The modest initiative by Mohammad Yunus with the poor man
’s bank has brought the sleepy nation to the limelight. Beginning in 1976, Mohammad Yunus’ out-of-the-box experiment with ‘Trust’ not only accrued rich dividends for those constituting the Bottom of the Pyramid in Bangladesh’s economy, but also revolutionised the concept of micro-credit. At present, Grameen Bank caters to the needs of 6.6 million poor Bangladeshis with an annual credit flow of $608 million (2005). Its emphasis on ‘trust’ (especially on women) rather than demand for ‘collateral’, made it accessible to the needy. This poor man’s bank stands at a repayment rate of 96-8%, a figure which is enough to make asset managers of several banks fume with jealousy. A new change is in the making.
For Complete IIPM - Article, Click on IIPM-Editorial Link
Source:- IIPM-Business and Economy, Initiative:- Prof. Arindam Chaudhuri - 2006
’s bank has brought the sleepy nation to the limelight. Beginning in 1976, Mohammad Yunus’ out-of-the-box experiment with ‘Trust’ not only accrued rich dividends for those constituting the Bottom of the Pyramid in Bangladesh’s economy, but also revolutionised the concept of micro-credit. At present, Grameen Bank caters to the needs of 6.6 million poor Bangladeshis with an annual credit flow of $608 million (2005). Its emphasis on ‘trust’ (especially on women) rather than demand for ‘collateral’, made it accessible to the needy. This poor man’s bank stands at a repayment rate of 96-8%, a figure which is enough to make asset managers of several banks fume with jealousy. A new change is in the making.For Complete IIPM - Article, Click on IIPM-Editorial Link
Source:- IIPM-Business and Economy, Initiative:- Prof. Arindam Chaudhuri - 2006
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