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: -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-3: -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-4: -By establishing Grameen Bank in 1983, Muhammad Yunus sought to realise his vision of self-support for the very poorest people by means of loans on easy terms. The bank has since been a source of inspiration for similar microcredit institutions in over one hundred countries.

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.