Professor Yunus promotes Social Business at IACA
The Banker to the poor suggests Growing Social Business at IACA
By Mahadev Desai
Despite the multi-stop fleeting Atlanta visit, it was heartwarming to learn that the ‘Banker to the Poor' had accepted the last minute invite and agreed to make a presentation at Atlanta Indian's vintage umbrella organization viz. the India American Cultural Organization (IACA). A diverse cross-section of Indian-American communities gave a red carpet welcome to the visiting Nobel Laureate on Saturday, August 28, 2010. The event hosted by IACA was co-sponsored by the Gandhi Foundation of USA, Pujari and Bengali Association of Greater Atlanta.It is notable that GFUSA was the first non-profit Organization to step up to co-sponsor the event.
Once the request was made by IACA's Executive Vice President, Viren Mayani, assisted by Board Member and Southern Polytechnic's Professor, Dr. Gauranga Banik, it was literally 2 weeks before show time. Viren worked intensely to get the sponsorships in place so as not to burden the IACA budget, traveled store to store in search of his new book "Growing Social Business", defined the program which included book signing, a Q & A after Dr. Yunus' presentation and a complimentary welcome breakfast for all attendees, et all, the most important being to work with AdDate.com to upload a flier with all pertinent information, make registration mandatory to track the count for the complimentary breakfast catered by Royal Indian Cuisine as well as reserve attendees' email addresses for further communication. All said and done about 250 some registered and about 225 showed-up on a very early Saturday morning. Shridhar Ranganathan, IACA's Secretary, made the opening remarks and declared the breakfast ready to serve.
Viren welcomed all and introduced Nobel Laureate Dr. Muhammad Yunus, popularly known as the Banker to the Poor! In his opening remarks Viren stated "Dr.Yunus, a Bangladeshi banker and an economist and the Grameen Bank were awarded the 2006 Nobel Peace Prize in equal parts for their efforts to create economic and social development from a complete antithesis point of view in comparison to commercial consumer lending. The program developed is to offer funding to the underserved by starting from the very ground up through a micro credit delivery system and provide banking services for the rural poor. Dr. Yunus' vision is the total eradication of poverty from the world. The Grameen Bank, which began as a research project by Dr. Yunus in 1976, has reversed conventional banking wisdom by focusing on women borrowers, dispensing-off of the requirement of collateral and extending loans only to the very poorest borrowers. Today, more than 250 institutions in nearly 100 countries operate micro-credit programs based on the Grameen Bank model".
Viren continued, "Dr Yunus, who earned his PhD from Vanderbilt University, Nashville TN in 1971 and who is the author of previous bestseller,"Banker to the poor" has most recently published "Building Social Business" which is a run-away success at book stores and a few copies have been gathered today and made available for you at the entrance, in case you are interested. In closing my introduction of him, I want to share with you all, my first meeting with him a couple years ago, wherein he had come to NY to inaugurate a Grameen Bank branch in Jackson Heights. Along with a few special invitees hosted by the World Business Forum at Radio City Music Hall in Manhattan, I was blessed to meet him over coffee and lobbied him to "open" a branch in Atlanta.
Dear Dada, now you can see for yourself the love and respect, this great City has for you and I formally declare my reengagement of lobbying for a Grameen Bank branch in Atlanta, today! My friend John Naugle reminded me that it is no coincidence that Dr. Yunus is here today - it is the 47th anniversary of Dr. King's ‘I have a Dream Speech'. Isn't it incredible that he is in our midst at the IACA on the anniversary day! (applause). Please join me in warmly welcoming Nobel Laureate, Dr. Muhammad Yunus on stage to share his inspirational journey!"
Miss Sacchi Datta, whose parents also studied at Vanderbilt University, presented Dr. Yunus with a floral bouquet.
In a riveting and inspiring speech, laced with light humor, soft-spoken Dr. Yunus narrated the history of the Grameen bank. He had noticed that banks practiced gender discrimination in advancing loans, and also that they were not interested in giving small loans at low rates of interest, so the poor were at the mercy of the unscrupulous moneylenders who charged exorbitant rates of interest. He realized that the creation of an institution was needed to lend to those who had nothing and that micro-credit could be the only viable option besides a simple hand down. As the object was to help illiterate women, it was decided to dispense with all paperwork. The bank would be a ‘lawyer-free bank' based on mutual Trust. (Laughter). Grameen Foundation and Grameen Bank (village bank) made loans to the poor Bangladeshis. It was not smooth sailing though. He and his colleagues were accused by the leftists of importing American capitalism while the rightists accused them of spreading socialism. Conservative clergy were unhappy that women were being empowered with financial help. The Grameen Bank began to diversify. Dr. Yunus said that many illiterate mothers who had no opportunity to go to school were given education-loans to help send their daughters to schools and colleges. He was critical of the commercial banks whose sole aim is to maximize profits by catering to mainly rich clients. This business model is ill-equipped to address poverty and related problems. He advocated starting a social business model instead which aims at promoting social values. After finishing academic studies, one should not get frustrated at lack of job-opportunities and be dependent on welfare. Instead of being a job seeker try to be a job-creator, "I always advise educated girls to either develop their mother's business or to start a new one. (applause) Not charity but Public-Private partnership to foster entrepreneurship is the need of the hour, he stressed. Indian enterprise is legendary and acclaimed globally. He said that the success of Grameen model has inspired similar efforts worldwide, including in India and US. He has also suggested Social Stock market where people can invest in Corporations that aim to promote social values. Sounding an upbeat positive note to a rapt audience, he said," The scope is endless for those with "I can do it" spirit. He assured Viren in his remarks stating that if all the variables were made available including money, a core team of interested people and a sincere desire to help - he could not see why Atlanta could not be the beneficiary of a Grameen branch.
Viren requested the on-stage presence of: IACA's Executive Committee; Dr. Gauranga Banik, who was singularly and significantly responsible for getting him in touch with Dr. Yunus, Subash Razdan, Chairman of the Gandhi Foundation of USA, Sudipta Samanta, President of Pujari and Achintya Dey, President of the Bengali Association of Greater Atlanta. The three representatives of the above organizations that co-sponsored the event with India American Cultural Association jointly honored the Chief Guest with a Humanitarian Award for his dedicated service to all the severely underprivileged innovative global entrepreneurs. A lively Q and A session followed wherein Dr. Yunus shed more information, advice and suggestions. His insightful and thought-provoking speech was received with a standing ovation and a resounding applause. Without a drop of water to drink or food to share, Dr. Yunus who presented for an hour, gracefully mingled with the attendees and patiently sat on a desk autographing his book for several attendees.
IACA President, Padma Rallapalli thanked Dr. Yunus for a very inspiring speech and encouraged attendees to become IACA members and also to help the already begun Sanatan Mandir project. Samir Doshi, IACA's treasurer thanked the co-sponsors, Royal Indian Cuisine for providing a delectable breakfast, Bharat Kotecha for the photo shoot, Anil Patel for staging the sound, all media representatives present, GFUSA Board member John Naugle for volunteer help and Chaitanya Bhatt and all his volunteer group who helped tremendously with all logistics of this hugely successful event. Thanks to Ad Date's brilliant database Viren is able to maintain contact with all interested in getting more information about Dr, Yunus' programs and engage with the Atlanta dream project. Many have already expressed strong desire to participate. This act will be a difficult one to follows ...even for IACA!
