Explain Grameen Bank.
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The Grameen Bank, founded by Professor Muhammad Yunus in Bangladesh in 1983, is a pioneering microfinance institution that provides financial services to the rural poor, particularly women, who lack access to traditional banking services. The bank operates on the principle of microcredit, offering small loans, savings accounts, insurance, and other financial products to empower impoverished individuals to start or expand small businesses and improve their livelihoods. Grameen Bank follows a group-based lending model, where borrowers form small groups, mutually guarantee each other's loans, and receive financial training and support from bank staff. The bank's innovative approach has been credited with lifting millions of people out of poverty, promoting women's empowerment, and fostering entrepreneurship in rural communities. Grameen Bank's success has inspired the global microfinance movement and led to the establishment of similar institutions worldwide, demonstrating the transformative potential of microfinance in alleviating poverty and promoting inclusive economic development.