The must-read summary of Muhammed Yunus' book: "Banker to the Poor: Micro-Lending and the Battle Against World Poverty". Rumors were spread to malign the image of bank. Bank took the support of female intermediaries and workers to overcome this problem. How often does it happen that a person has an epiphany, a… However, author could not effectively intertwine his personal life with the story of Grameen Bank. In last three sections, author describes the philosophy of the organization with a view on the future. Chapters on the personal life of author seem to be out of place and look to add no value to the central theme. Success of Grameen Bank in Bangladesh prompted its replication in more than fifty nine countries. When he prepared the list of total borrowings of the villagers, he was surprised o see that all the suffering was just for a total borrowing of 856 Takka ($27). This complete summary of "Banker to the Poor" by Muhammad Yunus, an economist, civil society leader and Nobel Peace Prize-winner, presents his explanation of the requirements for microcredit in the current … It also covers the strains of his marriage with Vera Forostenka which ended in 1977 due to disagreements on cultural differences. ― Muhammad Yunus, Banker to the Poor: Micro-Lending and the Battle Against World Poverty. BY Yunus, Muhammad ( Author ) [{ Banker to the Poor: Micro-Lending and the Battle Against World Poverty (2003. Banker to the Poor is Muhammad Yunus's memoir of how he changed his life to help the world's poor. New York: Public Affairs, 2003. To complete it, he went to local villages to "learn from the poor" about what they actually needed rather than what a textbook said they should have. It's the story of overcoming skepticism in many governments and in traditional economic thinking. This complete summary of "Banker to the Poor" by Muhammad Yunus, an economist, civil society leader and Nobel Peace Prize-winner, presents his explanation of the requirements for microcredit in the current economy and how this can be a simple way of reducing poverty. He also illustrates the dynamics of multi-lateral aid institutions and enormous pressure on them to use the targeted amount. Author: Muhammad Yunus  Publisher: Penguin Books India Pvt. 1) _____ a professor of economics, he is most famous for his successful application of the concept of microcredit, the 2) _____ of small loans to entrepreneurs too poor to qualify for traditional bank loans. At the same time, commitment and belief shown by the author leave the reader with an energy and enthusiasm for transformation. It was also not easy for female workers since they had to fight with various social taboos as a woman riding a bicycle or going someplace alone was seen with disrespect. ‘Banker To The Poor’ is the story of Grameen Bank; written by its founder, Muhammad Yunus. Bank had a strained relationship with the World Bank for almost two decades before agreeing to work with them in 1996. The book describes Yunus’ ideas surrounding money and how the world’s banking and financial systems could be revolutionized in order to eliminate poverty. If you have the appropriate software installed, you can download article citation data to the citation manager of your choice. Ownership was finally restored to borrowers with lots of efforts but problems continued to impede the progress. Lost in wandering thoughts Log in as an administrator and view the Instagram Feed settings page for more details. Just click the "Edit page" button at the bottom of the page or learn more in the Synopsis submission guide. This summary of the ideas from Muhammed Yunus' book "Banker to the Poor" explains the requirements for micro-credit in the current economy and how this can be a simple way of reducing poverty. It is a story of a struggle and the unique and extraordinary methods he invented to combat human despair. Banker to the Poor Book Summary. In 1983, against the advice of banking and government officials, Yunus established Grameen, a bank devoted to providing the poorest of Bangladesh with minuscule loans. By 1998, Grameen bank had moved to $2.3 billion lent to 2.3 million families from the beginning at Jobra of $27 lent to 42 people in 1976. In 2006, Yunus was awarded the Nobel Peace Prize for founding the bank. Depending on the study guide provider (SparkNotes, Shmoop, etc. Error: API requests are being delayed for this account. Growth of Grameen Bank from a small village experiment to an international self-help organization plants an impeccable impression. All the apprehensions laid flat against astonishing recovery figures of 99% for Grameen Bank as opposed to 10% achieved by conventional banks. Best available data in book is from year 1998 which makes it impossible to understand the current economical and social impact of the Grameen Bank. Like “People like Sufiya were poor not because they were stupid or lazy. These institutions even go to the extent of bribing the government officials and politicians to achieve their targets. While a professor at Chittagong University, Yunus began to take notice of the extreme poverty of the villagers around him. Banker to the poor tells the enthralling story of Muhammad Yunus, who set up the Grameen Bank in Bangladesh to lend tiny sums to the poorest of the poor, who were shunned by ordinary banks. #rishikesh #peace #rishikeshdiari, Do we need to know all languages, words and letter, We sometimes get selfish for we wish that certain, Kutti always finds a place for herself 'Giving up' is as fine as, One more step I know it's not up to the mark bu, Slicing your melancholy into thousand pieces and t, This error message is only visible to WordPress admins, Farmers’ Awards (Kisaan Puraskar) in India. This Bank provides micro-loans to poor without collateral and works along with them to improve their quality of life. The Book brings up the issue of poverty and micro-financing as its solution in an emphatic manner but there are certain shortcomings impeding the flow of ideas in the book. New posts will not be retrieved. Finally the Grameen Bank was born with full independence. Get Books. Yunus has a dream of helping the poor to help themselves. The money would enable them to set up the smallest village enterprise and pull themselves out of poverty. Today this system is practiced in some sixty countries. Complete summary of Muhammed Yunus' book: "Banker to the Poor: Micro-Lending and the Battle Against World Poverty". Banker to the Poor: Micro-Lending and the Battle Against World Poverty is a 1999 autobiography by Muhammad Yunus, who founded Grameen Bank. Among the summaries and analysis available for Banker to the Poor, there are 1 Full Study Guide, 1 Short Summary and 1 Book Review. He believes that poverty is not created by poor but it results from the social structure and negligence and shows faith that a poverty-free world is achievable. Book Review: Banker to the Poor: Micro-Lending and the Battle against World Poverty. Author supports the idea of social-welfare-driven enterprises with no government interference and rejects the phenomenon of laissez-faire. Only 1 left in stock - … Muhammad Yunus is the founder of Grameen Bank, which provides loans to poor people in Bangladesh. In it he traces the intellectual and spiritual journey that led him to fundamentally rethink the economic relationship between rich and poor, and the challenges he and his colleagues faced in founding Grameen. Language is easy and lucid. • Yunus learned how to be a banker by doing the opposite of what traditional banks did, particularly making small loans to the poor, women and people with no credit. In 1976, Yunus incorporated the help of Maimuna Begum to collect data of people in Jobra who were livin… The author did not only identify the problem but built a foundation to offer micro-lending (Grameen Bank). On replication, author strongly rejects the exact duplication of the model to all cultures rather he stresses on reshaping it as per the needs of local society and culture. Loans by bank became a tool of confidence and faith in oneself. Anecdotes and episodes related to his personal life appear only in few initial chapters but even there, they seem to impede the flow. Review of Radical Political Economics 2006 38: 2, 280-283 Download Citation. Fourth section illustrates the replication of the model in different countries & distinct cultures. This complete summary of "Banker to the Poor" by Muhammad Yunus, an economist, civil society leader and Nobel Peace Prize-winner, presents his explanation of the requirements for microcredit in the current economy The idea of the Grameen project was born from here but real breakthrough came in 1978 when the then deputy governor of Bangladesh Central Bank authorized the Grameen Bank Project. Yunus believes that if he gives a little bit of help to the poor, they will … Chapter 7, A Bank for the Poor is Born Summary and Analysis Bangladesh is run by a small handful of people, many of whom are friends of Yunus. The money would enable them to set up the smallest village enterprise and pull themselves out of poverty. Corr. This was how the Grameen bank started in 1974 from a small village Jobra in Bangladesh. Summaries. But, since the principles and policies of the bank were totally people-focused, opposition relented under social pressure and people’s support to the Grameen Bank. Banker to the poor tells the enthralling story of Muhammad Yunus, who set up the Grameen Bank in Bangladesh to lend tiny sums to the poorest of the poor, who were shunned by ordinary banks. Grameen Bank also followed the policy of daily repayment and lending in social groups so as to use the phenomenon of collective responsibility as the support. In 1971, author returned to Bangladesh and started teaching at Chittagong University. Paperback. His mother was a strong influence on Yunus, always giving money to the poor relatives who visited from distant villages. Institutionalized banks denied the poor any loans due to the absence of collateral. The field of microeconomics has also undergone significant changes in recent years and Grameen Bank is also facing new conflicts with the government and bureaucracy as the Bangladesh government recently sacked Muhammad Yunus, the author from his position in Grameen Bank. 4 likes. But rural womenfolk had always lived with a mind set of male supremacy in household and were fearful to deal with a bank. The money would enable them to set up the smallest village enterprise and pull themselves out of poverty. First three sections lay down the development phases of Grameen Bank: Beginnings (1940-76), Experimental (1976-78) & Creation (1978-90). Grameen bank never used the judiciary in seeking loan repayment. Publisher's Summary. Despite shortcomings, book is a good piece to read. They were poor because the financial institutions in the country did not help them widen their economic base.” Banker to the Poor, Muhammad Yunus. As the author comes to the end, he looks beyond for a poverty-free world –, “Poverty does not belong to civilized human society. Your email address will not be published. Thus a revised edition inclusive of recent issues and updated data will be of great help. Banker to the Poor is Muhammad Yunus's memoir of how he decided to change his life in order to help the world's poor. Banker to the Poor Summary | SuperSummary Banker to the Poor: Micro-Lending and the Battle Against World Poverty is an autobiography of 2006 Nobel Peace Prize Winner and Grameen Bank founder Muhammad Yunus. But this success came with strings and government took the ownership of the bank. Banker to the Poor chronicles the life of Muhammad Yunus and his creation of the micro-lending institution Grameen Bank, which as of press date, had disbursed $3.9 … This autobiography of the world-renowned, visionary economist who came up with a simple but revolutionary... Readalikes. This summary of the ideas from Muhammed Yunus' book "Banker to the Poor" explains the requirements for micro-credit in the current economy and how this can be a simple way of reducing poverty. . Directed by Marco Amenta. Banker to the Poor In my view, chapter 4 and 5 of the book remove any doubt that hunger and poverty can beeliminated. He analyzes the problem of poverty at the core how it negates the right of an individual for an adequate standard of living. Author changes his tone beautifully so as to draw a sketch of poverty, hunger or misery and emotions of love, care, anguish or frustration. In 1983, the credit program is formed to provide small loans to the poor. Grameen Bank went on to challenge this basic banking principle of – “The more you have, the more you get” and took the charge to cater the needs of the poor vowing to end this financial apartheid. He believes that poverty is not created by poor but it results from the social structure and negligence and shows faith that a poverty-free world is achievable. It looks like we don't have a Synopsis for this title yet. The name means the "bank of the village." 2nd Printing) By Yunus, Muhammad ( Author ) Oct - 16- 2003 ( Paperback ) } ] Muhammad Yunus. $10.48. Robert H. Scott, III. Ltd., New Delhi, “When I gave $27 as loans to forty-two people, I could not believe one could produce so much happiness in so many people with so little money”. ‘Banker To The Poor’ is the story of Grameen Bank; written by its founder, Muhammad Yunus. The resolution recognized the Grameen Bank as a private bank being run by government officials. The Banker to the Poor Muhammad Yunus is a Bangladeshi banker and economist. Banker to the poor tells the enthralling story of Muhammad Yunus, who set up the Grameen Bank in Bangladesh to lend tiny sums to the poorest of the poor, who were shunned by ordinary banks. "It was she," says Yunus, & On the same lines of thoughts, he founded  Grameen Bank. Now the bank stepped out of Jobra village and spread its branches in the district of Tangail. Banker to the Poor: Micro-Lending and the Battle Against World Poverty is an autobiography of 2006 Nobel Peace Prize Winner and Grameen Bank founder Muhammad Yunus. Complete summary of Muhammed Yunus' book: "Banker to the Poor: Micro-Lending and the Battle Against World Poverty". His dream is the total eradication of poverty from the world. His father was a jeweler. Summary: Yunus' personal account of developing micro-lending and the Grameen Bank to help lift the rural poor out of poverty by providing the small loans they needed to develop their own small businesses. Banker to the Poor by Muhammad Yunus is the story of the Grameen bank program, which is founded in Bangladesh by Yunus to help the poor. Let mist and rain wrap you Today this system is practiced in some sixty countries. They worked all day long, doing complex physical tasks. Type: BOOK - Published: 2017-01-30 - Publisher: Primento. Today 94% of their borrowers are women. Author believes all economics theories are of no good if people die of starvation. Is it? Though Grameen Bank was quite supported by government time to time but author also describes about the government machinery and bureaucratic processes killing both valuable time and resources. Four years later, in 1982, Bank launched its operations to five more districts with the support of Ford Foundation and IFAD. It was first published in 1998 and has not been revised till date. Muhammad Yunus is that rare thing: a bona fide visionary. Shanti Today this system is practiced in some sixty countries. In 1983, the then president of Bangladesh General Ershad recognized Grameen Bank as a separate corporate entity. This also became an issue of many household discords. Book is far outdated in terms of data. The concept of Grameen Bank was ushered in 1974 when Muhammad Yunus, the author was working as a professor of Economics at Chittagong University. Publication date 2007 Topics Yunus, Muhammad, 1940-, Grameen Bank, Bankers, Social reformers, Microfinance, Rural poor Publisher New York : PublicAffairs Collection The book describes Yunus' early life, moving into his college years, and into his years as a professor at Chittagong University. The answer was credit, so Yunus founded a bank to provide it - Grameen Bank. 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