Banking
About Us
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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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The Speech of the Honourable Prime Minister of India Dr. Manmohan Singh
The Speech of the Honourable Prime  Minister of India Dr. Manmohan Singh in  the Joint Meeting of the Lok Sabha and the Rajya Sabha of the Indian Parliament on December 9, 2009

My esteemed friend and Nobel Laureate Professor Muhammad Yunus sahib; Respected Vice-President of India, Hamid Ansari sahib; Respected Mera Kumariji, Speaker, Lok Sabha; Respected Soniaji; Respected Advaniji; Respected Arun Jaitleyji; Governors; Members of Parliament; Distinguished Ladies and Gentlemen:

I am delighted to be here today on the occasion of the Second Professor Hiren Mukerjee Memorial Lecture. I welcome and greet Professor Muhammad Yunus who will deliver this highly prestigious address.

Professor Yunus is truly an exceptional human being and it is really a privilege to be in his company. He has been a Professor of Economics, a civil servant, and a social worker. His work demonstrates the great power of ideas. In his case, his path is best described by an Urdu couplet: “Main Akela Hi Chala Tha Janebe Manjil, Magar Log Milte Gaye Aur Caravan Banta Gaya!”

Professor Yunus is one of those exceptional human beings who has applied his knowledge of economics and society for reducing the poverty of millions and millions of men and women. In this, he has indeed been a great visionary of our times. We have much to learn from the recipient of the 2006 Nobel Peace Prize and I once again applaud and salute his work and his presence here amidst us.

I also congratulate Smt. Meira Kumar, Speaker of the Lok Sabha, for having invited Professor Yunus to address us. The Professor Hiren Mukerjee Memorial Lecture was instituted by the previous Speaker Shri Somnath Chatterjee. Though he is not present here today, he deserves special thanks for this initiative. I am sure this annual event will continue to inform and educate us greatly in years to come.

The speaker last year was another Nobel Laureate Professor Amartya Sen. While welcoming him I had mentioned about his passion for inclusive growth which should improve the lives of the poorest and the most underprivileged sections of our society. This is a passion which today’s speaker Professor Yunus shares with Professor Amartya Sen. Their work is different but there is so much in common in the motivation that drives both their works.

Professor Yunus has revolutionized the idea of micro-credit and made it accessible to the poorest of the poor. With his declaration that, “Credit is a human right; it is a powerful expression of what he believes in”, he has brought about a paradigm shift in reaching out to the dispossessed and the disinherited.

His work has especially touched poor women and empowered them. Indeed, Professor Hiren Mukerjee would have been very happy today were he to listen to Professor Yunus, for Professor Yunus embodies in himself many of the ideals that Professor Mukerjee lived for.

 The title of today’s Lecture, “Social Business – A Step Toward Creating a New Economic and Social Order” would have appealed to both the communist and liberal in Professor Mukerjee because it is a subject that explores the possibility of a more egalitarian society through the power of new ideas.

As we pay tribute to the memory of an outstanding scholar and parliamentarian, a man whose life was one of tireless service to the cause of the poor, a great son of our country, I will not take more of your time.  Like all of you, I look forward to the Lecture by Professor Yunus which, I am sure, is going to be both exciting and enlightening. 


Thank you.
 
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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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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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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