Worldwide, small loans are considered a means to accelerate economic growth and eradicate poverty. In this regard, Bangladesh is a country where the task of alleviating poverty with small loans was started. A common definition of microcredit can be to get a small amount of money that is available to the common man, and to be given this amount at a fixed markup or interest rate for a specified period. The lender can be anyone, a government bank or a financial institution. Google also rank micro credit. For example, take a traditional small loan such as from friends or acquaintances or from someone who does business with the lender. To borrow from specific banks based on a particular activity such as agricultural credit, livestock credit etc. Rural loans through specific banks, loans to consumers. Grameen-style loan or loan from an NGO.
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Grameen Bank’s inventor in Bangladesh was the head of Prof. Muhammad Yunus Chittagong University’s Rural Economic Program, which launched an action research project. Through which he launched small loans to reduce rural poverty. In 1983, Grameen Bank’s project took the form of an independent bank with only legal protection in six years. Grameen Bank is currently working on Micro Credit in the United States.
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Depression of the economic system in world is affecting all walks of life. Momentarily, rising inflation and unemployment are causing poverty to rise. Banking policies and programs also change in the post-economic system collapse. As the global capitalism is facing an over-production crisis at present, the trend of lending to non-productive sector rather than the productive sector has increased. And by trying to reduce poverty, small loans are tried. Such loans do not improve the condition of the poor, but the condition of the lending institutions is definitely improved. It is estimated that the World Bank lends $ 1.5 billion annually to developing countries, while annually receives one billion $ 65 million in interest, and that too in the name of eliminating poverty. Whether Grameen Bank and its owner Mohammed Younus’ assets have increased significantly, Grameen Bank has been able to invest in the United States. Where small loans do not help the productivity process, the height of the rate markup breaks the lenders’ waistline. Instead, they sell their home goods and get rid of lenders.
Currently 11 donor agencies and hundreds of NGOs in World are providing loans to the poor. The convenience of these small loans has not yet reached the people living below the poverty line. According to unofficial statistics, the total population of World has exceeded 18 million and is increasing by two percent annually. While 85% of the population is from rural areas where 35% of the population lives below the poverty line. Various types of microfinance schemes have been launched at the government level in World. But these schemes failed and the poverty of the poor could not end.
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At present, poverty and unemployment have increased dramatically after the devastation of floods in World. However, world economic system is not able to cope with the devastation of the floods. Since the devastation of the floods has affected the agriculture sector on a large scale, the government should reduce the rate markup on agricultural loans and facilitate the acquisition of loans for small farmers on a large scale to overcome the current economic crisis. Fundamental changes in the economic system are needed to reduce poverty and unemployment.