BANKING AFFAIRS

Detailed explanation-1: -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-2: -Photography: Jared Leeds Muhammad Yunus won a Nobel Peace Prize for spreading the concept of microcredit-tiny loans to help poor people start businesses-via his Bangladesh-based Grameen Bank.

Detailed explanation-3: -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.

Detailed explanation-4: -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.