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B.Com. Sem. III
Text:
Muhammad Yunus (b. 1940) is a Bangladeshi banker, whose focus on microcredit and
microfinance concepts awarded the Nobel Prize in 2006 for efforts to create economic and
social development from below'. Time magazine has listed top twelve business leaders in their
segment on ‘sixty years of Asian heroes’. The Wharton School of Business chose Yunus as
one most influential business persons of the past twenty-five years. He is also the founder of
Grameen Bank, a Nobel Prize-winning organization.
Yunus was born on 28 June 1940 in the village of Bathua, in Hathazari, Chittagong. Chittagong
was, at the time, under the British Raj. After the Indian Independence and the Bangladesh
Liberation War, that area would come to be known as Bangladesh.His father was a jeweller
and the family was able to live in relative ease and comfort. The first four years of Yunus s life
were spent in the village he was born in. Then his family moved to Chittagong. It was a
turbulent period, especially after his mother was afflicted with a psychological illness. His
mother was his role model; a woman who helped anyone that knocked on their door. It was
then that Yunus developed an interest in the Boy Scouts and in 1955 even travelled to Canada
to attend a jamboree. He performed well in school, securing the sixteenth position among
39,000 students in Pakistan.
After high school, Yunus studied at Dhaka University, receiving a B.A. degree in 1960 and an
M.A. degree in 1961. His first job was as a research assistant, before he became a lecturer in
Economics at Chittagong College. In 1965 he received a Fulbright scholarship to study
economics at Vanderbilt University. He completed his PhD in Economics and remained in the
US as an assistant professor of Economics at Middle Tennessee State University for three years,
from 1969 to 1972.
In 1971 India and Pakistan were engaged in the Bangladesh Liberation War. It was a nine-
month war that saw the secession of East Pakistan, which became Bangladesh. Yunus was in
the US when the war took place. and set up the Bangladesh Information Center with other
Bangladeshis in the US. The idea behind the centre was to raise support for la Following the
war Yunus returned to Bangladesh and joined CH University as head of the Economics
department. It was during as acting head of the Economics department that Yunus would across
an idea that would lead to him helping millions of poverty-st people, and would eventually
award him the Nobel Prize.
3.
Muhammad
Yunus
Notes Prepared by
Dr. G. N. Khamankar,
Vivekanand Collage, Bhadrawati
In 1974 Bangladesh suffered from a famine. The famine was accompanied by massive flooding
that resulted in a dip in Bangladesh's population Bangladesh received no relief and no aid from
other countries. People in the rural areas suffered from starvation as the floods had devastated
food crops. The US did not commit to food aid at the time because of Bangladesh's policy of
exporting jute to Cuba, a country the US was politically in a stalemate with. Yunus was
profoundly affected by the famine. He remembered his mother's actions-opening the door to
help anyone who came knocking-and he began to be actively involved in poverty reduction.
He established a rural economic programme as a research project, so that he could get a feel
for the scope of damage caused by the famine. He began putting forward several proposals to
help the rural areas of Bangladesh.
In 1976, as part of his research, Yunus visited the poorest households in a village near
Chittagong. He interviewed a woman who was making bamboo stools and learnt that she was
being charged exorbitant rates for her loans, and thus was barely making a profit. He realised
the potential for recovery then and there and, in an exhibition of practical economics, loaned
the equivalent of twenty-seven US dollars to forty-two women in the village. It was his first
loan. With more advantageous rates, these women were able to raise their profits and manage
better than before Without these new rates, the women would likely have been stuck in a rut
for the rest of their lives. Yunus did the math and realised that on smaller scale, microfinance
and microcredit could really help Bangladesh’s struggle with poverty. Yunus knew that the
first problem he faced this solution was that traditional banks would not be interested in of
small value at reasonable interest rates, especially to the poor, wh risk of missing repayment
would be high. Yunus believed that given chance, microcredit could be a vitable business
model. What was n for that chance was an institution to lend to those who had nothlu applied
for a loan from the government Janata Bank so that he could set up this institution. By the end
of 1976 he received the loan and set to work.
The institution put into effect the microcredit model that Yunus had proposed and began taking
loans from other banks to continue operating. It succeeded. By 1982 the institution had
expanded to twenty-eight thousand members, and in 1983 confirmed its status as a fully-
fledged bank and was renamed Grameen Bank (the name meant 'Village' Bank).
Grameen Bank initially faced many difficulties: radical leftists threatened Yunus and his
colleagues; conservative clergy cautioning women from borrowing money from the bank.
Despite these setbacks, the company continued to grow and by the 1990s the bank had started
to diversify, focusing on irrigation schemes and equity projects and even telecommunications.
Grameenphone became the biggest private sector phone company in Bangladesh, supplying
over a quarter-of-a-million phones to the poor across fifty thousand villages. By 2007, Grameen
Bank had issued over six billion dollars to more than seven million borrowers. Repayment of
loans was ensured through 'solidarity groups' where a small group would apply together for a
loan and the members within the groups would support one another to ensure repayment of the
loan and economic self-advancement. Such a system helped major portions of Bangladesh pull
themselves out from under the heavy weight of poverty. It is interesting to note that nearly
ninety-five per cent of Grameen loans were to women. The reason behind this was that
Bangladeshi women were more likely to suffer from poverty than men, and, the women were
more likely to devote their earnings to their family, unlike the men. Grameen Bank was
employing a model that they hoped would do two things: alleviate property, and empower
women.
In the 1990s Yunus took on more responsibilities. He became a member of the International
Advisory Group for the Fourth World Conference on Women, a post to which he was appointed
by the UN Secretary-General. He also served on the Global Commission of Women's Health,
the Advisory Council for Sustainable Economic Development and the UN Expert Group on
Women and Finance.
It comes as no surprise that, in addition to the Nobel Prize, Yunus has also been the recipient
of several honours and awards. He is one of seven people to have even been awarded the Nobel
Peace Prize, the Presidential Medal of Freedom (the highest civilian award in the US) and the
Congressional Gold Medal (bestowed by the United States Congress). Former US president
Bill Clinton was an ardent supporter of Yunus and firmly believed that Yunus deserved the
Nobel Peace Prize. Yunus's and Grameen's methods and practices are now applied in projects
in over sixty countries across the world, including the US and Europe. It is clear that he has
had a marked impact on Bangladesh's and the worlds history.
SUMMARY
Muhammad Yunus is a Bangladeshi social entrepreneur, banker, economist and
civil society leader who was awarded the Noble Prize for founding the Grameen
Bank and pioneering the concept of microcredit and microfinance. He made
efforts to create economic and social development from below'. In Time
Magazine he is listed one of the twelve business leaders in their segment on 'Sixty
Years of Asian Heroes'. The Wharton School of Business chose Yunus as one of
the twenty-five most influential business persons of the past twenty-five years.
He is also the founder of Grameen Bank, a Nobel Prize winning organization
Yunus was born on 28 June 1940 in the village of Bathua, in Hathazari
Chittagong, Chittagong was at that time under the British rule. After the Indian
independence and the Bangladesh Liberation war, that area was known as
Bangladesh. His father was a jeweller and the family was able to live in relative
simplicity and comfort. The first four years of Yunus' life were spent in the
village. Then his family moved to Chittagong. It was a chaotic period, especially
after his mother was afflicted with a psychological illness. His mother was his
role model for being helpful nature. He developed an interest in the Boy Scouts.
In 1935 he travelled to Canada to attend a jamboree. His performance was well
in school, securing the sixteenth position among 39000 students in Pakistan.
After his matriculation he graduated from Dhaka University. Then he passed M.A
in 1961. He worked as research Assistant then he became a lecturer in Economics
at Chittagong College. In 1965 he received a Fulbright scholarship to study
economics at Vanderbilt University. He completed Ph.D in Economics and
worked as Assistant professor at Middle Tennessee State University for three
years in US.
In 1971 nine month war began in Pakistan. Bangladesh was born when he was in
US. He set up the Bangladesh Information Center with other Bangladeshis in the
US to support for liberation. Following the war he returned to Bangladesh und
joined Chittagon University as head of the Economics Department. He worked to
help millions of poverty stricken people. For his contribution he received Noble
Prize.
In 1974 Bangladesh suffered from food crisis. The food shortage was
accompanied by massive flooding resulted in a dip in Bangladesh's population.
Bangladesh received neither relief nor any help from other countries. People
suffered in rural areas due to starvation as the floods had devastated food crops.
US did not support to his country. He was deeply affected by the famine. He
remembered his mother's actions- opening the door to help the poor people. He
launched rural economic programme as a research project so that he could get
feel for the scope of damage caused by the famine. He put several proposals to
help the rural areas of Bangladesh.
In 1976, Yunus visited the poorest people in his village. He interviewed a woman
who was making bamboo stools and experienced that she was being charged high
rates for her loans and making hardly profit. He realized the probable for recovery
and in an exhibition of practical economics, distributed loans among forty-two
women in the village. It was his first loan. With this scheme, women were able
to raise their profits and manage better than before. He did calculation and
realized that on a smaller scale, microfinance and microcredit could really help
Bangladesh's struggle with poverty. He noticed the first problem he faced with
this solution was that traditional banks would not be interested in loans of small
value at reasonable interest rates, especially to the poor. He believed that given
the chance microcredit could be proved best business model. He applied for a
loan from the government Janata Bank. By the end of 1076 he received the loan
and set to work. He began taking loans from other banks. By 1982 the institution
had expanded to twenty-eight thousand members and in 1983 confirmed its status
as fully fledged bank and was renamed Grameen Bank.
Gramin bank faced many difficulties at the beginning stage. Radical leftists
threatened him and colleagues. The conservative clergymen were threatening
women from borrowing money from the bank. Despite these setbacks, the
company continued to grow and by the 1990s the bank had started diversify and
focused on irrigation scheme and equity projects and even telecommunications.
Grameen phone became the biggest private sector phone company in Bangladesh,
supplying over a quarter of -a million phones to the poor across fifty thousand
villages. By 2007, Grameen Bank had issued over six billion dollars to more than
seven million borrowers. Repayment of loans was ensured through solidarity
groups' where small group would apply together for a loan and the members
within the groups would support one another to guarantee repayment of the loan
and economic selfadvancements. This helped to reduce the poverty. It is very
interesting to note that ninety-five percent of Grameen loans were given to
women. Gramin bank was employing a model that they hoped would do two
things: Alleviate property and empower women.
In the 1990s Yunus took on more responsibilities. He became a member of the
International Advisory Group for the Fourth World Conference on Women, he
was appointed by the UN Secretary-general. He served on the Global
Commission of Women's health, the Advisory Council for Sustainable Economic
Development and UN Expert Group on Women and Finance.
Mohammad Yunus received several prestigious award and honours like Noble
Peace Prize, the Presidential Medal of Freedom and the Congressional Gold
Medal. His Grameen's methods and practices are now applied in projects in over
sixty countries across the world including The US and Europe... He left the deep
impression in the history of the world.
साराांश
मुहम्मद युनुस हे बाांग्लादेशी सामाजिक उद्योिक, बँकर, अर्थशास्त्रज्ञ आजि नागरी समाि
नेते आहेत ज्ाांना ग्रामीि बँक स्र्ापन क
े ल्याबद्दल आजि मायक्रो-क्र
े जिट आजि
मायक्रोफायनान्स सांकल्पनेचे अग्रिी म्हिून नोबल पुरस्काराने गौरजिण्यात आले. आजर्थक
आजि सामाजिक जिकास घििून आिण्यासाठी त्ाांनी प्रयत्न क
े ले. टाईम मॅगजिनमध्ये
त्ाांना 'एजशयन जहरोांच्या साठ िर्ाांचे' या जिभागातील बारा व्यािसाजयक नेत्ाांपैकी एक
म्हिून सूचीबद्ध क
े ले आहे. व्हाटथन स्क
ू ल ऑफ जबजिनेसने युनुसची जनिि मागील पांचिीस
िर्ाथतील सिाथत प्रभािशाली व्यािसाजयक व्यक्ीांपैकी क
े ली. ते ग्रामीि बँक
े चे सांस्र्ापक
देखील आहेत, नोबेल पाररतोजर्क जमळििा युनुसचा िन्म 28 June िून 1940 रोिी
हर्िारी चटगाांग मधील बर्ुआ गािात िाला. त्ािेळी जिटीशाांच्या अजधपत्ाखाली होते.
भारतीय स्वातांत्र्य आजि बाांगलादेश मुक्तक्सांग्रामानांतर ते क्षेत्र बाांगलादेश म्हिून ओळखले
िात असे. त्ाचे ििील एक ज्वेलर होते आजि क
ु टुांब सापेक्ष साधेपिा आजि आरामात
िगू शकले असते. युनूसनी पजहले चार िर्े 'आयुष्य गािात खचथ क
े ली. त्ानांतर त्ाचे क
ु टुांब
चटगाांि येर्े गेले. हा एक गोांधळलेला काळ होता, जिशेर्तः त्ाच्या आईला मानजसक
आिाराने ग्रासले. नांतर त्ाची आई त्ाची आदशथ होती. त्ाला बॉय स्काऊट्समध्ये रस
जनमाथि िाला. 1935 मध्ये ते िाांबोरीला उपक्तस्र्त राहण्यासाठी क
ॅ निाला गेले. त्ाची
कामजगरी शाळे त चाांगली होती, ज्ाने पाजकस्तानमधील 39000 जिद्यार्थ्ाांमध्ये सोळािा
क्रमाांक जमळजिला.
मॅजटिकनांतर त्ाांनी पदिी ढाका जिद्यापीठातून घेतली. त्ानांतर1961 मध्ये त्ाांनी एम ए
उत्तीिथ क
े ले. त्ाांनी सांशोधन सहाय्यक म्हिून काम क
े ले. त्ानांतर ते चटगाांग
महाजिद्यालयात अर्थशास्त्राचे व्याख्याते िाले. 1965 मध्ये त्ाला िानिजबथल्ड जिद्यापीठात
अर्थशास्त्राचा अभ्यास करण्यासाठी फ
ु लिाइट जशष्यिृत्ती जमळाली. त्ाांनी अर्थशास्त्रामध्ये
पीएचिी पूिथ क
े ली आजि अमेररक
े त तीन िर्े मध्यम टेनेसी राज् जिद्यापीठात सहाय्यक
प्राध्यापक म्हिून काम क
े ले.
1971मध्ये पाजकस्तान मध्ये 9 मजहन्ाांच्या युद्धाला सुरुिात िाली. तो अमेररक
े त असताना
बाांगलादेश जनमाथि िाले. त्ाांनी पाजठां ब्यासाठी अमेररक
े त बाांगलादेश माजहती क
ें द्र सुरू
क
े ले. मुक्ीच्या युद्धानांतर ते बाांगलादेशात परत दाखल िाले आजि अर्थशास्त्र जिभागाचे
प्रमुख म्हिून चॅजटांगटन जिद्यापीठात मदत करण्याचे काम क
े ले. त्ाांच्या योगदानाबद्दल
त्ाांना नोबल पुरस्कार जमळाला. 1974 मध्ये बाांगलादेशला अन्नधान्ाच्या सांकटाने ग्रासले.
अन्न टांचाईच्या बरोबरीने ब -याच प्रमािात पूर आला आजि बाांगलादेशातील लोकसांख्या
कमी िाली. बाांगलादेशला कोिताही जदलासा जमळाला नाही की कोितीही मदत इतर
देशाांकि
ू न जमळाली नाही. त्ाांमुळे ग्रामीि भागात उपासमारीची क्तस्र्ती जनमाथि िाली.
पुरामुळे अन्नधान्ाची जपक
े उद् वस्त िाली. अमेररक
े ने आपल्या देशाला पाजठां बा जदला
नाही. त्ाला दुष्काळाचा तीव्र पररिाम िाला. त्ाला आपल्या आईच्या क
ृ ती आठिल्या -
गररबाांना मदत करण्यासाठी म्हिून त्ाांनी ग्रामीि भागातील आजर्थक कायथक्रम म्हिून
सांशोधन प्रकल्प सुरू क
े ला. दुष्काळामुळे होिा -या नुकसानीची िािीि व्हािी म्हिून
बाांगलादेशातील ग्रामीि भागाला मदत करण्यासाठी त्ाांनी अनेक प्रस्ताि ठे िले.
1976 मध्ये युनुस आपल्या गािातल्या गरीब लोकाांना भेटला. बाांबूची स्टू ल बनििा एका
मजहलेची त्ाने मुलाखत घेतली आजि जतला अनुभि आला की जतच्या किाथसाठी जतला
िास्त दर आकारला िात आहे. त्ाांना पुनप्राथप्तीची सांभाव्यता समिली आजि व्यािहाररक
अर्थशास्त्राच्या प्रदशथनात, त्ाांनी गािातील 42 क्तस्त्रयाांमध्ये किाथचे जितरि क
े ले. हे त्ाचे
पजहले किथ होते. या योिनेमुळे मजहलाांना आपला नफा िाढजिण्यात आजि पूिीपेक्षा
अजधक चाांगले व्यिस्र्ाजपत करण्यात सक्षम िाले. त्ाांनी गिना क
े ली आजि हे समिले
की लहान प्रमािात, मायक्रोफायनान्स आजि मायक्रोक्र
े जिटमुळे बाांगलादेशच्या दाररद्र्याशी
लढा देण्यासाठी खरोखर मदत होऊ शकते. या समस्येला सामोरे िाण्याची त्ाांना पजहली
अिचि लक्षात आली ती म्हििे पारांपाररक बँकाांना िाििी व्याि दरािर, खासकरून
गरीबाांना कमी मूल्याच्या किाथत रस नसिे. त्ाांचा असा जिश्वास होता की सांधी जदल्यास
मायक्रोक्र
े जिट सिोत्क
ृ ष्ट व्यिसाय मॉिेल म्हिून जसद्ध होऊ शकते. त्ाांनी सरकारी िनता
बँक
े कि
ू न किाथसाठी अिथ क
े ला. 1076 अखेरीस त्ाला किथ जमळाले आजि ते कामािर
जनघाले. तो इतर बँकाांकि
ू न किथ घेऊ लागला. 198 २ पयांत सांस्र्ेचा जिस्तार अठ्ठािीस
हिार सदस्याांपयांत िाला आजि 198 3 मध्ये त्ा पूिथ बँक
े च्या रूपाने जनजित क
े ल्या आजि
त्ाचे नामकरि ग्रामीि बँक क
े ले गेले.
ग्रामीि बँक
े ला सुरुिातीच्या टप्प्यात बर्याच अिचिीांचा सामना करािा लागला. कट्टर
िाव्या जिचारसरिीने त्ाना धमकािले आजि पुरािमतिादी मजहलाांना किथ घेण्याची
धमकी देत होते. बँक
े तून या अिचिी असूनही, क
ां पनी िाढतच राजहली आजि 1990 च्या
दशकात बँक
े ने जसांचन योिना जिजिधता आिली आजि इक्तिटी प्रकल्प आजि अगदी
दू रसांचार यािरही लक्ष क
ें जद्रत क
े ले. ग्रामीि फोन बाांगलादेशातील सिाथत मोठी खािगी
क्षेत्रातील फोन क
ां पनीने पन्नास हिार खेड्यातून दीि लाख फोन गरीबाांना पुरिले. २००
पयांत ग्रामीि बँक
े ने दशलक्षाहून अजधक किथदाराांना सहा अब्ज िॉलसथहून अजधक किथ
जदले.
एकता गटाांद्वारे किाथची परतफ
े ि सुजनजित क
े ली गेली आहे िेर्े लहान गट किाथसाठी
एकत्र अिथ करेल आजि समूहातील सदस्यदेण्यासाठी पाजठां बा देतील किाथची परतफ
े ि
आजि आजर्थक स्व-प्रगतीची हमी यामुळे दाररद्र्य कमी होण्यास मदत िाली. हे लक्षात
घेण्याची बाब अजतशय रुचीदायक आहे की ग्रामीि किाांपैकी पन्नास टक्क
े किे मजहलाांना
देण्यात आली होती. ग्रामीि बँक एक मॉिेल िापरत होती, त्ाांना आशा होती की दोन
गोष्टी करतील: मालमत्ता कमी करा आजि मजहला सबलीकरि करा. 1990 च्या दशकात
युनूसने अजधक िबाबदा-या स्वीकारल्या. ते आांतरराष्टि ीय सदस्य िाले मजहला जिर्यीच्या
चौर्थ्ा िागजतक पररर्देसाठी सल्लागार गटाचे, त्ाांची जनयुक्ी सांयुक् राष्टि सांघाच्या
सरजचटिीस याांनी क
े ली. त्ाांनी ग्लोबल कजमशन ऑफ िुमेन्स हेल्थ, अिव्हायिरी
कौक्तन्सल फॉर यूएन एक्सपटथ ग्रुप ऑन िुमेन्स एां ि फायनान्सिर काम क
े ले.
मोहम्मद युनुस याांना नोबेल पीस पाररतोजर्क,अनेक प्रजतजित पुरस्कार ि सन्मान जमळाले.
त्ाच्या ग्रामीि पद्धती आता साठ देशाांमधील प्रकल्पाांमध्ये लागू आहेत अमेररका आजि
युरोपसह िगाच्या इजतहासािर त्ाांनी खोलिर छाप पािली.
A. Long Question and Answer
Que 1. Explain how Yunus applied microcredit to help the poor
Or
What did Yunus do after witnessing the devastating impact of the
famine on the population of Bangladesh?
OR
Describe Grameen Bank success. OR
What the story behind Yunus’s first loan.
Ans: Muhammad Yunus is a Bangladeshi social entrepreneur, banker, economist
and civil society leader. He was awarded the Noble Prize for founding the
Grameen Bank and pioneering the concept of microcredit and microfinance. He
made efforts to create economic and social development from below'.
In 1974 Bangladesh suffered from food crisis accompanied by massive flooding.
Bangladesh received neither relief nor any help from other countries. People
suffered in rural areas due to starvation. US did not support to his country. Yunus
was deeply affected by the famine. He remembered his mother's actions- opening
the door to help the poor people. He launched rural economic programme as a
research project. He put several proposals to help the rural areas of Bangladesh.
In 1976, Yunus visited the poorest people in his village. He interviewed a woman
who was making bamboo stools. She was being charged high rates for her loans.
He realized her condition and distributed loans among forty-two women in the
village. It was his first loan. With this scheme, women were able to raise their
profits. He realized that microfinance and microcredit could really help
Bangladesh's struggle with poverty. He believed that microcredit could be proved
best business model. He applied for a loan from the government Janata Bank. By
the end of 1076 he received the loan and set to work. He began taking loans from
other banks. By 1982 the institution had expanded to twenty-eight thousand
members and in 1983 confirmed its status as fully fledged bank and was renamed
Grameen Bank.
2. How did Grameen Bank help the impoverished women of Bangladesh?
Why did the bank focus on the women of Bangladesh? Or
Describe the various roles Yunus took on after setting up Grameen Bank.
Ans: Muhammad Yunus is a Bangladeshi social entrepreneur, banker, economist
and civil society leader. He was awarded the Noble Prize for founding the
Grameen Bank and pioneering the concept of microcredit and microfinance. He
made efforts to create economic and social development from below'.
Gramin bank faced many difficulties at the beginning stage. Radical leftists
threatened him and colleagues. The conservative clergymen were threatening
women from borrowing money from the bank. Despite these setbacks, the
company continued to grow and by the 1990s the bank had started diversify and
focused on irrigation scheme and equity projects and even telecommunications.
Grameen phone became the biggest private sector phone company in Bangladesh,
supplying over a quarter of -a million phones to the poor across fifty thousand
villages.
By 2007, Grameen Bank had issued over six billion dollars to more than seven
million borrowers. Repayment of loans was ensured through solidarity groups'
where small group would apply together for a loan and the members within the
groups would support one another to guarantee repayment of the loan and
economic selfadvancements. This helped to reduce the poverty. It is very
interesting to note that ninety-five percent of Grameen loans were given to
women. Gramin bank was employing a model that they hoped would do two
things: Alleviate property and empower women.
B. Short Questions and Answers
Que. 1. Describe Yunus’s academic performance in high school.
Ans: Yunus was born on 28 June 1940 in the village of Bathua, in Hathazari
Chittagong, Chittagong was at that time under the British rule. After the Indian
independence and the Bangladesh Liberation war, that area was known as
Bangladesh. His father was a jeweller and the family was able to live in relative
simplicity and comfort. The first four years of Yunus' life were spent in the
village. Then his family moved to Chittagong. It was a chaotic period, especially
after his mother was afflicted with a psychological illness. His mother was his
role model for being helpful nature. He developed an interest in the Boy Scouts.
In 1935 he travelled to Canada to attend a jamboree. His performance was well
in school, securing the sixteenth position among 39000 students in Pakistan.
Que. 2. What was Yunus’s mother’s attitude towards the poor and needy?
Ans: In 1974 Bangladesh suffered from food crisis accompanied by massive
flooding. Bangladesh received neither relief nor any help from other countries.
People suffered in rural areas due to starvation. US did not support to his country.
Yunus was deeply affected by the famine. He remembered his mother's actions-
opening the door to help the poor people. He launched rural economic programme
as a research project. He put several proposals to help the rural areas of
Bangladesh.
Que.3. List three major awards that Yunus received.
Ans: In the 1990s Yunus took on more responsibilities. He became a member of
the International Advisory Group for the Fourth World Conference on Women,
he was appointed by the UN Secretary-general. He served on the Global
Commission of Women's health, the Advisory Council for Sustainable Economic
Development and UN Expert Group on Women and Finance.
Mohammad Yunus received several prestigious award and honours like Noble
Peace Prize, the Presidential Medal of Freedom and the Congressional Gold
Medal. His Grameen's methods and practices are now applied in projects in over
sixty countries across the world including The US and Europe... He left the deep
impression in the history of the world.
Que. 4. Why did Yunus receive the Nobel Peace Prize. Or
What was Yunus doing during the Bangladesh Liberation War? Or
Describe Yunus’s experience in the U.S., as described in the above essay?
Ans. After his matriculation he graduated from Dhaka University. Then he passed
M.A in 1961. He worked as research Assistant then he became a lecturer in
Economics at Chittagong College. In 1965 he received a Fulbright scholarship to
study economics at Vanderbilt University. He completed Ph.D in Economics and
worked as Assistant professor at Middle Tennessee State University for three
years in US.
In 1971 nine month war began in Pakistan. Bangladesh was born when he was in
US. He set up the Bangladesh Information Center with other Bangladeshis in the
US to support for liberation. Following the war he returned to Bangladesh und
joined Chittagon University as head of the Economics Department. He worked to
help millions of poverty stricken people. For his contribution he received Noble
Prize.
https://www.bing.com/videos/search?q=youtube+muhammud+yunus+biography&docid=608
031261828646184&mid=C099C78B0BC999EC1954C099C78B0BC999EC1954&view=deta
il&FORM=VIRE

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Muhammad Yunus

  • 1. B.Com. Sem. III Text: Muhammad Yunus (b. 1940) is a Bangladeshi banker, whose focus on microcredit and microfinance concepts awarded the Nobel Prize in 2006 for efforts to create economic and social development from below'. Time magazine has listed top twelve business leaders in their segment on ‘sixty years of Asian heroes’. The Wharton School of Business chose Yunus as one most influential business persons of the past twenty-five years. He is also the founder of Grameen Bank, a Nobel Prize-winning organization. Yunus was born on 28 June 1940 in the village of Bathua, in Hathazari, Chittagong. Chittagong was, at the time, under the British Raj. After the Indian Independence and the Bangladesh Liberation War, that area would come to be known as Bangladesh.His father was a jeweller and the family was able to live in relative ease and comfort. The first four years of Yunus s life were spent in the village he was born in. Then his family moved to Chittagong. It was a turbulent period, especially after his mother was afflicted with a psychological illness. His mother was his role model; a woman who helped anyone that knocked on their door. It was then that Yunus developed an interest in the Boy Scouts and in 1955 even travelled to Canada to attend a jamboree. He performed well in school, securing the sixteenth position among 39,000 students in Pakistan. After high school, Yunus studied at Dhaka University, receiving a B.A. degree in 1960 and an M.A. degree in 1961. His first job was as a research assistant, before he became a lecturer in Economics at Chittagong College. In 1965 he received a Fulbright scholarship to study economics at Vanderbilt University. He completed his PhD in Economics and remained in the US as an assistant professor of Economics at Middle Tennessee State University for three years, from 1969 to 1972. In 1971 India and Pakistan were engaged in the Bangladesh Liberation War. It was a nine- month war that saw the secession of East Pakistan, which became Bangladesh. Yunus was in the US when the war took place. and set up the Bangladesh Information Center with other Bangladeshis in the US. The idea behind the centre was to raise support for la Following the war Yunus returned to Bangladesh and joined CH University as head of the Economics department. It was during as acting head of the Economics department that Yunus would across an idea that would lead to him helping millions of poverty-st people, and would eventually award him the Nobel Prize. 3. Muhammad Yunus Notes Prepared by Dr. G. N. Khamankar, Vivekanand Collage, Bhadrawati
  • 2. In 1974 Bangladesh suffered from a famine. The famine was accompanied by massive flooding that resulted in a dip in Bangladesh's population Bangladesh received no relief and no aid from other countries. People in the rural areas suffered from starvation as the floods had devastated food crops. The US did not commit to food aid at the time because of Bangladesh's policy of exporting jute to Cuba, a country the US was politically in a stalemate with. Yunus was profoundly affected by the famine. He remembered his mother's actions-opening the door to help anyone who came knocking-and he began to be actively involved in poverty reduction. He established a rural economic programme as a research project, so that he could get a feel for the scope of damage caused by the famine. He began putting forward several proposals to help the rural areas of Bangladesh. In 1976, as part of his research, Yunus visited the poorest households in a village near Chittagong. He interviewed a woman who was making bamboo stools and learnt that she was being charged exorbitant rates for her loans, and thus was barely making a profit. He realised the potential for recovery then and there and, in an exhibition of practical economics, loaned the equivalent of twenty-seven US dollars to forty-two women in the village. It was his first loan. With more advantageous rates, these women were able to raise their profits and manage better than before Without these new rates, the women would likely have been stuck in a rut for the rest of their lives. Yunus did the math and realised that on smaller scale, microfinance and microcredit could really help Bangladesh’s struggle with poverty. Yunus knew that the first problem he faced this solution was that traditional banks would not be interested in of small value at reasonable interest rates, especially to the poor, wh risk of missing repayment would be high. Yunus believed that given chance, microcredit could be a vitable business model. What was n for that chance was an institution to lend to those who had nothlu applied for a loan from the government Janata Bank so that he could set up this institution. By the end of 1976 he received the loan and set to work. The institution put into effect the microcredit model that Yunus had proposed and began taking loans from other banks to continue operating. It succeeded. By 1982 the institution had expanded to twenty-eight thousand members, and in 1983 confirmed its status as a fully- fledged bank and was renamed Grameen Bank (the name meant 'Village' Bank). Grameen Bank initially faced many difficulties: radical leftists threatened Yunus and his colleagues; conservative clergy cautioning women from borrowing money from the bank. Despite these setbacks, the company continued to grow and by the 1990s the bank had started to diversify, focusing on irrigation schemes and equity projects and even telecommunications. Grameenphone became the biggest private sector phone company in Bangladesh, supplying over a quarter-of-a-million phones to the poor across fifty thousand villages. By 2007, Grameen Bank had issued over six billion dollars to more than seven million borrowers. Repayment of loans was ensured through 'solidarity groups' where a small group would apply together for a loan and the members within the groups would support one another to ensure repayment of the loan and economic self-advancement. Such a system helped major portions of Bangladesh pull themselves out from under the heavy weight of poverty. It is interesting to note that nearly ninety-five per cent of Grameen loans were to women. The reason behind this was that Bangladeshi women were more likely to suffer from poverty than men, and, the women were more likely to devote their earnings to their family, unlike the men. Grameen Bank was employing a model that they hoped would do two things: alleviate property, and empower women. In the 1990s Yunus took on more responsibilities. He became a member of the International Advisory Group for the Fourth World Conference on Women, a post to which he was appointed by the UN Secretary-General. He also served on the Global Commission of Women's Health,
  • 3. the Advisory Council for Sustainable Economic Development and the UN Expert Group on Women and Finance. It comes as no surprise that, in addition to the Nobel Prize, Yunus has also been the recipient of several honours and awards. He is one of seven people to have even been awarded the Nobel Peace Prize, the Presidential Medal of Freedom (the highest civilian award in the US) and the Congressional Gold Medal (bestowed by the United States Congress). Former US president Bill Clinton was an ardent supporter of Yunus and firmly believed that Yunus deserved the Nobel Peace Prize. Yunus's and Grameen's methods and practices are now applied in projects in over sixty countries across the world, including the US and Europe. It is clear that he has had a marked impact on Bangladesh's and the worlds history. SUMMARY Muhammad Yunus is a Bangladeshi social entrepreneur, banker, economist and civil society leader who was awarded the Noble Prize for founding the Grameen Bank and pioneering the concept of microcredit and microfinance. He made efforts to create economic and social development from below'. In Time Magazine he is listed one of the twelve business leaders in their segment on 'Sixty Years of Asian Heroes'. The Wharton School of Business chose Yunus as one of the twenty-five most influential business persons of the past twenty-five years. He is also the founder of Grameen Bank, a Nobel Prize winning organization Yunus was born on 28 June 1940 in the village of Bathua, in Hathazari Chittagong, Chittagong was at that time under the British rule. After the Indian independence and the Bangladesh Liberation war, that area was known as Bangladesh. His father was a jeweller and the family was able to live in relative simplicity and comfort. The first four years of Yunus' life were spent in the village. Then his family moved to Chittagong. It was a chaotic period, especially after his mother was afflicted with a psychological illness. His mother was his role model for being helpful nature. He developed an interest in the Boy Scouts. In 1935 he travelled to Canada to attend a jamboree. His performance was well in school, securing the sixteenth position among 39000 students in Pakistan. After his matriculation he graduated from Dhaka University. Then he passed M.A in 1961. He worked as research Assistant then he became a lecturer in Economics at Chittagong College. In 1965 he received a Fulbright scholarship to study economics at Vanderbilt University. He completed Ph.D in Economics and worked as Assistant professor at Middle Tennessee State University for three years in US.
  • 4. In 1971 nine month war began in Pakistan. Bangladesh was born when he was in US. He set up the Bangladesh Information Center with other Bangladeshis in the US to support for liberation. Following the war he returned to Bangladesh und joined Chittagon University as head of the Economics Department. He worked to help millions of poverty stricken people. For his contribution he received Noble Prize. In 1974 Bangladesh suffered from food crisis. The food shortage was accompanied by massive flooding resulted in a dip in Bangladesh's population. Bangladesh received neither relief nor any help from other countries. People suffered in rural areas due to starvation as the floods had devastated food crops. US did not support to his country. He was deeply affected by the famine. He remembered his mother's actions- opening the door to help the poor people. He launched rural economic programme as a research project so that he could get feel for the scope of damage caused by the famine. He put several proposals to help the rural areas of Bangladesh. In 1976, Yunus visited the poorest people in his village. He interviewed a woman who was making bamboo stools and experienced that she was being charged high rates for her loans and making hardly profit. He realized the probable for recovery and in an exhibition of practical economics, distributed loans among forty-two women in the village. It was his first loan. With this scheme, women were able to raise their profits and manage better than before. He did calculation and realized that on a smaller scale, microfinance and microcredit could really help Bangladesh's struggle with poverty. He noticed the first problem he faced with this solution was that traditional banks would not be interested in loans of small value at reasonable interest rates, especially to the poor. He believed that given the chance microcredit could be proved best business model. He applied for a loan from the government Janata Bank. By the end of 1076 he received the loan and set to work. He began taking loans from other banks. By 1982 the institution had expanded to twenty-eight thousand members and in 1983 confirmed its status as fully fledged bank and was renamed Grameen Bank. Gramin bank faced many difficulties at the beginning stage. Radical leftists threatened him and colleagues. The conservative clergymen were threatening women from borrowing money from the bank. Despite these setbacks, the company continued to grow and by the 1990s the bank had started diversify and focused on irrigation scheme and equity projects and even telecommunications. Grameen phone became the biggest private sector phone company in Bangladesh, supplying over a quarter of -a million phones to the poor across fifty thousand villages. By 2007, Grameen Bank had issued over six billion dollars to more than seven million borrowers. Repayment of loans was ensured through solidarity groups' where small group would apply together for a loan and the members within the groups would support one another to guarantee repayment of the loan and economic selfadvancements. This helped to reduce the poverty. It is very
  • 5. interesting to note that ninety-five percent of Grameen loans were given to women. Gramin bank was employing a model that they hoped would do two things: Alleviate property and empower women. In the 1990s Yunus took on more responsibilities. He became a member of the International Advisory Group for the Fourth World Conference on Women, he was appointed by the UN Secretary-general. He served on the Global Commission of Women's health, the Advisory Council for Sustainable Economic Development and UN Expert Group on Women and Finance. Mohammad Yunus received several prestigious award and honours like Noble Peace Prize, the Presidential Medal of Freedom and the Congressional Gold Medal. His Grameen's methods and practices are now applied in projects in over sixty countries across the world including The US and Europe... He left the deep impression in the history of the world.
  • 6. साराांश मुहम्मद युनुस हे बाांग्लादेशी सामाजिक उद्योिक, बँकर, अर्थशास्त्रज्ञ आजि नागरी समाि नेते आहेत ज्ाांना ग्रामीि बँक स्र्ापन क े ल्याबद्दल आजि मायक्रो-क्र े जिट आजि मायक्रोफायनान्स सांकल्पनेचे अग्रिी म्हिून नोबल पुरस्काराने गौरजिण्यात आले. आजर्थक आजि सामाजिक जिकास घििून आिण्यासाठी त्ाांनी प्रयत्न क े ले. टाईम मॅगजिनमध्ये त्ाांना 'एजशयन जहरोांच्या साठ िर्ाांचे' या जिभागातील बारा व्यािसाजयक नेत्ाांपैकी एक म्हिून सूचीबद्ध क े ले आहे. व्हाटथन स्क ू ल ऑफ जबजिनेसने युनुसची जनिि मागील पांचिीस िर्ाथतील सिाथत प्रभािशाली व्यािसाजयक व्यक्ीांपैकी क े ली. ते ग्रामीि बँक े चे सांस्र्ापक देखील आहेत, नोबेल पाररतोजर्क जमळििा युनुसचा िन्म 28 June िून 1940 रोिी हर्िारी चटगाांग मधील बर्ुआ गािात िाला. त्ािेळी जिटीशाांच्या अजधपत्ाखाली होते. भारतीय स्वातांत्र्य आजि बाांगलादेश मुक्तक्सांग्रामानांतर ते क्षेत्र बाांगलादेश म्हिून ओळखले िात असे. त्ाचे ििील एक ज्वेलर होते आजि क ु टुांब सापेक्ष साधेपिा आजि आरामात िगू शकले असते. युनूसनी पजहले चार िर्े 'आयुष्य गािात खचथ क े ली. त्ानांतर त्ाचे क ु टुांब चटगाांि येर्े गेले. हा एक गोांधळलेला काळ होता, जिशेर्तः त्ाच्या आईला मानजसक आिाराने ग्रासले. नांतर त्ाची आई त्ाची आदशथ होती. त्ाला बॉय स्काऊट्समध्ये रस जनमाथि िाला. 1935 मध्ये ते िाांबोरीला उपक्तस्र्त राहण्यासाठी क ॅ निाला गेले. त्ाची कामजगरी शाळे त चाांगली होती, ज्ाने पाजकस्तानमधील 39000 जिद्यार्थ्ाांमध्ये सोळािा क्रमाांक जमळजिला. मॅजटिकनांतर त्ाांनी पदिी ढाका जिद्यापीठातून घेतली. त्ानांतर1961 मध्ये त्ाांनी एम ए उत्तीिथ क े ले. त्ाांनी सांशोधन सहाय्यक म्हिून काम क े ले. त्ानांतर ते चटगाांग महाजिद्यालयात अर्थशास्त्राचे व्याख्याते िाले. 1965 मध्ये त्ाला िानिजबथल्ड जिद्यापीठात अर्थशास्त्राचा अभ्यास करण्यासाठी फ ु लिाइट जशष्यिृत्ती जमळाली. त्ाांनी अर्थशास्त्रामध्ये पीएचिी पूिथ क े ली आजि अमेररक े त तीन िर्े मध्यम टेनेसी राज् जिद्यापीठात सहाय्यक प्राध्यापक म्हिून काम क े ले. 1971मध्ये पाजकस्तान मध्ये 9 मजहन्ाांच्या युद्धाला सुरुिात िाली. तो अमेररक े त असताना बाांगलादेश जनमाथि िाले. त्ाांनी पाजठां ब्यासाठी अमेररक े त बाांगलादेश माजहती क ें द्र सुरू क े ले. मुक्ीच्या युद्धानांतर ते बाांगलादेशात परत दाखल िाले आजि अर्थशास्त्र जिभागाचे प्रमुख म्हिून चॅजटांगटन जिद्यापीठात मदत करण्याचे काम क े ले. त्ाांच्या योगदानाबद्दल त्ाांना नोबल पुरस्कार जमळाला. 1974 मध्ये बाांगलादेशला अन्नधान्ाच्या सांकटाने ग्रासले. अन्न टांचाईच्या बरोबरीने ब -याच प्रमािात पूर आला आजि बाांगलादेशातील लोकसांख्या कमी िाली. बाांगलादेशला कोिताही जदलासा जमळाला नाही की कोितीही मदत इतर देशाांकि ू न जमळाली नाही. त्ाांमुळे ग्रामीि भागात उपासमारीची क्तस्र्ती जनमाथि िाली. पुरामुळे अन्नधान्ाची जपक े उद् वस्त िाली. अमेररक े ने आपल्या देशाला पाजठां बा जदला नाही. त्ाला दुष्काळाचा तीव्र पररिाम िाला. त्ाला आपल्या आईच्या क ृ ती आठिल्या - गररबाांना मदत करण्यासाठी म्हिून त्ाांनी ग्रामीि भागातील आजर्थक कायथक्रम म्हिून
  • 7. सांशोधन प्रकल्प सुरू क े ला. दुष्काळामुळे होिा -या नुकसानीची िािीि व्हािी म्हिून बाांगलादेशातील ग्रामीि भागाला मदत करण्यासाठी त्ाांनी अनेक प्रस्ताि ठे िले. 1976 मध्ये युनुस आपल्या गािातल्या गरीब लोकाांना भेटला. बाांबूची स्टू ल बनििा एका मजहलेची त्ाने मुलाखत घेतली आजि जतला अनुभि आला की जतच्या किाथसाठी जतला िास्त दर आकारला िात आहे. त्ाांना पुनप्राथप्तीची सांभाव्यता समिली आजि व्यािहाररक अर्थशास्त्राच्या प्रदशथनात, त्ाांनी गािातील 42 क्तस्त्रयाांमध्ये किाथचे जितरि क े ले. हे त्ाचे पजहले किथ होते. या योिनेमुळे मजहलाांना आपला नफा िाढजिण्यात आजि पूिीपेक्षा अजधक चाांगले व्यिस्र्ाजपत करण्यात सक्षम िाले. त्ाांनी गिना क े ली आजि हे समिले की लहान प्रमािात, मायक्रोफायनान्स आजि मायक्रोक्र े जिटमुळे बाांगलादेशच्या दाररद्र्याशी लढा देण्यासाठी खरोखर मदत होऊ शकते. या समस्येला सामोरे िाण्याची त्ाांना पजहली अिचि लक्षात आली ती म्हििे पारांपाररक बँकाांना िाििी व्याि दरािर, खासकरून गरीबाांना कमी मूल्याच्या किाथत रस नसिे. त्ाांचा असा जिश्वास होता की सांधी जदल्यास मायक्रोक्र े जिट सिोत्क ृ ष्ट व्यिसाय मॉिेल म्हिून जसद्ध होऊ शकते. त्ाांनी सरकारी िनता बँक े कि ू न किाथसाठी अिथ क े ला. 1076 अखेरीस त्ाला किथ जमळाले आजि ते कामािर जनघाले. तो इतर बँकाांकि ू न किथ घेऊ लागला. 198 २ पयांत सांस्र्ेचा जिस्तार अठ्ठािीस हिार सदस्याांपयांत िाला आजि 198 3 मध्ये त्ा पूिथ बँक े च्या रूपाने जनजित क े ल्या आजि त्ाचे नामकरि ग्रामीि बँक क े ले गेले. ग्रामीि बँक े ला सुरुिातीच्या टप्प्यात बर्याच अिचिीांचा सामना करािा लागला. कट्टर िाव्या जिचारसरिीने त्ाना धमकािले आजि पुरािमतिादी मजहलाांना किथ घेण्याची धमकी देत होते. बँक े तून या अिचिी असूनही, क ां पनी िाढतच राजहली आजि 1990 च्या दशकात बँक े ने जसांचन योिना जिजिधता आिली आजि इक्तिटी प्रकल्प आजि अगदी दू रसांचार यािरही लक्ष क ें जद्रत क े ले. ग्रामीि फोन बाांगलादेशातील सिाथत मोठी खािगी क्षेत्रातील फोन क ां पनीने पन्नास हिार खेड्यातून दीि लाख फोन गरीबाांना पुरिले. २०० पयांत ग्रामीि बँक े ने दशलक्षाहून अजधक किथदाराांना सहा अब्ज िॉलसथहून अजधक किथ जदले. एकता गटाांद्वारे किाथची परतफ े ि सुजनजित क े ली गेली आहे िेर्े लहान गट किाथसाठी एकत्र अिथ करेल आजि समूहातील सदस्यदेण्यासाठी पाजठां बा देतील किाथची परतफ े ि आजि आजर्थक स्व-प्रगतीची हमी यामुळे दाररद्र्य कमी होण्यास मदत िाली. हे लक्षात घेण्याची बाब अजतशय रुचीदायक आहे की ग्रामीि किाांपैकी पन्नास टक्क े किे मजहलाांना देण्यात आली होती. ग्रामीि बँक एक मॉिेल िापरत होती, त्ाांना आशा होती की दोन गोष्टी करतील: मालमत्ता कमी करा आजि मजहला सबलीकरि करा. 1990 च्या दशकात युनूसने अजधक िबाबदा-या स्वीकारल्या. ते आांतरराष्टि ीय सदस्य िाले मजहला जिर्यीच्या चौर्थ्ा िागजतक पररर्देसाठी सल्लागार गटाचे, त्ाांची जनयुक्ी सांयुक् राष्टि सांघाच्या सरजचटिीस याांनी क े ली. त्ाांनी ग्लोबल कजमशन ऑफ िुमेन्स हेल्थ, अिव्हायिरी कौक्तन्सल फॉर यूएन एक्सपटथ ग्रुप ऑन िुमेन्स एां ि फायनान्सिर काम क े ले.
  • 8. मोहम्मद युनुस याांना नोबेल पीस पाररतोजर्क,अनेक प्रजतजित पुरस्कार ि सन्मान जमळाले. त्ाच्या ग्रामीि पद्धती आता साठ देशाांमधील प्रकल्पाांमध्ये लागू आहेत अमेररका आजि युरोपसह िगाच्या इजतहासािर त्ाांनी खोलिर छाप पािली. A. Long Question and Answer Que 1. Explain how Yunus applied microcredit to help the poor Or What did Yunus do after witnessing the devastating impact of the famine on the population of Bangladesh? OR Describe Grameen Bank success. OR What the story behind Yunus’s first loan. Ans: Muhammad Yunus is a Bangladeshi social entrepreneur, banker, economist and civil society leader. He was awarded the Noble Prize for founding the Grameen Bank and pioneering the concept of microcredit and microfinance. He made efforts to create economic and social development from below'. In 1974 Bangladesh suffered from food crisis accompanied by massive flooding. Bangladesh received neither relief nor any help from other countries. People suffered in rural areas due to starvation. US did not support to his country. Yunus was deeply affected by the famine. He remembered his mother's actions- opening the door to help the poor people. He launched rural economic programme as a research project. He put several proposals to help the rural areas of Bangladesh. In 1976, Yunus visited the poorest people in his village. He interviewed a woman who was making bamboo stools. She was being charged high rates for her loans. He realized her condition and distributed loans among forty-two women in the village. It was his first loan. With this scheme, women were able to raise their profits. He realized that microfinance and microcredit could really help Bangladesh's struggle with poverty. He believed that microcredit could be proved best business model. He applied for a loan from the government Janata Bank. By the end of 1076 he received the loan and set to work. He began taking loans from other banks. By 1982 the institution had expanded to twenty-eight thousand members and in 1983 confirmed its status as fully fledged bank and was renamed Grameen Bank.
  • 9. 2. How did Grameen Bank help the impoverished women of Bangladesh? Why did the bank focus on the women of Bangladesh? Or Describe the various roles Yunus took on after setting up Grameen Bank. Ans: Muhammad Yunus is a Bangladeshi social entrepreneur, banker, economist and civil society leader. He was awarded the Noble Prize for founding the Grameen Bank and pioneering the concept of microcredit and microfinance. He made efforts to create economic and social development from below'. Gramin bank faced many difficulties at the beginning stage. Radical leftists threatened him and colleagues. The conservative clergymen were threatening women from borrowing money from the bank. Despite these setbacks, the company continued to grow and by the 1990s the bank had started diversify and focused on irrigation scheme and equity projects and even telecommunications. Grameen phone became the biggest private sector phone company in Bangladesh, supplying over a quarter of -a million phones to the poor across fifty thousand villages. By 2007, Grameen Bank had issued over six billion dollars to more than seven million borrowers. Repayment of loans was ensured through solidarity groups' where small group would apply together for a loan and the members within the groups would support one another to guarantee repayment of the loan and economic selfadvancements. This helped to reduce the poverty. It is very interesting to note that ninety-five percent of Grameen loans were given to women. Gramin bank was employing a model that they hoped would do two things: Alleviate property and empower women. B. Short Questions and Answers Que. 1. Describe Yunus’s academic performance in high school. Ans: Yunus was born on 28 June 1940 in the village of Bathua, in Hathazari Chittagong, Chittagong was at that time under the British rule. After the Indian independence and the Bangladesh Liberation war, that area was known as Bangladesh. His father was a jeweller and the family was able to live in relative simplicity and comfort. The first four years of Yunus' life were spent in the village. Then his family moved to Chittagong. It was a chaotic period, especially after his mother was afflicted with a psychological illness. His mother was his role model for being helpful nature. He developed an interest in the Boy Scouts. In 1935 he travelled to Canada to attend a jamboree. His performance was well in school, securing the sixteenth position among 39000 students in Pakistan.
  • 10. Que. 2. What was Yunus’s mother’s attitude towards the poor and needy? Ans: In 1974 Bangladesh suffered from food crisis accompanied by massive flooding. Bangladesh received neither relief nor any help from other countries. People suffered in rural areas due to starvation. US did not support to his country. Yunus was deeply affected by the famine. He remembered his mother's actions- opening the door to help the poor people. He launched rural economic programme as a research project. He put several proposals to help the rural areas of Bangladesh. Que.3. List three major awards that Yunus received. Ans: In the 1990s Yunus took on more responsibilities. He became a member of the International Advisory Group for the Fourth World Conference on Women, he was appointed by the UN Secretary-general. He served on the Global Commission of Women's health, the Advisory Council for Sustainable Economic Development and UN Expert Group on Women and Finance. Mohammad Yunus received several prestigious award and honours like Noble Peace Prize, the Presidential Medal of Freedom and the Congressional Gold Medal. His Grameen's methods and practices are now applied in projects in over sixty countries across the world including The US and Europe... He left the deep impression in the history of the world. Que. 4. Why did Yunus receive the Nobel Peace Prize. Or What was Yunus doing during the Bangladesh Liberation War? Or Describe Yunus’s experience in the U.S., as described in the above essay? Ans. After his matriculation he graduated from Dhaka University. Then he passed M.A in 1961. He worked as research Assistant then he became a lecturer in Economics at Chittagong College. In 1965 he received a Fulbright scholarship to study economics at Vanderbilt University. He completed Ph.D in Economics and worked as Assistant professor at Middle Tennessee State University for three years in US. In 1971 nine month war began in Pakistan. Bangladesh was born when he was in US. He set up the Bangladesh Information Center with other Bangladeshis in the US to support for liberation. Following the war he returned to Bangladesh und joined Chittagon University as head of the Economics Department. He worked to help millions of poverty stricken people. For his contribution he received Noble Prize.