Grameen Bank Report

       Grameen Bank ( Bank for the poor)

    Name                                Mannat Singh

Student number               300983779

Business communication- BUSN 732

       Date                                       18 April,2018

              Prof                                        Marzena walkowiak

Contents

Introduction……………………………………………………………………………..3

History…...………………………………………………………………………………3

Founder……………………………….………………………………………………….3

Sources of Fund……………………………   …………………………………………..4

Mission &Products……….………………………………………..…………………….5

Challenges……………..…………………………………………………………………5

Present position…………………………………………………………………………6

Future plan………………….…………..……………………………………………..6

Conclusion……………………………………..…………………………………………7

References

Introduction

Grameen Bank was founded in 1976 with the aim of helping poor people in Bangladesh and other parts of the world. They try to improve the economic condition of the people by providing loan called microcredit or “Grameen-credit” to people for setting up their businesses.

History

The Grameen Bank was started with the objective to provide banking services to the poor rural population and it is the outcome of an action research project which aimed at developing a credit delivery system back in 1976. It provides services to economically backward people by giving smaller credits to help them escape from the oppression of money lenders by charging high interest. The research showed its quality in Jabra (a town in a Bangladesh). The project was converted into a financial institution. The community-based bank in Chicago helped in the incorporation of the bank

Founder

Muhammad Yunus is a Bangladeshi entrepreneur, economist, social entrepreneur and also the founder of Grameen Bank. He was born on 28 June 1940 in Chittagong, Bangladesh. He completed his matriculation from Chittagong collegiate school. He was awarded the Nobel Prize for the introduction of the Grameen Bank for poor people. He got an idea for opening a bank while interviewing women who made bamboo tools for this she has to borrow equipment for making it at 15 cents for each stool made. Against the government, Yunus continuous to giving out “micro- loan” to needed people. He was ranked number 2 in the list of the top 100 global social entrepreneurs. He was honoured with the Presidential Medal of Freedom by the United States in 2009 followed by Congressional Gold Medal in 2010.

Sources of Fund

The bank collects fund from different sources on the regular basis, in the beginning, various agencies provide the bulk of capital at cheap rates. In addition, the bank collects maximum amount of its fund from the central bank of Bangladesh and they also start selling the bond on the open market to get a source of finance.

Products    

I: Basic Loan

II: Flexible Loan

III: Housing Loan

IV: Higher Education Loan

V: Struggling Member Loan

I: Personal Savings

II: Grameen Pension Scheme

III: Fixed Deposit

IV: Double in 7yr

V: Monthly Profit Scheme

VI: Loan Insurance Savings

Mission

Grameen Bank cases to be not the same as ordinary banks as it provides a loan to poor people, who are generally ignored by the society as not creditworthy. They believed that the individuals who are neediness have an immense hidden potential for advancement and profitability if they gave the financial support to express it. What's more, this business can improve the standard of living and economic condition of a man, family and society up from neediness and into an independent. Also, Grameen advances loan for building up women as the budgetary centre point of society. As indicated by Grameen, women have been greater potential and skill to become in dependent individuals in a society and, in this way, a  more noteworthy instrument for advancement. The Grameen bank wants to make poverty as a part of history.