Muhammad Yunus started the Grameen Bank in 1983 to provide microloans to poverty-stricken individuals without requiring collateral. Inspired by his interactions with a woman making bamboo stools who struggled to obtain fair-interest loans, Yunus began lending small amounts to the poor directly. The Grameen Bank has since benefited millions of impoverished people across Bangladesh by offering financial services like loans and insurance to rural communities and connecting farmers to new markets. It was founded on the principles of alleviating poverty and empowering women.