Paragraph | Micro Credit Institution

Micro credit is a finance system for the massive poverty stricken people to eradicate poverty through developing skills and raising consciousness among them. It has earned international recognition. It has positive impact on economic variables. It lends money to the poor, helpless and homeless especially rural women without any property. Land or human security. The women lake loans and engage themselves in poultry farming, cattle rearing, knitting, wearing, small business etc. They return the amount in a daily or weekly basis installment. Thus they become self- reliant and come out of the vicious circle of poverty. This helps the economic emergence of the fallen and neglected poor people living in the grass level. Now, many impoverished people are eating three square meals instead of one square meal. It is professor Dr Mohammad Yunus who introduced this system successfully. To acknowledge this contribution, Grameen Bank and Dr mohammad Yunus have been awarded Nobel peace Prize. Though Grameen Bank was the first to introduce it, many NGO’s are now following the concept. Many other developed countries have also launched the system in their countries.