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Social economist and Nobel Laureate Muhammad Yunus has suggested the formation of banks for the poor to boost their economic status.
According to him, separate banks and lending policies should be created for the poor to effectively address the issue of poverty. He termed the existing banking models “as banks of the rich”.
Delivering the annual lecture series, organised by ESAF at Thrissur, Yunus pointed out that poverty is not created by the poor, but by the system “we built around us”. The current economic system will explode if it is not changed completely to reverse the flow of wealth.
Every individual has qualities of entrepreneurship and, by opening access to credit, his/her productivity can be enhanced, added Yunus.
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