Q. Muhammad Yunus and his founded Grameen bank were jointly awarded the Nobel Peace Prize,2006 for their efforts to create economic and social development from below. What was the basic service of this bank?
Answer: Microfinance or Micro credit
Notes: The correct answer is Microfinance or Microcredit. Muhammad Yunus and Grameen Bank pioneered microcredit, providing small loans to impoverished individuals without requiring collateral. This approach empowers the poor, particularly women, to start small businesses, fostering economic self-sufficiency. By 2021, Grameen Bank had disbursed over $21 billion in loans, importantly impacting poverty alleviation and economic development globally.