NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Friday, November 3, 2017

Nobel Peace Prize-winning economist Muhammad Yunus, the Bangladesh-based champion of microfinance, says he sees no reason for his Grameen Bank to set up operations here as India has several successful microcredit organizations and many of these are modeled after the bank he founded.

He also says that he has been proposing to Indian policy makers to create a separate banking law to allow setting up of specialized banks for the poor.

“In the mean time I suggested (them) to give limited banking license to successful MFIs (microfinance institutions) so that they can take deposits to become financially self- reliant, and expand their operation at a faster speed,” he says.

Photo courtesy of Episcopal Relief.