Choose if the given statement is True/False:

The Grameen Bank of Bangladesh was established as a small project in the 1970s.

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True

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Detailed Solution

The above statement is True.
The Grameen Bank of Bangladesh was established as a small project in the 1970s. It has been a great success in eradicating poverty in the country. It provides credit to rural households at a reasonable interest rate. Due to this, people are now less dependent on the informal credit sector, which charges a high-interest rate on loans. The borrowers have proved reliable and have used the loans for various productive purposes. Most borrowers from the Grameen Bank of Bangladesh are women belonging to the weaker section of society. It is a great initiative to empower rural women and their families.

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