Nobel Laureate Yunus Opens Ujjivan Bank’s First 5 Branches in Bangalore

Published ON: MF Monitor
Date:  February 7, 2017   

Shifting its business focus from microfinance to core banking, Bangalore-based Ujjivan Financial Services opened on Monday, Feb. 6, 2017, five branches in Bangalore with Bangladeshi Nobel Laureate Muhammad Yunus as the chief guest.

One significant feature that Ujjivan Bank will offer is to let its customers unlimited access to ATM transactions on its network and six free transactions on other bank’s ATM networks, making it one of the highest free transactions offered by any bank.

Ujjivan issued an IPO which was overwhelmingly subscribed in August last year and in November the RBI had given a license to set up the small finance bank. Ujjivan plans to open banking services along side its microfinance services and hopes to open as many branches in 24 states across India.

Human beings were not meant to be job-seekers: Muhammad Yunus

Published on: The Hindu

Date: February 07, 2017


Staff Reporter, Bengaluru: February 07, 2017 00:00 IST

Human beings were meant to be entrepreneurs and not job seekers, says Nobel Laureate and Grameen Bank founder Muhammad Yunus. He was in the city to speak on ‘The zero effects of social business’ at the Indian Institute of of Science on Monday. He said countries like India and Bangladesh need a business system with a goal to solve humanity's problems, not profit-making.

According to Prof. Yunus, who pioneered micro-credit in Bangladesh, getting degrees to get jobs is the wrong way to come out of poverty. "When youths come to me saying they need jobs, I urge them to generate jobs. Human beings were never intended to be job seekers, but to use their creativity to find solutions to problems," he said.

Ujjivan Small Finance Bank to commence banking on February 6

Published on:

Date:  Feb 05, 2017

By Atmadip Ray, ET Bureau

KOLKATA: The UK's CDC Group-backed Ujjivan Small Finance Bank is going to open its first set of branches for public transaction on Monday and start rolling out branch network across India from next fiscal.

Ujjivan Managing Director Samit Ghosh said that the bank will test all the technical and connectivity issues over the next one month as a preparation before going full throttle.

Reserve Bank of India had issued a press statement on February 1 saying the bank commenced operation on that day. Ghosh has clarified to ET that the bank is operationally ready since February 1 but customer transaction will commence only on February 6.

Dwight Sproull – Blockchain Banking Can Transform Women’s Lives in Emerging Economies

Published on:

Date: February 4, 2017

By: Dwight Sproull

Only one-third of the small and medium-sized enterprises (SMEs) in the world are run by women. Women-business owners in developing countries face significant challenges to run their businesses, particularly in accessing finance. An estimated 70 per cent of women-owned SMEs in the formal sector in emerging markets are underserved by financial institutions. This amounts to a financing gap of $285 billion.

Can redefining humanity be Muhammad Yunus' legacy?

By Adva Saldinger, August 2015

Muhammad Yunus, co-founder and chairman of Yunus Social Business Global Initiatives. Photo by: University of Salford / CC BY

Muhammad Yunus, co-founder and chairman of Yunus Social Business Global Initiatives. Photo by: University of Salford / CC BY

Professor Muhammad Yunus has already transformed global financial systems and made his mark on development, but at 75 he’s not done yet.

What he’s working to do now, what he hopes will be his legacy, is changing what he calls an “artificial” and “distorted” construct of human beings that the world has created, Yunus, the co-founder and chairman of Yunus Social Business Global Initiatives, told Devex in an exclusive interview in Kampala, Uganda, last week.

“I hope that people will rediscover themselves — that they are not just robots to make money, that they have tremendous hunger for doing things for others,” he said. “All I’m saying is look guy, you have this inside of you — check all your pockets, somewhere it’s there.”

This way of thinking that is both empowering but also looks to the greater good must begin at a young age — both at home and in schools, he said. Children should not only be told that if they follow a certain path they’ll end up as the CEO of a big company, but they should also be told that they can be job creators and change the world rather than working for others.

That way of thinking “has to be integrated in the life process,” Yunus said. “Today I’m bringing it from the outside so it’s been difficult.”

That ideology also has to permeate the development community, which he said is still based on the idea of the limited power of human beings.

“The mold of charity because that’s the only thing they can do because either they’ll work for somebody or somebody has to feed them? I say no, nothing of the sort. They are good enough. That’s the mettle we have inside of us. We take care of us and we take care of the world — that’s what I’m for. That individual has to feel that way,” Yunus said.

The way forward is partly through social businesses, which by Yunus Social Business’ definition is a company with the sole purpose not of making a profit but of solving a social problem in a financially self-sustaining way. It is an idea and a way of addressing development issues that Yunus is advancing through his social business accelerator and is what brought him to Uganda.

The Nobel Peace Prize winner and Grameen Bank founder was there to spread the message and spoke at several events where one common message emerged: Everyone is creative and has the potential to be an entrepreneur. He also met with Ugandan President Yoweri Museveni to align objectives and get the government’s support for YSB’s work in the country. And he took the opportunity to sign a memorandum of understanding with the Office of the U.N. High Commissioner for Refugees to test out some entrepreneurial social business programs with refugees in Uganda.

Yunus wants people to be empowered but doesn’t mince words when talking about entrepreneurship and its challenges.

“Entrepreneurship doesn’t mean you sit in a baby cart and lie there,” he said. “Entrepreneurship means you overcome odds.” tellyseries