BANKING AFFAIRS

Detailed explanation-1: -Muhammad Yunus (born 28 June 1940) is a Bangladeshi social entrepreneur, banker, economist and civil society leader who was awarded the Nobel Peace Prize for founding the Grameen Bank and pioneering the concepts of microcredit and microfinance.

Detailed explanation-2: -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-3: -Yunus realized that by means of small loans and financial services, he could help the poor free themselves from poverty. In 1983, he established the Grameen (Village) Bank, founded on his conviction that credit is a fundamental human right.

Detailed explanation-4: -According to Yunus, poverty means being deprived of all human value. He regards micro-credit both as a human right and as an effective means of emerging from poverty: “Lend the poor money in amounts which suit them, teach them a few basic financial principles, and they generally manage on their own”, Yunus claims.

Detailed explanation-5: -MuhammedYunus’s knack of finding and applying the right business idea for rural Bangladesh is what makes him a remarkable development economist. His work for alleviating poverty could have won him 2006 Nobel Prize in economics.