Mega Prize for Micro banker

First of all I would say an economist got the Nobel Peace Prize. This is a strange thing but it is the reality. Mr. Muhammad Yunus with his hard work of three decades has proved to the world that poor women are trust worthy. Credit can be given to these class of people. Muhammad Yunus has given the model for the micro finance to the world. Everywhere in the world Grameen bank model is being appreciated and followed. The major beneficiaries of the micro finance are the poor and the needy people. This model helps any economy to upgrade the people below poverty line. It gives credit for self employment of the person. So the entrepreneurial activities of the country increase. This is one of the factors of production. So any country will like to eradicate poverty in a way which will not only give employment to the poor but also the standard of living will increase. The microfinance concept is criticized because of the higher interest rate charged by them. But the financers do not take any security to give credit. So it is right from the context of the financer in order to reduce their risk. Again here one can argue that the interest rate charged in credit card is more then what the rate charged in micro finance. Micro finance is an alternative for the poor to the moneylender. Money lender charges higher rate and usually take security for the credits. Mr. Muhammad Yunus has contributed a great concept to the world for which he deserves the Nobel Prize be it in Peace.