In the paper “Organisational Culture of the Grameen Bank” the author discusses a new banking practice of Grameen Bank, which is also known as the bank for the poor people. It removed the required collateral system based upon the foundation of mutual trust…
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Grameen Bank is one of such banks which stand apart from any other banks, not just for its banking service, but also for the service it provides to the nation. Muhammad Yunus is the person who is to be credited for coming up with such a unique concept of Grameen Bank in Bangladesh that started in the year of 1976. He believed that credit is a human right, and everyone should be allowed to receive the facility of loans and just for the reason, an individual is poor he or she should not be deprived of getting credit facility from the banks (PBS, 2011). He prepared a methodology and institution focused on the circumstances and needs of the people who are very poor. The government of Bangladesh took an initiative of changing this project into an independent bank through the help of government legislation in the year 1983 (Grameen Bank, 2011). Mohammad Yunus was rewarded with Noble Prize in the year 2006 for his effort of struggling against the poverty by enabling poor people with credit facility through the medium of Grameen Bank. This was a noble cause indeed, as no individual has ever thought of coming up with ideas for poor people. Grameen Bank has achieved quite a success in alleviating poverty from the country, Bangladesh, over the past decades. Unlike others, he thought that Charity is not a right initiative towards solving poverty, so the Grameen Bank was formed. The Grameen Bank has adopted certain initiatives for encouraging the poor to use their under or unutilized skills by providing them with small collateral-free loans. The Grameen Bank has been successful in incorporating group-based lendings, obligatory savings and insurance systems, facility of repayment rescheduling in the time of disasters, and encouraging similar other schemes that have proved to be effective in minimizing both material and behavioral risks of lending (Khandker, 1996). Grameen Bank has been well-organized in terms of designing its programmes, most of which were for the betterment of the poor people and female members. One of the reasons behind its success as a rural financial intermediary is its subsidy dependency. It is renowned for its reliability even outside Bangladesh and its impact on the poor and the women is incredible. Its mission stands as to help the poor families along with special attention upon female members to overcome poverty, by themselves. It is entirely targeted to the poor, mainly towards poor women, empowering poor female members has become their one of the main motives (Grameen Bank, 2011). The culture of the organization mostly emphasizes on empowering the poor women. It is believed that if the lady of the house is empowered, the house itself is empowered. They provide various supports and initiatives in encouraging the women to earn their livelihood through microfinance. This paper deals with the organizational culture of the Grameen Bank with regards to microfinance and impact of those initiatives on the women (Strong, 2007). Organisational Culture Organisational culture is a process of shared beliefs, values, assumptions, and customs of the members of an organization. In general terms, it can be said that it is the reflection of the working environment and members’ perceptions towards the organization.
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