Grameen Bank was officially founded in:

• 1983   

Here's a little more context:

• While the formal establishment of Grameen Bank as an independent bank occurred in 1983, Muhammad Yunus's work with microfinance began earlier, in the 1970's.   
• His initial projects and research laid the groundwork for the creation of Grameen Bank.
• The work that lead to the bank being formed began in 1976.

Correct Answer:

✅ 1983

Detailed Explanation:

• Muhammad Yunus, the Nobel Peace Prize laureate from Bangladesh, founded Grameen Bank officially in 1983.
• The establishment of Grameen Bank began informally in 1976 when Muhammad Yunus initiated a research project at the University of Chittagong, offering small loans to poor villagers.
• Recognizing the transformative potential of small loans, Yunus expanded this model, known as microfinance, which provides collateral-free credit to the poor, primarily rural women, enabling them to escape poverty.
• The Bangladeshi government officially authorized the establishment of Grameen Bank as an independent financial institution in October 1983 through special legislation called the Grameen Bank Ordinance.

Key milestones:

• 1976: Muhammad Yunus started small lending experiments.
• 1983: Formal establishment of Grameen Bank by legislation.
• 2006: Yunus and Grameen Bank jointly received the Nobel Peace Prize for their efforts in economic and social development.

Additional Information about Grameen Bank:

• Headquarters: Dhaka, Bangladesh
• Purpose: Empowerment through microfinance services, poverty alleviation.
• Innovation: Pioneered the group-lending model without collateral, which later became a global microfinance standard.
• Impact: Grameen Bank inspired similar initiatives worldwide, transforming the financial inclusion landscape.

The correct answer is:

✅ 1983

Detailed Explanation:

Muhammad Yunus & Grameen Bank

• Nobel Laureate Muhammad Yunus founded Grameen Bank in 1983 to provide microloans to the poor, particularly women, in rural Bangladesh.
• The model was based on trust-based lending (no collateral) to empower low-income borrowers.

Key Milestones

• 1976: Yunus launched an experimental project in Jobra Village (Chittagong) to test microcredit.
• 1983: Officially registered as a bank under a special government ordinance.
• 2006: Yunus and Grameen Bank won the Nobel Peace Prize for combating poverty.

Impact of Grameen Bank

• Inspired global microfinance movements.
• Over 9 million borrowers (97% women) as of 2023.
• Repayment rate: ~98%, challenging traditional banking norms.

Additional Fact:

Yunus’s "16 Decisions" (social development principles) are taught to borrowers, covering hygiene, education, and rejecting dowries.