In 1983 it was transformed into a formal bank under a special law passed for its creation. Grameen Bank is also different from traditional banks in that it has a financially self-reliant model. The Grameen Bank in Bangladesh is an experiment in self-reliance.

The difference, Yunus says, lies in the psychology of the borrowers. At Grameen Bank , credit is a cost effective weapon to fight poverty and it serves as a catalyst in the over all 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 .The founder of “Grameen Bank” – Muhammad Yunus,  and its Managing Director, reasoned that if financial resources can be made available to the poor people on terms and conditions that are reasonable and appropriate ,”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% of whom are women. In 2009, the Grameen Creative Lab collaborated with the Yunus Centre to created the Global Social Business Summit. What about the Grameen Trust ? Bankers Ron Grzywinski and Mary Houghton of ShoreBank, a community development bank in Chicago, helped Yunus with the official incorporation of the bank under a grant from the Ford Foundation. Grameen Bank provides credit to the poorest in Bangladesh, without any collateral. In the initial years, donor agencies used to provide the bulk of capital at low rates. The Governor of Bangladesh Bank along with other distinguished guests at the opening ceremony of the Banker-SME Women Entrepreneur Conference & Product Display Fair-2020.

Therefore it does not seek donations, although it accepts one when offered. The bank … Its success has inspired similar projects in more than 40 countries around the world, including a World Bank initiative to finance Grameen-type schemes.The bank has gained its funding from different sources, and the main contributors have shifted over time. Grameen Bank's default rate is about 2%, astonishingly low compared with what Bangladesh's commercial banks suffer: about 70% for agricultural loans and 90% for industrial loans. It is owned by the poor borrowers of the bank who are mostly women. The Grameen Trust seeks donations, to finance new Grameen Bank replications all over the world, and to scale up the existing ones until they become viable. Grameen Bank in Bangladesh. Grameen Bank provides credit to the poorest in Bangladesh, without any collateral. The bank’s repayment rate suffered from the economic disruption following the 1998 flood in Bangladesh, but it recovered in the subsequent years. By the beginning of 2005, the bank had loaned over USD 4.7 billion and by the end of 2008, USD 7.6 billion to the poor.The Bank continues to expand across the nation. More recently, Grameen has started bond sales as a source of finance. The bank’s success continued and its services were extended to other districts of Bangladesh.By a Bangladeshi government ordinance on October 2, 1983, the project was authorized and established as an independent bank.

Grameen Bank (GB) has reversed conventional banking practice by removing the need for collateral and created a banking system based on accountability , mutual trust, creativity and participation . BB Governor Mr. Fazle Kabir along with high officials at 12th Strategic Planning Workshop, Bangladesh Bank, 06-08 February 2020, Khagan, Savar, Dhaka. In October 1983, the Grameen Bank Project was transformed into an independent bank by government legislation. Grameen Bank Project was born in the village of Jobra, Bangladesh, in 1976. With the sponsorship of the central bank of the country and support of the nationalized commercial banks, the project was extended to Tangail district (a district north of Dhaka, the capital city of Bangladesh) in 1979. Borrowers of the Bank own 90% of its shares, while the remaining 10% is owned by the government.Yunus developed the principles of the Grameen Bank (literally, “Bank of the Villages” in Bengali) from his research and experience. In 2013, Bangladesh parliament passed ‘Grameen Bank Act’ which replaces the Grameen Bank Ordinance, 1983, authorizing the government to make rules for any aspect of the running of the bank.The bank is also engaged in social business and entrepreunership fields. The meeting has become the main platform for social businesses worldwide to foster discussions, actions and collaborations to develop effective solutions to the most pressing problems plaguing the world Grameen Bank was founded in 1983 with the goal of helping poor people in Bangladesh and around the world, by providing small loans to aid them in establishing their own businesses. As a result of the success of the Grameen approach in Bangladesh, Grameen Trust, a sister organization, was established in 1989, to promote Grameen replication programs in other countries. By 2006, Grameen Bank branches numbered over 2,100. The bank is also engaged in social business and entrepreunership fields. The Grameen Bank Project (Grameen means “rural” or “village” in Bangla language) came into operation with the following objectives:eliminate the exploitation of the poor by money lenders;create opportunities for self-employment for the vast multitude of unemployed people in rural Bangladesh;bring the disadvantaged, mostly the women from the poorest households, within the fold of an organizational format which they can understand and manage by themselves; andreverse the age-old vicious circle of “low income, low saving & low investment”, into virtuous circle of “low income, injection of credit, investment, more income, more savings, more investment, more income”.The action research demonstrated its strength in Jobra (a village adjacent to Chittagong University) and some of the neighboring villages during 1976-1979.

In 2013, Bangladesh parliament passed ‘Grameen Bank Act’ which replaces the Grameen Bank Ordinance, 1983, authorizing the government to make rules for any aspect of the running of the bank. It works exclusively for them.

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