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Grameen Bank
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Grameen Bank, headed by Muhammad Yunus, a charismatic economist who proclaimed that 'credit is a human right', is particularly famous. See "Servicing of Loans-Evidence as to Compliance" in the related prospectus supplement. If so specified in the applicable Prospectus Supplement, neither a Master Servicer nor any Seller/Servicers will be obligated to make Advances with respect to Mortgage Loans delinquent longer than the time period specified in such Prospectus Supplement. At this point, the lender has the right to require you to pay the loan all the way current, with all fees, in order to get them to rescind the notice auto loan after bankruptcy beware of shady lenders f u n inc offers competitive rv loan rates and a variety of rv finance programs .
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Grameen Bank isn't under any formal supervision. "They are regulated, but they are regulated by themselves," says Akhtaruz Zaman, director of the Financial Institution Department for the Bangladesh Bank, the country's central bank. He means the board of directors, which is led by borrowers. Mr. Zaman says Grameen's deposits are "well-protected " and the bank is "doing fine."
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Grameen Bank (GB) has reversed conventional banking practice by removing the need for collateral and creating a banking system based on mutual trust, accountability, participation and creativity. GB provides credit to the poorest of the poor in rural Bangladesh, without any collateral. At GB, credit is a cost effective weapon to fight poverty and it serves as a catalyst in the overall development of socio-economic conditions of the poor who have been kept outside the banking orbit on the grounds that they are poor and hence not bankable. Since the bank does not wish to take any borrower to the court of law in case of non-repayment, it does not require the borrowers to sign any legal instrument. Although each borrower must belong to a five-member group, the group is not required to give any guarantee for a loan to its member. Repayment responsibility solely rests on the individual borrower, while the group and the Grameen Bank center oversee that everyone behaves in a responsible way and none gets into a repayment problem.
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Grameen Bank has a large clientele, comprising over two million of the poorest households in the country. The immediate task is to ensure that they succeed in finally overcoming their poverty and attain further development in a sustainable way. Grameen's modus operandi has clearly demonstrated that poverty can be alleviated within a short time and new opportunities created for self employment, higher incomes, improved housing, better health & nutrition, children's schooling, and altogether a better quality of life. A substantial number of Grameen's clientele, according to some evaluations, have already succeeded in overcoming absolute poverty. It is Grameen's firm conviction that a majority of its borrowers will cross the poverty line in the next five years.
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When the Grameen Bank and French food major Danone set up Grameen-Danone Foods in early 2006 in Bangladesh, it was not a usual joint venture. Though the initial funding of $1.1 million was to be shared equally by Danone and four Grameen Companies, the venture was designed as a social business enterprise to reduce poverty by offering affordable and healthy nutrition to the poor. The venture provided for payment of 1% token dividend to investors. The Grameen Bank founder, Muhammad Yunus, has quoted the example in his latest book to illustrate his vision of tapping into businesses to solve the problem of worldwide poverty. Since he set up the Grameen Bank way back in 1983, his idea of microcredit has grown into the concept of social business. The accidental banker has unveiled it in detail in his just released book, Creating a World Without Poverty: Social Business and the Future of Capitalism.
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Started in 1976 as an experiment by Muhammad Yunus, Head of the Department of Economics at Chittagong University, the Grameen Bank has acquired the status of a place of pilgrimage for those interested in development and micro-credit and rural poverty. Grameen (village) Bank began with unusual traits for a lending institution: it required borrowers to fall below a certain income level, did not require collateral and forced clients to join five-member groups that met once a week and cross-guaranteed one another's loans; if one member defaulted, it damaged the entire group's access to credit. Responsibility for the loans of all the group members is crucial, because it is the group -- not the bank -- that initially evaluates loan proposals. Defaulters spoil things for everybody else, so group members choose their partners wisely. If all five repay their loans promptly, each is guaranteed access to credit for the rest of her life -- or as long as she elects to remain a customer.
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Grameen Bank