Nobel winner Yunus supports Cashless system
International Desk: Muhammad Yunus, founder of Grameen Bank and winner of Nobel Peace Prize in 2006, has said, Demonetisation kills black money and has increased the liquidity of in India. He saidcashlesseconomy is a boon.
Talking toThe Hindunewspaper on the sidelines of an international symposium organised by Andhra University here on Thursday, he said demonetisation had to come some day. “What is needed is to add incentives to the cashless model to make it successful. Most important, demonetization has brought the rural and unorganised sectors into the banking fold.”
Micro-credit was a social business. It was all about trust between the banker and the customer, he said.
Prof. Yunus was awarded the Nobel for successfully taking micro-credit and micro-finance to the doorstep of poor rural women in Bangladesh.
“The concept of micro-credit is built on mutual trust between the banker and the beneficiary. We do not have the thought of collecting any documents or things as collateral security or guarantors. And despite that, we have a repayment rate of 99.5 per cent,” he said.
Grameen Bank that was founded in 1976 to take banking to the doorsteps of rural women, had a customer base of over 90 lakh today, he said.