BANKING AFFAIRS

Detailed explanation-1: -Professor Muhammad Yunus established the Grameen Bank in Bangladesh in 1983, fueled by the belief that credit is a fundamental human right.

Detailed explanation-2: -Banker to the Poorest of the Poor When Bangladesh suffered a famine in 1974, he felt that he had to do something more for the poor beyond simply teaching. He decided to give long-term loans to people who wanted to start their own small enterprises. This initiative was extended on a larger scale through Grameen Bank.

Detailed explanation-3: -Inspired by the birth of Bangladesh in 1971, Prof Yunus returned to that country in 1972, and joined the Economics Department of University of Chittagong after a brief spell in the Planning Commission.

Detailed explanation-4: -The Norwegian Nobel Committee has decided to award the Nobel Peace Prize for 2006, divided into two equal parts, to Muhammad Yunus and Grameen Bank for their efforts to create economic and social development from below.