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Microfinance
by gautam on March 12, 2010

© World Economic Forum
Seeing the poor people in misery, he gave out loans to people from his own pocket so that they could pay back in small installments. This new concept excited the villagers. He even asked banks to help out the villagers who were paying interest rates as high as 200 to 300% to village moneylenders but banks simply refused. So he went ahead and created an institution which could offer loans to poor people. This gave birth to Grameen Bank which today has become a household name. By the year 2007 it had distributed loans worth $6 billion and served more than seven million people in 78,000 villages in Bangladesh.
Today Grameen Bank is considered to be the foundation for the worldwide microcredit movement.
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