BANKING AFFAIRS

Detailed explanation-1: -Muhammad Yunus, (born June 28, 1940, Chittagong, East Bengal [now Bangladesh]), Bangladeshi economist and founder of the Grameen Bank, an institution that provides microcredit (small loans to poor people possessing no collateral) to help its clients establish creditworthiness and financial self-sufficiency.

Detailed explanation-2: -Within Bangladesh, he has received the President’s Award, the Central Bank Award and the Independence Day Award, the nation’s highest honor. Dr. Yunus lives in Dhaka, Bangladesh.

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: -Muhammad Yunus and Grameen Bank were awarded the Nobel Peace Prize for 2006 for their work to “create economic and social development from below”.

Detailed explanation-5: -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.