Garmeen bank and Mohammad Yunus won Nobel Peace prize for ground breaking micro credit initiative. Not only Grameen Bank BRAC, another NGO of Bangladesh is giving micro credit to the poor villagers. It is said that micro credit has eradicated poverty among one crore Bangladeshis.
Some other small NGOs are also distributing microcredit among poor people. There is allegation that interest rate of micro credit is so high and it is injustice to people.
But Garameen bank has defended that their interest rate is not as high as other NGOs. It’s twenty percent and that is the service cost. They are giving small amount of money to many people and this is why the operation cost is high.
A recent report has revealed that some people are taking micro credit form many organizations and at the end they are failing to pay back. The organizations are putting pressure to pay back. Many borrowers have sold their kidneys and even liver.
Human organ selling is illegal in Bangladesh, only close relatives may donate organ to save life. But undercover organ selling is going on, some private hospitals are helping the illegal scheme.
Grameen Bank and BRAC officials have defended that they never put pressure of debtors. A grameen official has claimed that they even didn’t file any case against debtor. But professor Munoruzzaman have interviewed at least thirty three debtors who have sold their kidney to pay back. Many are suffering from surgery complications.
