Continuing with my talk on Muhammad Yunus and Grameen Bank, I would like to tell you how it works for the benefit of the poor. Grameen Bank largely lends to women and depends on its support group for ensuring a high rate of loan repayment. It mainly gives loans to women in group of fives so that they can meet on a regular basis and offer mutual support. This has been done for ensuring sense of accountability and repayment. In case one of the members of the group is unable to pay back they become ineligible for larger loans and therefore groups work toward ensuring that they are paid back on time. Today the bank has a success rate of 98.6% for repayment of loan.
Once a borrower becomes a part of the Grameen system, he is encouraged to participate in social programs for promoting good health and literacy. They are also asked to learn the sixteen decisions of the bank some of which are "We shall take part in all social activities" and "We shall always be ready to help each other." Over the years, Grameen Bank has expanded and launched a number of sister organizations for offering additional services to the poor.
This is a bank which works to build a world which is not based on greed and profit.
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