The Grameen Bank

THE GRAMEEN BANK

The concept of the ‘Grameen Bank’ is the brain-child of Dr Muhammad Yunus, a professor of Economics at Chittagong University. He is the founder and Managing Director of the Grameen Bank. He understood that without improving the lot of the poor people, it is not possible to achieve economic development of the whole country. So he came up with the idea of micro-credit and established the Grameen Bank. This bank lends money poor or landless people. They can use in many productive activities. Proper steps are taken to ensure the best use of the money lent to the poor. The system of lending money of this bank is very flexible. People can repay their installment from their profit. This bank has gained popularity across our country, particularly in rural areas. The Grameen Bank’s success has been praised (or acclaimed) by many Western countries. Some countries are following the strategy of the Grameen Bank to alleviate their poverty. So by improving the lot of the poor people Grameen Bank is playing a vital role in our socio-economic development.