What is Grameen Bank ? Briefly explain the concept of micro-credit practised by Grameen Bank.
Grameen Bank is a pioneering institution in the field of microfinance and microcredit, founded by Muhammad Yunus in Bangladesh in 1983. It is a unique financial institution that focuses on providing small loans, often referred to as microloans or microcredit, to impoverished individuals, particularly women, who lack access to traditional banking services. The bank's mission is to alleviate poverty by empowering the poor through financial inclusion and entrepreneurship opportunities. Grameen Bank's approach to microcredit has gained international recognition and has inspired similar initiatives worldwide.
The concept of microcredit practiced by Grameen Bank revolves around several key principles and features:
1. Targeting the Poor: Grameen Bank specifically targets individuals living in poverty, particularly women in rural areas. This targeting is intentional, as women are often the most marginalized and underserved in many societies.
2. Collateral-Free Loans: One of the fundamental principles of Grameen Bank's microcredit is that borrowers are not required to provide collateral to secure
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