Set up independent banks for poor, says Grameen Bank founder

Nobel laureate and Grameen Bank founder Muhammed Yunus today called for the establishment of independent banks for the poor and underprivileged, as part of empowering women's self-help groups (SHGs) in drought-prone regions.
"It is imperative to establish independent banks for the poor and underprivileged. Poverty, illiteracy and unequal distribution of wealth are some of the unavoidable factual realities of life in every corner of the globe. Zero per cent poverty is not impossible but policies need to strive towards it systematically," Yunus said, while addressing a gathering organised at Hotel Palladium here.
"The current banking system is skewed towards serving prosperous sections of society," Yunus said.

Yunus who was awarded the Nobel Peace prize in 2006, was asked to provide assistance to the Maharashtra government to empower women SHGs in drought-prone Vidarbha and Marathwada regions in order to financially strengthen such families.
Several delegates from ministerial and bureaucratic circles were present on the occasion, as Yunus shared details of his work on Bangladesh's rural banking system, for which the received the Nobel prize.
He shared his experiences in implementing programmes related to micro-finance, self help groups as well as rural banking, among others, and the way it is helping to improve the situation of rural Bangladesh.

"A majority of the world's rural population is still deprived of the benefits and power of banking. Those otherwise considered 'poor' customers are actually better at repaying loans. Hence, it becomes all the more imperative to extend the banking system to them," he said.
He credited women for 97 per cent contribution towards the success of the Bangladeshi Grameen Bank.