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Grameen Bank

Grameen Bank (Bengali: গ্রামীণ ব্যাংক) is a microfinance specialized community development bank founded in Bangladesh.[5][6] It provides small loans (known as microcredit or "grameencredit")[7] to the impoverished without requiring collateral.

Grameen Bank
Native name
Grameen Bank
Company typeStatutory public authority[1]
IndustryBank
FoundedOctober 1983 (1983-10)
FounderMuhammad Yunus
HeadquartersDhaka, Bangladesh
Number of locations
2,568 branches (2022)[2]
Area served
Bangladesh
Key people
Abdul Hannan Chowdhury[3] (Chairman)
Nur Mohammad[4] (Managing Director)
ProductsMicrofinance
Banking services
Consumer Banking
Investment Banking
৳2360.49 million[2] (2022)
AUM৳169.251 billion (members), ৳74.94 billion (non-members)[2]
Total assets৳301.05 billion[2] (2022)
Total equity৳26.920 billion[2] (2022)
Number of employees
18,203[2] (2022)
Websitegrameenbank.org.bd

Grameen Bank is a statutory public authority. It is originated in 1976, in the work of Muhammad Yunus, a professor at the University of Chittagong, who launched a research project to study how to design a credit delivery system to provide banking services to the rural poor. In October 1983 the Grameen Bank was authorized by national legislation to operate as an independent bank.

The bank grew significantly between 2003 and 2007. As of January 2022, the total borrowers of the bank number nearly 9.5 million, and 96.81% of those are women.[8] In 1998 the Bank's "Low-cost Housing Program" won a World Habitat Award. In 2006, the bank and its founder, Muhammad Yunus, were jointly awarded the Nobel Peace Prize.[9]

The bank's success has inspired similar projects in more than 64 countries around the world, including a World Bank initiative to finance Grameen-type lending systems.[10]

History

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Muhammad Yunus was inspired during the Bangladesh famine of 1974 to make a small personal loan of US$27 to a group of 42 families as start-up money so that they could make items for sale, without the burdens of high interest under predatory lending.[11] Yunus believed that making such loans available to a larger population could stimulate businesses and reduce the widespread rural poverty in Bangladesh.

 
Nobel Laureate Muhammad Yunus, the bank's founder

Yunus developed the principles of the Grameen Bank from his research and experience. Grameen Bank is Bengali for "Rural" or "Village" Bank.[12] He began a research project, together with a national commercial bank and the University of Chittagong, extending microcredit to test his method for providing credit and banking services to the rural poor. In 1976, the village of Jobra became the first to be served by the project. Over the next two years, the project expanded to other villages in the area.[13] The project, with support from the Bangladesh Bank, was extended in 1979 to the Tangail District (to the north of the capital, Dhaka). The project's services expanded to other districts of Bangladesh over the next few years.[13]

Through an ordinance of the Bangladesh government dated 2 October 1983, the project was converted into the Grameen Bank.[14] Bankers Ron Grzywinski and Mary Houghton of ShoreBank, a community development bank in Chicago, helped Yunus incorporate the bank under a grant from the Ford Foundation.[15] The bank's repayment rate suffered from economic disruption following the 1998 flood in Bangladesh, but it recovered in subsequent years. By the beginning of 2005, the bank had loaned over US$4.7 billion[16] and by the end of 2008, $7.6 billion[17] to the poor.

In 2011, the Bangladesh government forced Yunus to resign from Grameen Bank, saying that at age 72, he was years beyond the legal limit for the position.[18][19][20][21]

Grameen Bank soon began expanding into wealthy countries. As of 2017, Grameen America had 19 branches in eleven US cities and its nearly 100,000 borrowers were all women.[5]

Funding

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"The bank has gained its funding from different sources, and the main contributors have shifted over time."[22] In the initial years, donor agencies used to provide the bulk of capital at low rates.[22] By the mid-1990s, the bank started to get most of its funding from the central bank of Bangladesh.[22] More recently, Grameen has started bond sales as a source of finance.[22] The bonds are implicitly subsidised, as they are guaranteed by the Government of Bangladesh, and still they are sold above the bank rate.[22] In 2013, Bangladesh parliament passed 'Grameen Bank Act' which replaces the Grameen Bank Ordinance, 1983, authorising the government to make rules for any aspect of the running of the bank.[1]

Application of microcredit

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Grameen Bank is founded on the principle that loans are better than charity to interrupt poverty: they offer people the opportunity to take initiatives in business or agriculture, which provide earnings and enable them to pay off the debt.

The bank is founded on the belief that people have endless potential, and unleashing their creativity and initiative helps them end poverty.[7] Grameen has offered credit to classes of people formerly underserved: the poor, women, illiterate, and unemployed people. Access to credit is based on reasonable terms, such as the group lending system and weekly-instalment payments, with reasonably long terms of loans, enabling the poor to build on their existing skills to earn better income in each cycle of loans.[7]

Grameen's objective has been to promote financial independence among the poor. Yunus encourages all borrowers to become savers, so that their local capital can be converted into new loans to others. Since 1995, Grameen has funded 90 percent of its loans with interest income and deposits collected, aligning the interests of its new borrowers and depositor-shareholders. Grameen converts deposits made in villages into loans for the more needy in the villages (Yunus and Jolis 1998).[23]

It targets the poorest of the poor, with a particular emphasis on women, who receive upwards of 95 percent of the bank's loans. Women traditionally had less access to financial alternatives of ordinary credit lines and incomes. They were seen to have an inequitable share of power in household decision making. Yunus and others have found that lending to women generates considerable secondary effects, including empowerment of a marginalised segment of society (Yunus and Jolis 1998), who share betterment of income with their children, unlike many men. Yunus claims that in 2004, women still have difficulty getting loans; they comprise less than 1 percent of borrowers from commercial banks (Yunus 2004). The interest rates charged by microfinance institutions including Grameen Bank is high compared to that of traditional banks; Grameen's interest (reducing balance basis) on its main credit product is about 20%.[24]

Grameen has diversified the types of loans it makes. It supports hand-powered wells and loans to support the enterprises of Grameen members' immediate relatives. It has found that seasonal agricultural loans and lease-to-own agreements for equipment and livestock help the poor establish better agriculture. The bank has set a new goal: to make each of its branch locations free of poverty, as defined by benchmarks such as having adequate food and access to clean water and latrines.

18 Decisions [25]
  1. We shall reflect on the following four principles of Grameen Bank in every sphere of life to make it a prosperous organization through the members of the Center: Discipline, Unity, Courage, Hard Work.
  2. We shall improve our quality of life by bringing prosperity to our families.
  3. We shall arrange for safe accommodation. We shall build improved and durable houses at the earliest.
  4. We shall cultivate vegetables throughout the year, meet our own nutrition needs by having plenty of them, and increase income by selling the same.
  5. During the planting season, we shall plant as many seedlings as possible to protect the environment and create our own resources.
  6. We shall plan to keep our families small by having maximum two children. If possible, one will be the priority. We shall ensure all types of vaccinations for our children.
  7. We shall ensure education of all children of the members of the center and shall educate them in technical and higher studies.
  8. We shall keep our environment clean and tidy and ensure health care for all members of our families.
  9. We shall use Sanitary Latrine and clean our hands with soap.
  10. We shall drink tube well water. We shall use pure water in every household work.
  11. We shall avoid dowry in the marriage of our son and daughter, and shall not entertain child marriage. We shall confirm marriage registration.
  12. We shall treat everyone well. We shall live together in family and in society.
  13. We shall create new entrepreneurs to make our children self-reliant.
  14. We shall always help each other. If anyone in the center falls in any danger, we shall rescue him from the danger together.
  15. We shall be careful in conducting the transaction; we shall not transact without the passbook and shall keep the passbook with our own.
  16. We shall regularly attend the center meeting and we pay back our loan regularly.
  17. We shall pay attention to the savings and we shall save in the bank regularly.
  18. We shall ensure discipline in our center. We shall do all the social work together.
 
Grameen Bank Building in Dhaka

Grameen Bank is known for its system of solidarity lending.[10] The bank incorporates a set of values embodied in Bangladesh by the Sixteen Decisions (updated to Eighteen Decisions in 2023).[26] At every branch of Grameen Bank, the borrowers recite these Decisions and vow to follow them. As a result of the Eighteen Decisions, Grameen borrowers are encouraged to adopt positive social habits. One such habit includes educating children by sending them to school. Since the bank embraced the Sixteen Decisions, almost all Grameen borrowers have their school-age children enrolled in regular classes. This in turn helps bring about social change, and educate the next generation.

Solidarity lending is a cornerstone of microcredit, and the system was used in more than 43 countries as of 1988. Repayment responsibility rests solely on the individual borrower. No formal joint liability exists, i.e. group members are not obliged to pay on behalf of a defaulting member. But, in practice the group members often contribute the defaulted amount with an intention to collect the money from the defaulted member at a later time. Such behaviour is encouraged because Grameen does not extend further credit to a group in which a member defaults.[27]

No legal instrument (i.e. no written contract) is made between Grameen Bank and its borrowers; the system works based on trust.[28] To supplement the lending, Grameen Bank requires the borrowing members to save very small amounts regularly in a number of funds, designated for emergency, the group, etc. These savings help serve as an insurance against contingencies.[10]

In a country in which few women may take out loans from large commercial banks, Grameen has focused on women borrowers; around 97% of its members are women.[29] While a World Bank study has concluded that women's access to microcredit empowers them through greater access to resources and control over decision making, some other economists argue that the relationship between microcredit and women-empowerment is less straightforward.[30]

In other areas, Grameen has had very high payback rates—over 98 percent. However, according to The Wall Street Journal, in 2001 a fifth of the bank's loans were more than a year overdue.[31] Grameen says that more than half of its borrowers in Bangladesh (close to 50 million) have risen out of acute poverty thanks to their loan, as measured by such standards as having all children of school age in school, all household members eating three meals a day, a sanitary toilet, a rainproof house, clean drinking water, and the ability to repay a 300 taka-a-week (around US$4) loan.[32]

The bank is also engaged in social business and entrepreneurship fields. In 2009, the Grameen Creative Lab collaborated with the Yunus Centre to create the Global Social Business Summit. The meeting has become the main platform for social businesses worldwide to foster discussions, actions and collaborations to develop effective solutions to the most pressing problems plaguing the world.[33]

Village phone program

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The bank has diversified among different applications of microcredit. In the Village Phone program, women entrepreneurs can start businesses to provide wireless payphone service in rural areas. This program earned the bank the 2004 Petersburg Prize worth EUR 100,000, for its contribution of Technology to Development.[34] In the press release announcing the prize, the Development Gateway Foundation noted that through this program:

... Grameen has created a new class of women entrepreneurs who have raised themselves from poverty. Moreover, it has improved the livelihoods of farmers and others who are provided access to critical market information and lifeline communications previously unattainable in some 28,000 villages of Bangladesh. More than 55,000 phones are currently in operation, with more than 80 million people benefiting from access to market information, news from relatives, and more.[34]

Struggling members program

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In 2003, Grameen Bank started a new program, different from its traditional group-based lending, exclusively targeted to the beggars in Bangladesh.[35] This program is focused on distributing small loans to beggars.[36]

Housing loans

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In 1984, Grameen applied to the Central Bank for help setting up a housing loan program for its borrowers. Their application was rejected on the grounds that the US$125 suggested loan could not possibly build a suitable living structure.[37] So Grameen instead proposed the idea of "shelter loans". They were again rejected, this time on the grounds that their borrowers could not afford non-income generating loans. Grameen changed tactics and applied a third time, this time to make "factory loans", the explanation being that borrowers worked from home, so the home was also a factory that made it possible for borrowers to earn income. Grameen was rejected for a third time.[38]

After this third rejection, Yunus, the bank's founder, met personally with the Central Bank governor to plead for their application. When asked if he thought the borrowers would repay the loans, he replied, "Yes, they will. They do. Unlike the rich, the poor cannot risk not repaying. This is the only chance they have." Grameen was then allowed to add housing loans to their range of services.[39]

As of 1999, Grameen made housing loans totalling $190 million to build over 560,000 homes with near-perfect repayment. By 1989, their average housing loan had grown to $300. That year, the Grameen housing program received the Aga Khan International Award for Architecture.[40]

Operational statistics

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Grameen Bank is owned by the borrowers of the bank, most of whom are poor women. Initially, of the total equity of the bank, the government owned 60% in 1983. This then dropped over time to a single-digit percentage by the early 2010s.[29][41] However, by the mid-2010s, this number increased again to 25%.[42]

The bank grew significantly between 2003 and 2007. As of January 2022, the total borrowers of the bank number nearly 9.5 million, and 96.81% of those are women.[8] The number of borrowers has more than tripled since 2003, when the bank had 3.12 million members.[43] Similar growth can be observed in the number of villages covered. As of October 2007, the Bank had a staff of more than 24,703 employees; its 2,468 branches provided services to 80,257 villages,[29] up from the 43,681 villages covered in 2003.[43] By the end of 2021, the bank's coverage expanded to 81,678 villages out of the country's total 87,223, for a national coverage rate of around 94%.[8]

As of the end of 2021, cumulative loan disbursements since inception reached in excess of 2.5 trillion taka (US$33.767 billion),[8] and the bank claims a loan recovery rate of around 95%.[44] David Roodman has critiqued the accounting practices that Grameen used to determine this rate.[31]

The global number of potential micro-borrowers is estimated to be 1 billion, with a total loan demand of $250 billion. The present microfinance model served 100 million people with $25 billion of loans as of the late 2000s.[45]

Staff training

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The Grameen Bank staff often work in difficult conditions. Employees receive 6 months of on-the-job training while shadowing qualified and experienced individuals from various branches of Grameen. The goal of this training is for the trainee to "appreciate the unexplored potential of the destitute" and to discover new ways to solve problems that arise within the Grameen branch. After completing the 6-month period, trainees return to Dhaka headquarters for review and critique before appointment to a bank branch.

Honours

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  • In 1994, Grameen Bank received the Independence Day Award, which is the highest government award.
  • 13 October 2006, the Nobel Committee awarded Grameen Bank and its founder, Muhammad Yunus, the 2006 Nobel Peace Prize "for their efforts to create economic and social development from below."[46] The award announcement also mentions that:

From modest beginnings three decades ago, Yunus has, first and foremost through Grameen Bank, developed micro-credit into an ever more important instrument in the struggle against poverty. Grameen Bank has been a source of ideas and models for the many institutions in the field of micro-credit that have sprung up around the world.[46]

On 10 December 2006, Mosammat Taslima Begum, who used her first 16 euro (US$20) loan from the bank in 1992 to buy a goat and subsequently became a successful entrepreneur and one of the elected board members of the bank, accepted the Nobel Prize on behalf of Grameen Bank's investors and borrowers at the prize awarding ceremony held at Oslo City Hall.[47]

Grameen Bank is the only business corporation to have won a Nobel Prize. Professor Ole Danbolt Mjøs, Chairman of the Norwegian Nobel Committee, in his speech said that, by giving the prize to Grameen Bank and Muhammad Yunus, the Norwegian Nobel Committee wanted to encourage attention on achievements of the Muslim world, on the women's perspective, and on the fight against poverty.[48]

Citizens of Bangladesh celebrated the prize.[49] Some critics said that the award affirms neoliberalism.[30]

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Main article: Grameen family of organizations

The Grameen Bank has grown into over two dozen enterprises of the Grameen Family of Enterprises. These organisations include Grameen Trust, Grameen Fund, Grameen Communications, Grameen Shakti (Grameen Energy), Grameen Telecom, Grameen Shikkha (Grameen Education), Grameen Motsho (Grameen Fisheries), Grameen Baybosa Bikash (Grameen Business Development), Grameen Phone, Grameen Software Limited, Grameen CyberNet Limited, Grameen Knitwear Limited, and Grameen Uddog (owner of the brand Grameen Check).[50]

On 11 July 2005 the Grameen Mutual Fund One (GMFO), approved by the Securities and Exchange Commission of Bangladesh, was listed as an initial public offering. One of the first mutual funds of its kind, GMFO will allow the more than four million Grameen bank members, as well as non-members, to buy into Bangladesh's capital markets. The Bank and its constituents are together worth over US$7.4 billion.[51]

The Grameen Foundation was developed to share the Grameen philosophy and expand the benefits of microfinance for the world's poorest people.[52] Grameen Foundation, which has an A-rating from [Charity Watch],[53] provides microloans in the USA (the only developed country where this is done), and supports microfinance institutions worldwide with loan guarantees, training, and technology transfer.[54] As of 2008, Grameen Foundation supports microfinance institutions in the following regions:[55]

From 2005, Grameen Bank worked on Mifos X, an open source technology framework for core banking solutions. Since 2011, Grameen Bank released this technology under the stewardship of Mifos Initiative, a US Non Profit organisation.[56]

Criticism

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Some analysts have suggested that microcredit can bring communities into debt from which they cannot escape.[57][58][59] Researchers have noted instances when microloans from the Grameen Bank were linked to exploitation and pressures on poor families to sell their belongings, leading in extreme cases to humiliation and ultimately suicides.[60]

The Mises Institute's Jeffrey Tucker suggests that microcredit banks depend on subsidies to operate, thus acting as another example of welfare.[61] Yunus believes that he is working against the subsidised economy, giving borrowers the opportunity to create businesses. Some of Tucker's criticism is based on his interpretation of Grameen's "16 decisions", seen as indoctrination, without considering what they mean in the context of poor, illiterate peasants.[62]

The Norwegian documentary Caught in Micro Debt claims that Grameen evaded taxes. The Spanish documentary Microcredit also suggested this. The accusation is based on the unauthorised transfer of approximately US$100 million, donated by the Norwegian Agency for Development Cooperation (Norad), from one Grameen entity to another in 1996, before the expiry of the Grameen Bank's tax exemption. However, Norad published a statement in December 2010 clearing Yunus and the Bank of any wrongdoing on this point, following a comprehensive review of Norad's support commissioned by the Minister of International Development.[63]

Yunus denies that this is tax evasion:

There is no question of tax evasion here. The Government has provided organisations with opportunities; we have made use of these opportunities with [the] aim of benefitting our shareholders who are the rural poor women of Bangladesh.[64]

David Roodman[65] and Jonathan Morduch[66] question the statistical validity of studies of microcredit's effects on poverty, noting the complexity of the situations involved.[67] Yoolim Lee and Ruth David discuss how microfinance and the Grameen model in South India have in recent years been distorted by venture capitalism and profit-makers. In some cases, poor rural families have suffered debt spirals, harassment by microfinance debt collectors, and in some cases suicide.

Peter Singer [68] claims that microcredit has a limited ability to transform lives, and that other interventions are more effective.

Representation in other media

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See also

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Notes

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  1. ^ a b "Grameen Bank Act 2013". Grameen Bank Act 2013. Archived from the original on 1 February 2024. Retrieved 30 December 2013.{{cite news}}: CS1 maint: bot: original URL status unknown (link)
  2. ^ a b c d e f "Annual Report 2022" (PDF). Grameen Bank.
  3. ^ "Professor Abdul Hannan made Grameen Bank chairman". The Business Standard. 3 September 2024.
  4. ^ "Nur Mohammad new MD of Grameen Bank". The Business Standard. 9 January 2024.
  5. ^ a b Cosic, Miriam (29 March 2017). "'We are all entrepreneurs': Muhammad Yunus on changing the world, one microloan at a time". The Guardian. Archived from the original on 26 June 2024. Retrieved 9 August 2017.
  6. ^ "About us". Grameem Bank. 2 March 2015. Retrieved 9 August 2017.
  7. ^ a b c "What is Microcredit ?". Grameen Bank. Retrieved 11 March 2011.
  8. ^ a b c d Annual Report 2021
  9. ^ "The Nobel Peace Prize for 2006". The Nobel Peace Prize for 2006. 13 October 2006. Retrieved 13 October 2006.
  10. ^ a b c Khandker, Shahidur R.; Baqui, M. A.; Khan Z. H. (1995). Grameen Bank: Performance and Sustainability. World Bank Publications. p. vi. ISBN 978-0-8213-3463-8.
  11. ^ Anand Giridharas; Keith Bradsher (13 October 2006). "Microloan Pioneer and His Bank Win Nobel Peace Prize". The New York Times. Retrieved 13 October 2006.
  12. ^ "History". Grameen Bank. Retrieved 25 December 2011.
  13. ^ a b Rahman, Aminur (2001) [First published 1999]. Women and Microcredit in Rural Bangladesh: Anthropological Study of the Rhetoric and Realities of Grameen Bank Lending. Boulder, Colorado: Westview Press. p. 4. ISBN 978-0-8133-3930-6.
  14. ^ Rahman, Aminur (2001) [First published 1999]. Women and Microcredit in Rural Bangladesh: Anthropological Study of the Rhetoric and Realities of Grameen Bank Lending. Boulder, Colorado: Westview Press. pp. 4-5. ISBN 978-0-8133-3930-6.
  15. ^ Brandon Glenn (16 October 2006). "ShoreBank leaders had hand in Nobel prize". Chicago Business News. Retrieved 15 May 2007.
  16. ^ Papa, Michael J.; Arvind Singhal; Wendy H. Papa (2006). Organizing for Social Change: A Dialectic Journey of Theory and Praxis. Sage Publications. p. 72. ISBN 978-0-7619-3435-6.
  17. ^ Grameen Bank Historical Data. Retrieved 22 June 2009.
  18. ^ Polgreen, Lydia; Bajaj (2 March 2011). "Microcredit Pioneer Ousted, Head of Bangladeshi Bank Says". The New York Times. Retrieved 9 October 2012.
  19. ^ "Bangladesh's controversial Grameen moves closer to central bank control". Reuters. 3 October 2013. Retrieved 6 September 2023.
  20. ^ Bornstein, David (22 August 2012). "An Attack on Grameen Bank, and the Cause of Women". Opinionator. Retrieved 6 September 2023.
  21. ^ Asadullah, M. Niaz; Wahhaj, Zaki (9 January 2015). "Bangladesh's politicians should keep their hands off Grameen Bank". East Asia Forum.
  22. ^ a b c d e Morduch, Jonathan (October 1999). "The role of subsidies in microfinance: evidence from the Grameen Bank" (PDF). Journal of Development Economics. 60 (1): 240. doi:10.1016/S0304-3878(99)00042-5. Retrieved 16 January 2008.
  23. ^ Yunus, Muhammad (2003). "Halving poverty by 2015—We can actually make it happen" (PDF). The Round Table: The Commonwealth Journal of International Affairs. 92 (370): 363–375. doi:10.1080/0035853032000111099. S2CID 153411343. Financially, [Grameen Bank] is self-reliant—it has stopped taking donor money since 1995, stopped taking loans from the domestic market since 1998. It has enough deposits to carry out its lending programme.
  24. ^ Fernando, Nimal A. (May 2006). Understanding and Dealing with High Interest Rates on Microcredit – A Note to Policy Makers in the Asia and Pacific Region (PDF). Manila, Philippines: ADB. p. 8.
  25. ^ "Eighteen Decision – Grameen Bank". Archived from the original on 11 December 2023.
  26. ^ Siddiqui, Kamal, An Evaluation of the Grameen Bank Operation (Dhaka: National Institute of Local Government, 1984)
  27. ^ Hossain, Mahabub (February 1988) [1988]. Credit for Alleviation of Rural Poverty: The Grameen Bank in Bangladesh. Int Food Policy Res Inst IFPRI. p. 7. ISBN 978-0-89629-067-9.
  28. ^ Sinclair, Paul (22 December 2007). "Grameen Micro-Credit & How to End Poverty from the Roots Up". One World One People. Retrieved 4 February 2008.
  29. ^ a b c "Grameen Bank at a Glance". Grameen Communications. 12 March 2008. Retrieved 7 July 2009.
  30. ^ a b Feiner, Susan F.; Barker, Drucilla K. (November–December 2006). "Microcredit and Women's Poverty". Dollar & Sense, the Magazine of Economic Justice.
  31. ^ a b Daniel Perl; Michael M. Phillips (27 November 2001). "Grameen Bank, Which Pioneered Loans For the Poor, Has Hit a Repayment Snag". The Wall Street Journal. Retrieved 25 March 2008.
  32. ^ Fraser, Ian (3 August 2007). "Microfinance comes of age". Cover Story. Scottish Banker magazine. Archived from the original on 7 October 2007. Retrieved 30 January 2008.
  33. ^ "Challenge conventional economic models". The Daily Star. Archived from the original on 2 December 2014.
  34. ^ a b "Grameen Bank-Village Phone Wins Global Competition for Contribution of Technology to Development" (PDF). Development Gateway Foundation (Washington, DC). 27 July 2004. Archived from the original (PDF) on 4 August 2005. Retrieved 31 January 2008.
  35. ^ Yunus, Muhammad (July 2005). "Grameen Bank's Struggling (Beggar) Members Programme". Grameen Communications. Archived from the original on 25 January 2008. Retrieved 31 January 2008.
  36. ^ Barua, D. C. (12 November 2006). "Five Cents a Day: Innovative Programs for Reaching the Destitute with Microcredit, No-interest Loans, and other Instruments: The Experience of Grameen Bank" (PDF). Nova Scotia, Canada: Global Microcredit Summit; Nova Scotia, Canada. Archived from the original (PDF) on 26 February 2008. Retrieved 20 January 2008.
  37. ^ Yunus 2007, p. 128: "In 1984 ... the Grameen Bank applied to the Central Bank for help in introducing a housing program to its borrowers ... The Central Bank rejected our application [because] whatever one built for $125 ... would not add to the 'housing stock of the country.'"
  38. ^ Yunus 2007, p. 129: "We sent in a second application [to make] 'shelter loans.' ... [The Central Bank] argued that our borrowers ... could not afford loans that did not generate income to help them pay off their debt ... We said we wanted to offer our borrowers 'factory loans' ... their homes are places of work, we choose to call them factories ... [The Central Bank] rejected our application for a third time."
  39. ^ Yunus 2007, p. 129-130: "I arranged for a personal meeting with the Central Bank governor to ask him to override his bureaucrats. 'Are you sure the poor will repay?' the governor asked. 'Yes, they will. They do. Unlike the rich, the poor can't risk not repaying. This is the only chance they have' ... The governor [allowed] Grameen to introduce a housing loan program."
  40. ^ Yunus 2007, p. 130: "We have extended a total of $190 million in loans to build more than 560,000 houses with near-perfect repayment ... Grameen's housing program was chosen in 1989 ... to receive the Aga Khan International Award for Architecture ... By 1989, the size of our typical housing loan had grown to $300."
  41. ^ Fawcett, John (10 August 2012). "Grameen Bank Under Threat – And How You Can Help". RESULTS. Retrieved 6 September 2023.
  42. ^ Allchin, Joseph (15 February 2015). "Grameen Bank set to go under full government oversight". Financial Times. Retrieved 6 September 2023.
  43. ^ a b "Grameen Bank Historical Data Series 2003". Grameen Communications. 21 July 2004. Archived from the original on 15 January 2008. Retrieved 17 January 2008.
  44. ^ "Grameen Bank 2011-10 Monthly Report". Archived from the original on 8 July 2008. Retrieved 20 November 2011.
  45. ^ "Microfinance:An emerging investment opportunity" (PDF). DB Research. Archived from the original (PDF) on 29 December 2009. Retrieved 23 February 2012.
  46. ^ a b "The Nobel Peace Prize for 2006". The Nobel Peace Prize for 2006. 13 October 2006. Retrieved 13 October 2006.
  47. ^ "Yunus unveils vision to end global poverty". The Daily Star. Agence France-Presse. 11 December 2006. Retrieved 31 January 2008.
  48. ^ Mjøs, Ole Danbolt (13 October 2006). "The Nobel Peace Prize for 2006: Presentation Speech". The Nobel Peace Prize for 2006. Retrieved 4 February 2008.
  49. ^ "Nation parties on Nobel win". The Daily Star. 15 October 2006. Retrieved 4 February 2008.
  50. ^ "Grameen Family of Enterprises". Grameen Website. Grameen Communications. 28 November 2007. Archived from the original on 22 August 2008. Retrieved 8 July 2009.
  51. ^ "Credit where credit is due: The banker who changed the world". The Independent. London. 14 October 2006. Archived from the original on 22 March 2007. Retrieved 17 January 2008.
  52. ^ "Grameen Foundation Annual Report 2006" (PDF). Grameen Foundation, Washington, DC, USA. 1 August 2007. Archived from the original (PDF) on 26 February 2008. Retrieved 31 January 2008.
  53. ^ "Top Rated Charities". American Institute of Philanthropy. 15 January 2008. Retrieved 17 January 2008.
  54. ^ "Grameen Foundation USA". 25 entrepreneurs who are changing the world. Fast Company Monitor Group. Archived from the original on 1 December 2008. Retrieved 29 January 2008.
  55. ^ "Where we work". Grameen Foundation. Archived from the original on 20 February 2018. Retrieved 20 December 2009.
  56. ^ Ahlawadhi, Neha (14 July 2014). "IBM signs Rs 500 crore deal with microfinance firm janlakhsmi services". The Economic Times. Retrieved 14 July 2014.
  57. ^ Sharma, Sudhirendar (25 September 2002). "Is micro-credit a macro trap?". Business Line. Retrieved 2 December 2006.
  58. ^ Sharma, Sudhirendar (5 January 2002). "Microcredit: Globalisation unlimited". The Hindu. Retrieved 2 December 2006.
  59. ^ "The crushing burden of microcredit". France 24. 6 April 2008. Archived from the original on 15 March 2011. Retrieved 26 April 2011.
  60. ^ "Mikrolånen har blivit en skuldfälla för fattiga (Swedish)". SVT.se. Archived from the original on 25 February 2011.
  61. ^ Tucker, Jeffrey (November 1995). "The Micro-Credit Cult. The Free Market". Mises Institute.
  62. ^ anne (3 November 2006). "Microcredit or Macrowelfare: The Myth of Grameen". Retrieved 16 June 2016.
  63. ^ Affairs, Ministry of Foreign (7 December 2010). "Report on Norwegian assistance to Grameen Bank". Government.no. Retrieved 18 April 2017.
  64. ^ [1] Archived 18 February 2012 at the Wayback Machine
  65. ^ "David Roodman : Center for Global Development : CGD Experts". Cgdev.org. 22 October 2009. Archived from the original on 20 December 2005. Retrieved 20 December 2009.
  66. ^ "Jonathan Morduch's Home Page". Nyu.edu. Retrieved 20 December 2009.
  67. ^ "New Challenge to Studies Saying Microcredit Cuts Poverty". David Roodman's Microfinance Open Book Blog. Archived from the original on 13 March 2013. Retrieved 20 December 2009.
  68. ^ Singer, Peter (2019). The Life You Can Save. p. 132.

References

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Further reading

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