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.
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