Former Indian president APJ Abdul Kalam has announced that he intends to promote the idea of a new law for micro credit in Indian villages. Kalam’s announcement came after visiting the Bangladesh headquarters of the Grameen Bank, established by Nobel Peace Prize winner professor Mohammad Yunus. The bank makes small loans to impoverished people without requiring collateral, enabling them to start small businesses in rural communities.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”3″ ihc_mb_template=”2″ ]
Kalam said he was inspired by Yunus’ work and was keen to exchange views with the Nobel laureate, who received global acclaim in 2006 after Grameen’s success in pioneering rural banking initiatives.
Kalam, who served as India’s president between 2002 and 2007, said he had wanted to meet Yunus to learn about the detailed working of the bank’s operations so that micro credit could be incorporated into his own programmes in the villages of India through the “Providing Urban Amenities in Rural Areas” (PURA) scheme.
Yunus said Grameen Bank would be delighted to help in Kalam’s effort to set up new micro credit initiatives in India. The bank is already participating in similar projects in Kerala.
[/ihc-hide-content]
