Grameen Bank
microfinance organization and community development bank
AI overview
Grameen Bank is a microfinance organization and community development bank that provides small loans to people who typically cannot access traditional banking services. It matters because it has pioneered a model for helping low-income individuals, particularly in developing countries, start businesses and lift themselves out of poverty.
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Wikidata facts
- Official website
- grameenbank.org
- Image
- Grameen.JPG
Article
Grameen Bank (Bengali: গ্রামীণ ব্যাংক) is a microfinance, specialized community development bank founded in Bangladesh. It provides small loans (known as microcredit or "grameencredit") to the impoverished without requiring collateral.
It is a statutory public authority. It is originated in 1976, in the work of Muhammad Yunus, a professor at the University of Chittagong, who launched a research project to study how to design a credit delivery system to provide banking services to the rural poor. In October 1983, the Grameen Bank was authorized by national legislation to operate as an independent bank.