History of Grameen Bank Grameen bank is an institution that has earned much fame for its role in the welfare of poor and helpless people or poverty reduction. It is credited with the development and proper implementation of a system called Micro Credit. That system has been found much effective in social empowerment of the helpless people. Grameen bank was established by professor Mohammad Younus in 1983. During his work as a professor of the department of the Economics, the university of Chittagong, it occurred to him that the economic condition of the poor and helpless people could be improved if they are given only small amount of loans. As a test run he provided loans to some poor women of the village Johora. He extended the loans from his pocket. He gained confidence when the borrowers were able to return the monery with profit. They had invested the monery in making cane and wicker chairs and earned profit by selling them. Being confident by his success in the village Jobhora, he quite his job in the university of chittagong , came to Dhaka and set up the Grameen bank on October 1, 1983. At the village johora he extended a total of $27 to 42 women. Now the total distribution of loan of Grameen bank has stood at 29,000 crore taka. The rate of loan recovery is about 98.85%. There are about 2,226 branches of Grameen bank in the whole country and the bank has already provided loan to about 66 lakh borrowers in 71,371 rural communities. About 18,795 people work at Grameen bank at present.
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