Grameen Bank has reversed conventional banking practice by removing the need for collateral and created a banking system based on mutual trust, accountability, participation and creativity. Grameen Bank provides credit to the poorest of the poor in rural Bangladesh,
This Project was born in the village of Jobra, Bangladesh, in 1976. In 1983 it was transformed into a formal bank under a special law passed for its creation.
And the founder of the bank Professor Dr. Muhammad Yunus has been rewarded with the ‘Nobel Peace Prize’ in 2006 for this great contribution. He do so because his approach to banking reinfors the new liberal view that individual behavior is the source of poverty and the new liberal agenda of restricting state aid to the most vulnerable when and where the need for government assistance is most acute.