit and banking services delivery system to the poors without any collateral(any asset deposited to bank or lender as a security). The project was started by lending an amount of 27$ to forty two poor person of village Jobra near his university.
The bank was legally authorised by Bangladesh govt. in Oct. 1983. the institution is presently registered as a micro-finance (lending between 90$-150$) institution working as a community development bank providing door to door services.
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Dr. Yunus says:
Less you have, more attractive you are, if you have nothing you will get highest priority.
The bank started with 42 persons now has 8.4 Million borrowers (Jan 2011), 2568 branches (Jan 2018) and more than 24K employees. 97% of the bank borrowers are women and having a 99.6% loan recovery rate. The bank is presently standing as an exemplary mark for all over the world and more than 64 countries have started Grameen Bank in their countries based on thid model. This model has also proved providing rural credit to womens is less riskier than providing to men.
The GB works on the principle of giving priority to the poors, rootless, landless and vulnerable sections of the society. The institution uses Group lending as one of the most important features behind high loan recovery rates.
I strongly believe that we can create a poverty-free world, if we want to.... In that kind of world, only place you can see poverty is in the museum. When school children will be on a tour of the poverty museum, they will be horrified to see the misery and indignity of human beings. They will blame their forefathers for tolerating this inhuman condition to continue in a massive way....
—Muhammad Yunus
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