Before coming for the POM class, we were asked to watch a video clip of a speech by Muhammad Yunus. It seems very boring to listen to an hour long speech. But when you start listening, you get involved into it too much that you don't even realize how time passed away.
Here is the link for the same speech:
For those who don't know about Grameen bank and Muhammad Yunus, Grameen Bank is a micro-financing firm founded in Bangladesh by Muhammad Yunus, a banker, economist and Nobel Peace prize recipient.
Concept of loans to poor people without any financial security had appeared to be an impossible idea. But Muhammad Yunus has shown himself to be a leader who has managed to translate visions into practical action for the benefit of millions of people, not only in Bangladesh, but also in many other countries.
Micro-credit loans are based on the concept that the poor have skills that are under-utilized and they can utilize them when incentives are provided. A group-based credit approach is applied to use peer pressure within a group to ensure repayment and allowing the borrowers to develop good credit standing. The bank's credit policy to support under-served populations has led to the overwhelming majority (98%) of its borrowers being women.
The concept of lending money to beggars was implemented which was a great success. Merchandise was given to the beggars and they were asked to sell the goods instead of begging. Surprisingly, beggars were begging and selling goods simultaneously. They did the market research and figured out where to beg & where to sell.
This bank is by the poor people and for the poor people. It is into social business wherein how much profit you make is not counted instead how much welfare you did is considered. And Muhammad Yunus and Grameen Bank are working satisfactorily as a social selfless business.
Here is the link for the same speech:
Micro-credit loans are based on the concept that the poor have skills that are under-utilized and they can utilize them when incentives are provided. A group-based credit approach is applied to use peer pressure within a group to ensure repayment and allowing the borrowers to develop good credit standing. The bank's credit policy to support under-served populations has led to the overwhelming majority (98%) of its borrowers being women.
The concept of lending money to beggars was implemented which was a great success. Merchandise was given to the beggars and they were asked to sell the goods instead of begging. Surprisingly, beggars were begging and selling goods simultaneously. They did the market research and figured out where to beg & where to sell.
This bank is by the poor people and for the poor people. It is into social business wherein how much profit you make is not counted instead how much welfare you did is considered. And Muhammad Yunus and Grameen Bank are working satisfactorily as a social selfless business.
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