Gobindashi Grameen Bank

Local branch of Grammen Bank

It is local branch of Grameen Bank located at Gobindashi. The Grameen Bank was founded by Dr. Muhammad Yunus, a professor of Chittagong University. By setting up Grameen Bank in 1983, Muhammad Yunus sought to realize his vision of self-support for the very poorest people by means of loans on easy terms. The bank has since been a source of motivation for similar microcredit institutions in over one hundred countries. Banks in the traditional system have been unwilling to lend money to anyone unable to give some form or other of security. Grameen Bank, on the other hand, works on the postulation that even the poorest of the poor can manage their own financial affairs and development given suitable conditions. The apparatus is microcredit: small long-term loans on easy terms. When Grameen Bank was rewarded the Peace Prize in 2006, more than seven million borrowers had been granted such loans. The standard amount borrowed was 100 dollars. The reimbursement percentage was very high. Over 95 percent of the loans went to women or groups of women. Experience showed that that made sure the best security for the bank and the greatest beneficial effect for the borrowers' families.