Banking
About Us
Overview text for About Us section

Introduction
Grameen Bank (GB) has reversed conventional banking practice by removing the need for collateral and created a banking system based on mutual trust, accountability, participation and creativity. GB provides credit to the poorest of the poor in rural Bangladesh.....
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A Short History of Grameen Bank
The origin of Grameen Bank can be traced back to 1976 when Professor Muhammad Yunus, Head of the Rural Economics Program at the University  of Chittagong ......
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Grameen Bank II
These external factors reinforced the internal weaknesses in the system. The system consisted of a set of well-defined standardised rules.
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GB At a Glance
Grameen Bank Project was born in the village of Jobra, Bangladesh, in 1976. In 1983 it was transformed into a formal bank under a special law passed for its creation.
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Is Grameen Bank Different
Grameen Bank methodology is almost the reverse of the conventional banking methodology. Conventional banking is based on the principle that the more you have, the more you can get. In other words, if you have little or nothing, you get nothing. As a result, more than half the population of the world is deprived of the financial services of the conventional banks. Conventional banking is based on collateral, Grameen system is collateral- free.
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What is Microcredit
The word "microcredit" did not exist before the seventies. Now it has become a buzz-word among the development practitioners. In the process, the word has been imputed to mean everything to everybody. ...
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The Medal of Freedom Recipients
Untitled Document
Extract from the press release of White House
 
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FOR IMMEDIATE RELEASE July 30,2009
 
President Obama Names Medal of Freedom Recipients
16 Agents of Change to Receive Top Civilian Honor
 
WASHINGTON – President Obama today named 16 recipients of the 2009 Presidential Medal of Freedom. America’s highest civilian honor, the Medal of Freedom is awarded to individuals who make an especially meritorious contribution to the security or national interests of the United States, world peace, cultural or other significant public or private endeavors.

This year’s awardees were chosen for their work as agents of change. Among their many accomplishments in fields ranging from sports and art to science and medicine to politics and public policy, these men and women have changed the world for the better. They have blazed trails and broken down barriers. They have discovered new theories, launched new initiatives, and opened minds to new possibilities.

President Obama said, "These outstanding men and women represent an incredible diversity of backgrounds. Their tremendous accomplishments span fields from science to sports, from fine arts to foreign affairs. Yet they share one overarching trait: Each has been an agent of change. Each saw an imperfect world and set about improving it, often overcoming great obstacles along the way.

"Their relentless devotion to breaking down barriers and lifting up their fellow citizens sets a standard to which we all should strive. It is my great honor to award them the Medal of Freedom."

President Obama will present the awards at a ceremony on Wednesday, August 12.

The following individual will receive the 2009 Presidential Medal of Freedom:

Muhammad Yunus

Dr. Muhammad Yunus is a global leader in anti-poverty efforts, and has pioneered the use of "micro-loans" to provide credit to poor individuals without collateral. Dr. Yunus, an economist by training, founded the Grameen Bank in 1983 in his native Bangladesh to provide small, low-interest loans to the poor to help better their livelihood and communities. Despite its low interest rates and lending to poor individuals, Grameen Bank is sustainable and 98% percent of its loans are repaid – higher than other banking systems. It has spread its successful model throughout the world. Dr. Yunus received the Nobel Peace Prize in 2006 for his work
 
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Awards Received by Grameen Bank
The Grameen Bank is becoming an icon for microcredit, low-income households, women's access to credit etc.The Grameen Bank operates 2,462 branches in 79,925 rural Bangladesh villages. Grameen Bank and its founder Professor Muhammad Yunus has received the following National /International awards, Honours & Degrees:
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The Nobel Peace Prize 2006

"for their efforts to create economic and social development from below"

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  The Norwegian Nobel Committee has announced the Nobel Peace Prize for 2006, divided into two equal parts, to Dr. Muhammad Yunus & Grameen Bank.
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Banker to the Poor
In 1974, Professor Muhammad Yunus, a Bangladeshi economist from Chittagong University, led his students on a field trip to a poor village. They interviewed a woman who made bamboo stools, and learnt that she had to borrow the equivalent of 15p to buy raw bamboo for each stool made. After repaying the middleman, sometimes at rates as high as 10% a week, she was left with a penny profit margin. Had she been able to borrow at more advantageous rates, she would have been able to amass an economic cushion and raise herself above subsistence level.
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