World-renowned social entrepreneur, founder of Grameen Bank, and pioneer of micro-credit, Prof. Muhammad Yunus inaugurated the new corporate office of NBFC-MFI Grameen Koota in Jayanagar, Bangalore on Saturday, September 5, 2015.
Professor Yunus often referred to as father of micro credit, developed the concept which has enriched millions of poor households around the world with micro credit support.
He is widely credited for his work to end poverty through micro-lending and cause-driven businesses in his home country of Bangladesh and throughout the world.
The 2006 Nobel Peace Prize was awarded jointly to Yunus and Grameen Bank, a bank Prof. Yunus established in 1983 to provide micro-credit in Bangladesh and which is serving 8.5 million poor households today.
Founded as an NGO project in 1999 by Vinatha M. Reddy, Grameen Koota caters to the need of micro-credit to the rural poor and low-income households in five states today.
Grameen Koota was modeled after taking inspiration from Nobel Laureate Prof. Muhammad Yunus and his Grameen Bank. It has grown largely after its transition into a non-banking financial corporation (NBFC) in 2007-08.
After inaugurating the new corporate office of Grameen Koota, Prof. Yunus inscribed on the wall his message: “Keep Changing the world.”
Later, addressing the employees and management of Grameen Koota, he said: “We have to create a world where we have no poverty, zero poverty as we put poverty in the museum. We will create that. We have to come up with all the ideas to create that. We have a mission to accomplish and together we can make it happen.”
In his message to all the microfinance professionals, he said, “Today you have a clear mission in front of you. Make sure you understand it. Within your outline work, you have a bigger mission and work towards achieving that. Make sure your work changes the world.”
Bangalore-based NBFC–MFI, Grameen Koota Financial Services Pvt Ltd (Grameen Koota) with 286 branches spread across Karnataka, Maharashtra, Tamil Nadu, Madhya Pradesh and Chhattisgarh, reached one million customers with a portfolio of Rs. 1,602 crore as of 30th June 2015.
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