World-renowned social entrepreneur, founder of Grameen
Bank and pioneer of micro-credit, Prof Muhammad Yunus inaugurated the new
corporate office of NBFC-MFI Grameen Koota in Jayanagar, Bangalore on Saturday,
September 5, 2015.
World-renowned social entrepreneur, founder of Grameen Bank and pioneer of
micro-credit, Prof Muhammad Yunus inaugurated the new corporate office of
NBFC-MFI Grameen Koota in Jayanagar, Bangalore on Saturday, September 5, 2015.
Professor Yunus often referred to as father of micro credit, developed the
concept which has enriched millions of poor households around the world with
micro credit support. He is widely credited for his work to end poverty
through micro-lending and cause-driven businesses in his home country of
Bangladesh and throughout the world. The 2006 Nobel Peace Prize was
awarded jointly to Yunus and Grameen Bank, a bank Prof Yunus established in
1983 to provide micro-credit in Bangladesh and which is serving 8.5 million
poor households today.
Founded as an NGO project in 1999 by Vinatha M. Reddy, Grameen Koota caters to
the need of micro-credit to the rural poor and low-income households in
five states today. Grameen Koota was modeled after taking inspiration from
Nobel Laureate Prof. Muhammad Yunus and his Grameen Bank. It has grown
largely after its transition into a non-banking financial corporation (NBFC)
in 2007-08.
After inaugurating the new corporate office of Grameen Koota, Prof Yunus
inscribed on the wall his message: “Keep Changing the world.” Later,
addressing the employees and management of Grameen Koota, he said: “We have to
create a worldwhere we have no poverty, zero poverty as we put poverty in the
museum. We will create that. We have to come up with all the ideas
to create that. We have a mission to accomplish and togetherwe can make it
happen.”
In his message to all the microfinance professionals, he said, “Today you
have a clear mission in front of you. Make sure you understand it. Within
your outline work, you have a bigger mission and work towards achieving that.
Make sure your work changes the world.”
Earlier, Mrs. Vinatha M Reddy, Chairperson of Grameen Koota, said, “Grameen
Koota remains a top quality Microfinance Institution and it is known in
the microfinance sector as a socially conscious and client centric
organization. Today on the occasion of our new corporate officeinauguration and
in your august presence, we reaffirm Grameen Koota’s commitment to remain a top
quality MFI with high social-focus.”
Mr. Suresh K Krishna, Co-Promoter & Director of Grameen Koota, echoed
similar views when he thanked Prof Yunus for being Grameen Koota’s inspiration
and guide. “We always look up to you and Grameen Koota continues to be serving
what it stands for.”
Mr. Udaya Kumar, Managing Director and CEO of Grameen Koota, recalling that
the auspicious occasion also coincided with Teachers’ day in India, said:
“Today is Teachers’ Day and we have our teacher, philosopher, guide, architect
and Father of microfinance with us. Team Grameen Koota bows to you with
gratitude and re-assure you that we will continue our responsible lending
principles and practices with social focus you always taught”
About Grameen Koota Financial Services Pvt Ltd
Bangalore-based NBFC –MFI, Grameen Koota Financial Services Pvt Ltd (Grameen
Koota) with 286branches spread across Karnataka, Maharashtra, Tamil Nadu,
Madhya Pradesh and Chhattisgarh, reached one million customers with a portfolio
of Rs.1,602 crore as of 30th June 2015.
Grameen Koota is one of the 5 financial institutions in the world and one of
the 3 microfinance institutions (MFI) in India to have been honored by
Smart Campaign for having met all the client protection principles. It is also
one of the few MFIs be awarded with Truelift Certification of ‘Achiever’s
level’ and Social Rating of Σα-(alpha- minus) for its commitment on
social performance and pro-poor business. Grameen Koota is one among the
few with a top grade of ‘mfR1’ by CRISIL for its Quality and high Credit rating
of ‘A-‘ by ICRA among MFIs in India.
Grameen Koota has been working with Joint Liability Groups formed
exclusively of women belonging to poor and low income households
by providing them with financial literacy and diverse credit products catering
all life-cycle needs such as income generation and access to
water, sanitation, education, health care, home repairs, emergency, energy
efficient cook stove etc. It gives its clients the option to repay weekly,
fortnightly or monthly, depending on their cash flow and convenience. Grameen
Koota’s social awareness campaign ‘Jagruti’ has become an important source of
information across its customers over period of time.
The Financial Express