18. Recommendations for Grameen Bank and State

Bangladesh is reputed in world for birth land of micro credit. It is being used in many countries as the weapon against poverty. Micro credit has been expanded all over the country by a lot of governmental and non governmental organizations during last three decade as Grameen Bank has been successful to implement this model. But it is true there is no active and powerful State mechanism except Micro-credit Regulatory Committee to regulate and supervise the activities of growing number of organizations.

Micro credit interest should be down to favorable for the poor. If micro-credit can be compatible with its philosophy of eradicating poverty there be some measures to take. It should decrease the interest to a reasonable amount, credit lender organizations? accountability and transparency must be ensured. Donor dependency of the organization should be decreased, separate rules and regulations for micro credit like other banking and insurance organization may be enacted.

Grameen Bank authority is always demanding that they are following Bangladesh bank rules and regulations. It also claims it is honestly doing its actions and keeping accountability and transparency. It is registered in Bangladesh bank and as micro-credit lending organization it has been come under criticism of unaccountability and non transparency. In that case other organization is under huge corruption and less accountable.

So Micro Credit Regulatory Committee should be empowered enough to overlook and supervise on micro-credit lending organizations actively. State should build a review committee to immediately take decision for ensuring accountability and transparency within those organizations. Grameen Bank should maintain its internal accountability and always try to be transparent. Its activity mostly based trust in field offices. Grameen Bank is not following still fully computerized accounting and management. It is very urgent to provide computers to all branches.

One thing I mentioned that, Grameen Bank should operate their activities like as commercial bank, because without commercial structure it is quite impossible to get members/customers feedback. Grameen Bank's education loan is too small compare to the its members. So education loan and scholarship should increase to a big number. Grameen Bank has influence on rural poor women very much. So Grameen Bank can provide basic medical advices in it center meetings and other meetings. It should immediately take program for family planning, maternal and child health. Then it can more and more help poor people.

19. Conclusion

Grameen Bank is one of the well known banks in Bangladesh which gained Nobel Peace Prize in 2006 with Dr. Muhammad Yunus. It?s a great breakthrough of Grameen Bank. No other bank in Bangladesh could gain such rewards. Grameen Bank has brought a radical change in our social structure; especially in rural area of Bangladesh. They empowered the rural women of Bangladesh through micro credit. They also created awareness among the rural women about their rights as well as social status. Grameen Bank creates a lot of job through their SME loan basically in social entrepreneurship. I think and believe that Grameen Bank has great contribution to reduce illiteracy rate in Bangladesh. Loan borrowers have to write down their full name as a signature before taking loan from the Grameen Bank. In todays in rural area of Bangladesh, Grameen Bank has a great impact to reduce poverty. Hopefully within next few decades Grameen Bank could play a vital role to put poverty into museums.