Grameen Bank ('Bank of the Villages', derived from the name 'gram' meaning 'village' or 'rural') is a community development bank founded in 1983 by Muhammad Yunus providing small loans, or microcredit (aka grameencredit), at low interest rate to poor people without requiring any guarantees to secure the loan (e.g. property).
The bank loans out money to the poor with a group overlooking their investment and providing guidance to avoid unnecessary waste - a concept known as 'solidarity lending'.
Timeline of major events during awarding of Nobel Peace Prize to Grameen Bank and Muhammad Yunus in 2006
Grameen Bank and Muhammad Yunus awarded Nobel Peace Prize (2006) history
- Dire situation in Bangladesh post independence compounded by 1974 famine, Jobra field trip that changed his life
- Janata Bank gives small loan after laughing off his idea
- Establish 'Nabajub Tehbhaga Khamar' (New Era Three Share Cultivation Scheme), Gram Sarkar
- Revolutionary new bank, bank exclusively for women (difficulty in hiring female staff)
- Tangail and other districts follow Jobra example
- Grameen Bank officially formed on 1 October 1983 and expands phenomenally
- Myths regarding poverty & poor people like "bonsai tree"
- Grameen model replicated worldwide
- Prof. Yunus & Grameen Bank jointly win Nobel Peace Prize (2006)
- Aftermath I: Criticism, case against Grameen Bank
- Aftermath II: Grameen brand expands