Grameen Bank to enter India

Dhaka:

With a Nobel Prize for its founder-chairman Muhammad Yunus to show, Grameen Bank promises to be Bangladesh’s first multinational venture with a liaison office set to come up in Mumbai in January. It has completed all necessary formalities, including permission from the Indian ministry of finance and the Reserve Bank of India (RBI), the Daily Star newspaper reported today. It is intended that the bank will pursue its micro-credit programmes through its Mumbai office. Analysts say rural credit by Indian institutions comes at a much lower interest rate than Grameen’s 30 per cent charged to Bang-ladesh’s domestic farmer. Yunus is a known name in India’s intellectual circles, having been awarded various prizes.