Definition: Grameen Bank

Grameen Bank - "a microlending bank, established in Bangladesh in 1988, which lends to peer borrowing groups of, say, five or so people with joint liability. The group approves loans to other members as a substitute for the bank’s screening process. Failure to repay by any member jeopardizes the group’s access to future credit. "- source: Economic Development 4th Edition by E. Wayne Nafziger