Grameen Bank Paragraph
(a) What is a bank?
(b) What is the Grameen Bank?
(c) Who is the founder of the bank?
(d) How many members are there in Grameen Bank?
(e) How can a person get loan from the bank?
A bank is a commercial institution for depositing, lending and transacting money. Grameen means rural or relating to rural areas. Grameen Bank is a financial institution that works for the landless and helpless rural people of Bangladesh. The concept was introduced in 1976 by Nobel laureate Professor Muhammad Yunus, a former professor of economics at Chittagong University.
Grameen Bank has played a significant role by providing loans to millions of poor Bangladeshis, most of whom are women. They get loans without any financial security. The main motto of Grameen Bank is “Until the large population finds a way out of poverty, lasting peace will not be achieved”. He realized that the country can never progress without the development of the rural people, the vast majority of our population.
So he came up with the idea of microfinance and founded Grameen Bank. Currently, Grameen Bank is serving the rural poor through its 2211 branches covering 70,370 villages and 6.5 million people. Only the poor and landless are eligible to get loans from banks. There are some procedures to get loans. Before getting loans, people have to form a group of 5-6 workers, each of which has five members. The members have to be disciplined.
Basically, the group chairperson is responsible for disciplinary activities. The borrowers are advised to make the best use of the money received as loans. People can repay the interest and borrowed money from their profits. This bank has brought a revolutionary change in our rural economy.
Grameen Bank has thus helped the poor people to become self-reliant. In the recent past, microfinance guru Professor Muhammad Yunus and his Grameen Bank jointly won the Nobel Peace Prize-2006 and thus made the nation proud. So Grameen Bank is a unique concept in providing microfinance to the landless and helpless.
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