History of Microfinance
Deviprasad Mazumder, CEO, Bangladesh, Member
I would like to add that poet Rabindranath Tagore, Nobel laureate for Literature (1913), introduced microcredit over 100 years ago: “Rabindranath Tagore’s contribution to core financial sector is another reason to remember him, even when today’s hot topics like microfinance come across for discussions. A document, found in 2009 in Bilkrishnapur village under Raninagar Upazila of Naogaon district, shows that Tagore’s effort to bring common people financial comfort goes beyond the usual periphery of a poet where his role is more prominent as social reformist.
The document, actually some account statements of Kaligram (Patisar) Krisha bank and Shilaidaha estate, also indicates that the concept of collateral free micro-credit to rural borrowers originated from Tagore’s philanthropic activities when he founded the Kaligram Krishi bank back in 1905 in village Patishar in Naogaon district.
Tagore was president of the managing committee of Rabindranath Krishi college in Naoga...