This action might not be possible to undo. Are you sure you want to continue?
Grameen Baking: - A Social Entrepreneurship model
By:Amar Aditya (3) Haqiqat Ali (12)
Grameen Bank of Bangladesh is known worldwide for its innovative credit delivery to the rural poor. By incorporating group-based lending, mandatory savings and insurance, repayment rescheduling in case of disasters, and similar other schemes, it has been able to minimize both behavioral and material risks of lending. By 1994, Grameen’s coverage had increased to include 50 percent of villages of Bangladesh with more than 2 million members (94 percent of whom are women), with a loan recovery rate steadily above 90 percent. It also has noticeable positive impacts on participants’ economic and social well- being, and on the overall income growth and poverty reduction in the village level. Grameen Bank (GB) has reversed conventional banking practice by removing the need for collateral and created 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 ground that they are poor and hence not bankable. Professor Muhammad Yunus, the founder of "Grameen Bank" and its Managing Director, reasoned that if financial resources can be made available to the poor people on terms and conditions that are appropriate and reasonable, "these millions of small people with their millions of small pursuits can add up to create the biggest development wonder." As of October, 2011, it has 8.349 million borrowers, 97 percent of whom are women. With 2,565 branches, GB provides services in 81,379 villages, covering more than 97 percent of the total villages in Bangladesh.
How Grameen came to being
Now this is how the birth of Grameen came about (Yunus, 1998). A young economist with a freshly minted PhD from the United States had returned to Chittagong University in Bangladesh to help to build his newly created country, but he grew frustrated with abstract theory as he watched people starve during the famine of 1974. One day in his quest to find a way to help, he met a bamboo weaver who, for want of less than $1, was enthralled to a moneylender. From his own pocket, the professor lent $0.64 to the weaver. By 1976, Grameen was born. When it became a bank in 1983, Grameen had 36,000 members and a portfolio of $3.1 million. By 1997, it had 2.3 million members and a portfolio of $260 million. Behind the miracle story lies the design of products and incentives that allow Grameen to make small loans to poor people without physical collateral. This section describes the design details behind the tale of success.
Grameen Bank model
It is believed at the GB that the main problem of the poor is a lack of access to credit lines despite their productive capacity. While most conventional banks grant credit based on collateral assets, GB give loans without any kind of collateral. GB has been successful in overcoming the
problems of informational asymmetry often found in rural financial markets. This bank replaces collateral by peer pressure Figure 1:- Grameen Bank’s and social sanctions.
The extremely poor can get small loans at GB if they form groups of five people. Each member of the group receives an individual loan; however, they are mutually responsible for all five credits. The bulk of GB’s borrowers are women who constitute the
Figure 2:- Outstanding loans and
weakest social group among the rural poor. Lending money to
women has largely enhanced recoverability for GB’s loans. This bank originated in 1976 as an experiment in a research project of Muhammad Yunus, Professor of Economics at Chittagong University in Bangladesh. The GB was chartered to operate as a national bank in 1983, with 75 branches spread in five districts of the country. Presently, GB has extended its reach to 56 out of 64 districts in Bangladesh. In 1994, GB had in operation 1,045 branches with 10,861 employees and it was spread over 30,000 villages, equivalent to half of the villages in Bangladesh. As shown in Figures 1 and 2, in 1994 GB had over two million members, 94 per cent of which were women. In 1994, GB lent Taka 15,395.3 (US$385) million and mobilized savings for Taka 12,231.80 (US$306) million
(Figures 1 and 2). Women held 90 per cent of the of total Taka cumulative 46,135.40 and the
Figure 3:- Grameen Bank
outstanding loan portfolio amounted to Taka 11,308.7 (US$281) million. Between 1985 and 1994, annual membership
growth rates averaged 32 per cent, loan disbursement increased at an average rate of 54 per cent per year, and savings grew at an average of 67 per cent per year (see Figure 3). As a result of a research project, GB is the final product of wide experimentation. The Grameen programme enjoys great flexibility in its implementation. Therefore, if something does not work in practice, it is modified. The legal framework in rural Bangladesh has been adapted according to new social requirements. The GB programme works based on consensus. Everyone follows the rules because they collectively set them up. Some authors maintain that the extraordinary growth of GB is due to the charismatic leadership of Dr Yunus and to the decentralized administrative system that it applies for its purpose.
GB is organized into four levels: the head office, zone offices, area offices and field branches. GB is a highly decentralized organization. Such autonomy has been a crucial factor in attaining its present success. Branches are independent profit maximizing units, which borrow money from the head office at an interest of 8 per cent and lend it at 20 per cent. Typically, a branch encompasses about 60 centers in an area not greater than 50km2. Zone offices and area offices are known as regional offices. There is one area office for about ten to 15 branches. It is at the area level that credit is approved based on branches recommendations. Zone offices are set for supervision only and they control five to ten area offices. Finally, the head office is located in Dhaka, capital of Bangladesh. It has a total of 400 employees, and is in charge of obtaining loan able funds and providing training to branch workers. On the other hand, salaries of managers depend on general performance of branches. Consequently, GB’s employees are highly motivated to helping the poor. Additionally, employees are thoroughly trained in the bank’s operating norms and they are compensated according to productivity and general office performance. As a result, employees and managers do not require supervision.
They have personal incentives to work. Through the training process they have been injected with high doses of enthusiasm to help the poor overcome their situation. Unlike conventional banks where customers visit the bank’s branches, the GB approach is to take banking services to centers and villages. In the centre, members receive the funds, pay the due installments or fill in any bank requirement. As a result, information asymmetries decline, as bank employees are usually well informed about problems and achievements as they arise.
Grameen banking: - A social entrepreneurship model
Grameen Bank introduces social intermediation as an integral part of financial intermediation to improve both social and financial discipline among the poor. Grameen Bank realizes that besides income and production risk, lack of financial and social discipline is an important source of poverty. Savings is one means of promoting social and financial discipline among the poor. In addition, Grameen Bank has developed a comprehensive social development program, outlined by its “sixteen decisions”. These decisions are behavioral guidelines that members are expected to follow. For example, they are encouraged to plant trees, grow kitchen gardens, raise small families, and build houses and sanitary latrines. It mobilizes the poor into groups for training and disseminating information about contraceptives, children’s education, health and nutrition, and other socioeconomic indicators of development. For skill development, it introduced different training activities according to the needs of members and borrowers. As part of its design for social and economic transformation, Grameen Bank actively promotes female membership in a society where women are virtually excluded from productive employment because of social restrictions. Its objective has become to empower women by enabling them to undertake independent income-earning activities. Grameen Bank introduced a housing loan which is specifically designed to empower women in household decision making by securing the land entitlement of the homestead in their name.
As at the end of 1994 the loan portfolio of GB included general loans (70 percent), collective loans (0.10 per cent), house building loans (29.5 per cent) and technology loans (73 per cent). General loans are provided for a one-year term at an interest rate of 20 per cent. General loans are the centre piece of GB operations. The general loans are granted for maximum of $125 to group members for investment in income generating activities
Collective loans are given to centers which have decided to participate in any joint venture such as public roads or community facilities. This type of loan has not been very successful at GB due to a relatively poor repayment performance. GB introduced housing loans in 1984 as a part of its social development programme. These are longer-term
Figure 4:- Cumulative disbursement of loans
loans requiring weekly repayments over ten years at an interest rate of 8 per cent. GB house-building lending has been increasing since 1984; it represented 29 per cent of the GB loan portfolio in 1994. Finally, technology loans provide funding for larger projects and involve longer amounts of credit. Technology disbursement was increasing until 1991, when it
observed a decreasing trend. In 1994, technology comprised less than 1 per cent of the GB portfolio. The interest rate charged on this type of loan is 9 per cent per year.
Various characteristics and salient features of Grameen bank 1. Nobel Peace Prize, 2006
October 13, 2006 was the happiest day for Bangladesh. It was a great moment for the whole nation. Announcement came on that day that Grameen Bank and I received the Nobel Peace Prize, 2006. It was a sudden explosion of pride and joy for every Bangladeshi. All Bangladeshi's felt as if each of them received the Nobel Peace Prize. We were happy that the world has given recognition through this prize, that poverty is a threat to peace. Grameen Bank, and the concept and methodology of micro-credit that it has elaborated through its 30 years of work, have contributed to enhancing the chances of peace by reducing poverty. Bangladesh is happy that it could contribute to the world a concept and an institution which can help bring peace to the world. 2. No Collateral, No Legal Instrument, No Group-Guarantee or Joint Liability Grameen Bank does not require any collateral against its micro-loans. 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 centre oversee that everyone behaves in a responsible way and none gets into repayment problem.
There is no form of joint liability, i.e. group members are not responsible to pay on behalf of a defaulting member. 3. 97 per cent Women Total number of borrowers is 8.35 million, 96 per cent of them are women. 4. Over Tk 684 billion Disbursed Total amount of loan disbursed by Grameen Bank, since inception, is Tk 684.13 billion (US $ 11.35 billion). Out of this, Tk 610.81 billion (US $ 10.11 billion) has been repaid. Current amount of outstanding loans stands at TK 73.32 billion ( US $ 968.31 million). During the past 12 months (from November’10 to October'11) Grameen Bank disbursed Tk. 107.30 billion (US $ 1480.53 million). Monthly average loan disbursement over the past 12 month was Tk 8.94 billion (US $ 123.38 million). Projected disbursement for year 2011 is Tk 110.00 billion (US$ 1557.63 million), i.e. monthly disbursement of Tk 9.17 billion (US $ 129.80 million). End of the year outstanding loan is projected to be at Tk. 78.00 billion (US $ 1105 million). 5. Recovery Rate Over 97 per cent Loan recovery rate is 96.67 per cent. 6. 100 per cent Loans Financed From Bank’s Deposits Grameen Bank finances 100 per cent of its outstanding loan from its deposits. Over 56 per cent of its deposits come from bank’s own borrowers. Deposits amount to 145 per cent of the outstanding loans. If we combine both deposits and own resources it becomes 160 per cent of loans outstanding.
7. No Donor Money, No Loans In 1995, GB decided not to receive any more donor funds. Since then, it has not requested any fresh funds from donors. Last installment of donor fund, which was in the pipeline, was received in 1998. GB does not see any need to take any donor
money or even take loans from local or external sources in future. GB's growing amount of deposits will be more than enough to run and expand its credit programme and repay its existing loans. 8. Earns Profit Ever since Grameen Bank came into being, it has made profit every year except in 1983, 1991, and 1992. It has published its audited balance-sheet every year, audited by two internationally reputed audit firms of the country. All these reports are available on CD, and some on our web-site : www.grameen.com. 9. Low Interest Rates Government of Bangladesh has fixed interest rate for government-run microcredit programmes at 11 per cent at flat rate. It amounts to about 22 per cent at declining basis. Grameen Bank's interest rate is lower than government rate. Recently MRA has fixed the maximum interest rate for microcredit at 27% on declining balance method and instructed the NGO-MFIs to implement this capped interest rate within June 2011.MRA found in a recent survey the effective interest rate of NGO-MFIs on General Loan ranges from 25% to 33% and the modal value is 29%.On the contrary Grameen Bank's highest interest rate is 20%.
Microfinance Transparency an internationally reputed pricing certification agency also verified the pricing of Grameen Bank loan products and found that GB actually charges the same interest as it publicly claims. There are four interest rates for loans from Grameen Bank: 20% for income generating loans, 8% for housing loans, 5% for student loans, and 0% (interest-free) loans for Struggling Members (beggars). All interests are simple interest, calculated on declining balance method. This means, if a borrower takes an income-generating loan of say, Tk 1,000, and pays back the entire amount within a year in weekly installments, she'll pay a total amount of Tk 1,100, i.e. Tk 1,000 as principal, plus Tk 100 as interest for the year, equivalent to 10% flat rate.
10. Deposit Rates Grameen Bank offers very attractive rates for deposits. Minimum interest offered is 8.5 per cent. Maximum rate is 12 per cent. 11. Micro-enterprise Loans Many borrowers are moving ahead in businesses faster than others for many favourable reasons, such as, proximity to the market, presence of experienced male members in the family, etc. Grameen Bank provides larger loans, called microenterprise loans, for these fast moving members. There is no restriction on the loan size. So far 3,590923 members took micro-enterprise loans. A total of Tk 105.96 billion(US$ 1540.58 million) has been disbursed under this category of loans. Average loan size is Tk 29,507 (US $ 389.69), maximum loan taken so far is Tk 1.6 million (US $ 23,209). This was used in purchasing a truck which is operated by the husband of the borrower. Power-tiller, irrigation pump, transport vehicle, and rivercraft for transportation and fishing are popular items for micro-enterprise loans. 12. Beggars as Members Begging is the last resort for survival for a poor person, unless he/she turns into crime or other forms of illegal activities. Among the beggars there are disabled, blind, and retarded people, as well as old people with ill health. Grameen Bank has taken up a special programme in 2002, called Struggling Members Programme exclusively for the beggars. Over 111,296 beggars have joined the programme. Total amount disbursed stands today at Tk. 162.60 million. Of this amount of Tk. 130.89 million (80% of the amount disbursed) has already been paid off. 19,678 beggars have left begging and are making a living as door-to-door sales persons. Among them 10,185 beggars have joined The Grameen Bank groups as main-stream borrowers. Beggars members have voluntarily opened their personal savings accounts. Cumulative deposit in these savings accounts amounts to BDT 22.41 million; present balance stands at BDT 8.08 million.
Basic features of the programme are : 1) Existing rules of Grameen Bank do not apply to beggar members; they make up their own rules. 2) All loans are interest-free. Loans can be for very long term, to make repayment installments very small. For example, for a loan to buy a quilt or a mosquito-net, or an umbrella, many borrowers are paying Tk 2.00 (3.4 cents US) per week. 3) Beggar members are covered under life insurance and loan insurance programmes without paying any cost. 4) Groups and centers are encouraged to become patrons of the beggar members. 5) Each member receives an identity badge with Grameen Bank logo. She can display this as she goes about her daily life, to let everybody know that she is a Grameen Bank member and this national institution stands behind her. 6) Members are not required to give up begging, but are encouraged to take up an additional income-generating activity like selling popular consumer items door to door, or at the place of begging. 13. Housing For the Poor Grameen Bank introduced housing loan in 1984. It became a very attractive programme for the borrowers. This programme was awarded Aga Khan International Award for Architecture in 1989. Maximum amount given for housing loan is Tk 25,000 (US $ 354) to be repaid over a period of 5 years in weekly installments. Interest rate is 8 per cent. 690,737 houses have been constructed with the housing loans averaging Tk 13,059 (US $ 181.50). A total amount of Tk 9.02 billion (US $ 211.21 million) has been disbursed for housing loans. During the past 12 months (from Nov.'10 to October’11) 4,482 houses have been built with housing loans amounting to Tk 52.43 million (US $ 0.69 million). 14. Scholarships Scholarships are given, every year, to the high performing children of Grameen borrowers, with priority on girl children, to encourage them to stay ahead to their
classes. Up to October'11, scholarships amounting to Tk 205.03 million (US$ 3.00 million) have been awarded to 133,031 children. During 2011, US$ 592,849 will be awarded to about 24,611 children, at various levels of school and college education. 15. Loans Paid Off At Death Grameen offers an optional insurance programme called Loan Insurance Programme. Those who sign up for this programme in case of their death , all outstanding loans are paid off. Under this programme, an insurance fund is created by the interest generated in a savings account created by deposits of the borrowers made for loan insurance purpose, at the time of receiving loans. Each time an amount equal to 3 per cent of the loan amount is deposited in this account. This amount is transferred from the Special Savings account. If the current balance in the insurance savings account is equal or more than the 3 per cent of the loan amount, the borrower does not need to add any more money in this account. If it is less than 3 per cent of the loan amount, she has to deposit enough money to make it equal. Coverage of the loan insurance programme has also been extended to the husbands with additional deposits in the loan insurance deposit account. A borrower can get the outstanding amount of loan paid off by insurance if her husband dies. She can continue to borrow as if she has paid off the loan. Total deposits in the loan insurance savings account stood at Tk 7,000.17 million (US$ 93.77 million) as on October 31, 2011. Up to that date 217,907 insured borrowers and insured husbands died and a total outstanding loans and interest of Tk 2022.00 million (US $ 29.53 million) left behind was paid off by the bank under the programme. The families of the deceased borrowers are not be required to pay off their debt burden anymore, because the insured borrowers or their insured husbands do not leave behind any debt burden to take care of. 16. Life Insurance Each year families of deceased borrowers of Grameen Bank receive a total of Tk 17 to 20 million (US $ 0.25 million to 0.29 million) in life insurance benefits. Each family
receives Tk 1,500. A total of 137,976 borrowers died so far in Grameen Bank. Their families collectively received a total amount of Tk 241.34 million (US$ 4.74 million). Borrowers are not required to pay any premium for this life insurance. Borrowers come under this insurance coverage by being a shareholder of the bank. 17. Computerized MIS and Accounting System Accounting and information management of nearly all the branches (2,565 out of 2,565) has computerized. This has freed the branch staff to devote more time to the borrowers rather than spend it in paper-work. Branch staffs are provided with preprinted repayment figures for each weekly meeting. If every borrower pays according to the repayment schedule, the staff has nothing to write on the document except for putting the signature. Only the deviations are recorded. Paper work that remains to be done at the village level is to enter figures in the borrowers' passbooks. All zones (40) are connected with the head office, and with each other, through intranet. This has made data transfer and communications very easy. 18. 'Stars' for Achievements Grameen Bank provides color-coded stars to branches and staff for 100 percent achievement of a specific task. A branch (or a staff) having five-stars indicate the highest level of performance. At the end of June'2011, branches showed the following result. 929 branches, out of total 2,565 branches, received stars (green) for maintaining 100 per cent repayment record. 19,93 branches received stars (blue) for earning profit. (Grameen Bank as a whole earns profit because the total profit of the profit-earning branches exceeds the total loss of the loss-incurring branches.) 1,869 branches earned stars (violet) by meeting all their financing out of their earned income and deposits. These branches not only carry out their business with their own funds, but also contribute their surpluses to meet the fund requirement of deficit branches.
324 branches have applied for stars (brown) for ensuring education for 100% of the children of Grameen families. After the completion of the verification processes their stars will be confirmed. 65 branches have applied for stars (red) indicating branches those have succeeded in taking all its borrowers' families (usually 3,000 families per branch) over the poverty line. The star will be confirmed only after the verification procedure is completed. Each month branches are coming closer to achieving new stars. Grameen staff looks forward to transforming all the branches of Grameen Bank into five star branches
Grameen’s cost-effectiveness and microfinance worldwide
What does Grameen’s cost-effectiveness mean for the worldwide microfinance movement that Grameen inspired? If Grameen, one of the best micro lenders, were not cost-effective, then there would be little hope for most of the thousands of other micro lenders. But Grameen probably was cost-effective. Unfortunately, this does not mean that other micro lenders are cost-effective. Although Grameen’s failure would likely condemn them, Grameen’s success does not necessarily save them. One happy ending does not a microfinance movement make, and very few micro lenders perform as well as Grameen. Still, microfinance as a whole may be worthwhile, and even if it is not currently worthwhile, it is improving and may in time become worthwhile. Grameen offers no answers, but it does offer hope; it did well, and so might microfinance in general. Of course, Grameen’s success cannot be simply exported. As Hulme (1990) cautions, Grameen is not a blueprint but rather a source of broad lessons which must be adapted to local contexts.
Market versus subsidy
Wide agreement about what microfinance should do—improve the poor’s wellbeing—contrasts with wide disagreement about how to do it. Part of microfinance’s mystique is that it might be able to survive without subsidy. The central debate is whether micro lenders should be expected to outgrow subsidies and enter the
market. The subsidy approach targets very poor clients who are costly to serve and who thus may require on-going subsidies. The market approach targets less-poor clients who are less costly to serve and who thus may represent a profitable niche. The debate’s two poles can be simplistically characterized in terms of surplus, depth, breadth, length, and scope. The subsidy approach assumes that great depth and great per-user surplus can compensate for narrow breadth, short length, and limited scope. The market approach assumes that wide breadth, long length, and ample scope can compensate for shallow depth and low per-client surplus. How does Grameen inform this debate? Unlike the stereotypical (and hypothetical) micro lenders in the subsidy and market camps, Grameen is strong in all aspects. For example, the review above suggests that user surplus is high. Likewise, depth is great, as most users are poor, rural women. Grameen also has great length; subsidies probably will not be removed, but even if they are, Grameen is close enough to true profitability that it could make a few adjustments and continue. Breadth is great as well, and Grameen’s loans and saving services provide ample scope. Grameen reconciles the subsidy and market approaches because it is subsidized yet permanent and because it is (almost) profitable yet serves the very poor. How does it do this? Grameen realized that efficiency was not incompatible with its social mission; helping the poor is no excuse for waste. Because Grameen wanted both to be efficient and to serve the poor, it worked to design (and redesign) incentive structures that rewarded—sometimes in a precarious balance—both these goals. The result was that subsidies did not leak to employee perquisites but rather financed expansion and kept costs to users low. Grameen’s unusual ability to do this appears to derive from its founder and his recognition that doing good is not easy. Furthermore, Grameen used a low-cost lending method (joint-liability groups) implemented by low-cost, loyal workers. Thus, Grameen could charge prices low enough to reach the poor yet high enough to approach profitability.
Most important, Grameen simply wanted to grow. Its employees could have had a quiet life with its subsidies and 10,000 (or 100,000) members. Instead, Grameen pushed to reach millions, even though this put more pressure on its employees. In short, Grameen avoided the typical tragedy of development projects; the technical aspects are willing, but the implementing organization is weak. Grameen also avoided the for-profit flaw of ignoring the poor. In both cases, Grameen did this largely because it explicitly tried to. Institution building has no formula, aside from making it a conscious and continuous part of the strategic plan. The subsidy camp focuses on the poor rather than on the organization, while the market camp focuses on the organization rather than on the poor. Grameen’s lesson is that trying to do both provides the best chance to achieve both.
GB has certainly established its credentials as an institution that aims at providing credit to the landless and asset-less poor in rural areas of Bangladesh. The GB makes more than 500,000 loans per month with an average size of $70.00. Credit gives the recipient the power of entitlement to society’s productive goods and services with immediate effect, unlike most of the other programmes for the poor that tend to create the unintended negative effect of dependency on the service providers. The poor decide how to use this entitlement in the type of incomegenerating activities that they know best, thereby enhancing the chances of success. Although credit is a highly potent instrument which enables the poor to be selfreliant in a cost-effective way, the resource is systematically denied to the poor by the conventional banking system. GB has demonstrated that the poor are bankable, capable of making good business decisions in utilizing their loans and repaying them on time. GB showed the possibility to develop a viable and self-reliant credit programme for the poor. The GB uses an unambiguous eligibility criterion which ensures that only the poor or very poor can participate. Poverty is an exclusion factor for the conventional banking system. In GB, on the contrary, to obtain a credit a person must prove that
he/she is poor. In any case, eligible individuals must own less than half an acre of arable land or have less than the commercial value of one acre of mid-quality land in assets. These clearly-defined criteria leave no room for misinterpretation or abuse by the bank’s workers. GB concentrates its lending to poor women as they make better borrowers than men, utilizing their loans only for income-generating activities and ensuring that their loans are promptly paid from their profits. Additionally, women account for an extraordinary high share among the poorest and most deprived in most societies. As a result, the performance of GB in providing credit to the rural poor has been impressive. For these reasons, most GB replications have adopted a deliberate policy of concentrating their lending to women borrowers. The most powerful incentive/penalty feature adopted by GB is the assurance of a bigger subsequent loan on complete repayment of the previous loan and the denial of this to any defaulting member and other in her group. Because the borrowers highly value this access to a reliable and sustained source or reasonably-priced credit, they go out of their way to make sure that they make their loan repayments on time. This is specifically true of the poor women borrowers who have no alternative credit access at all, often not even from the moneylenders. The whole structure of GB operates on a clear delineation of responsibility and accountability. This contributes in a major way to the success of GB in keeping its operations efficient and free of corruption. The staffs are also encouraged to provide constructive critique of the Bank’s system so that the methods can be continually improved. The investments for which GB loans are utilized are characteristically labor-intensive, fast-turnover micro businesses in sector such as trade, food processing, manufacturing and services, with only a few in small-scale agriculture. GB encourages the borrowers to utilize their loans in activities that they are already familiar with.
a. http://www.grameeninfo.org/index.php?option=com_content&task=view&id=16&Itemid=112 b. http://www.grameeninfo.org/index.php?option=com_content&task=view&id=26&Itemid=175 c. http://www.microfinance.com/English/Papers/Grameen_CEA.pdf d. http://thecoolproject.us/?tag=grameen-bank e. http://links.org.au/node/1955 f. http://timesofpakistan.pk/international-news/2012-08-09/us-concernedover-bangladeshs-grameen-bank-decision/61459/ g. http://www.holcimfoundation.org/portals/1/docs/firstforum_yunus.pdf h. http://www.microfinancegateway.org/gm/document-1.9.28425/1835.pdf i. http://www.mof.gov.bd/en/budget/gb/Grameen_Bank_Interim_Report.pd f j. http://www.grameeninfo.org/index.php?option=com_content&task=view&id=217&Itemid=172&li mit=1&limitstart=0 k. http://socialentrepreneurshipasia.wordpress.com/tag/grameen-bank/ l. http://socialentrepreneurshipforeveryone.typepad.com/socialentrepreneurship-f/2011/05/muhammad-yunus-ousted-from-grameen-bank1.html
This action might not be possible to undo. Are you sure you want to continue?
We've moved you to where you read on your other device.
Get the full title to continue reading from where you left off, or restart the preview.