(BSS)- Claiming that the microcredit is the "real banking", Chief Adviser Professor Muhammad Yunus today stressed establishing a `Microcredit Bank` to create more entrepreneurs by disbursing collateral free small credit among young people.

"Microcredit has reached such stage...we have to think it newly - establishment of Microcredit Bank. This is NGO now, it must be graduated from NGO now," he said.

The Chief Adviser said this while inaugurating the Microcredit Regulatory Authority (MRA) building at city`s Agargaon area here today.

Finance Adviser Salehuddin Ahmed, Chief Adviser`s Special Assistant Dr Anisuzzaman Chowdhury, Bangladesh Bank governor Ahsan H Mansur, Financial Institution Division Secretary Nazma Mobarek and Microcredit Regulatory Authority executive vice chairman Prof Mohammed Helal Uddin also spoke on the occasion.

Speaking on the occasion as the chief guest, Prof Yunus, also known as the founder of microcredit, said, a new and separate `Microcredit Bank Act` would be framed to set up the microcredit bank.

About the limitations of microcredit organisations, he said now the lenders can receive savings from their members but not the deposits of the common people.

The Chief Adviser said time has come to set up the Microcredit Bank. Once license is given to the Microcredit Bank, it must be a social business bank, not conventional one, he added.

Prof Yunus said it must be ensured through the law that the owners of the Microcredit Bank will not take profit from it.

"The loan receivers can take profit from the bank but the investors are not eligible to take profit," he clarified.

Recalling the motto of Grameen Bank, the Chief Adviser said, the bank was founded on the principle that- every human being is an entrepreneur.

Youths will get loan from the Microcredit Bank without any collateral so that they can invest the money to become entrepreneurs. If the young people get capital for their business from the bank, they will never run for a job, he said.

"As the government, it`s our responsibility to establish the institutions to support the youth folks," he added.

Highlighting the journey of Grameen Bank as a microcredit institution, the Chief Adviser said, conventional banks disburse credit with a guarantee but Grameen Bank gives credit to the poor based on trust in them.

He said, earlier public money was looted from many conventional banks. But, the Grameen Bank is operating its activities maintaining transparency.

"Microcredit is the real banking. So, people must come to it," he said.

Prof Yunus said Microcredit Regulatory Authority has created an example of transparency by performing his historical responsibilities.