The Grameen Bank of Bangladesh is considered to be a pioneer institution in developing and promoting ‘micro finance’. This emerging area in banking provides opportunities to the lowest income group of a society and offers loans as small as 1000 Bangladeshi Taka (approximately $12). However, they charge an interest rate of almost 20% per annum and have been criticized for exploiting the poor. The Grameen Bank has defended its rates saying that the lower value of each loan adds to a substantial administration cost that needs to be recovered if the venture has to be financially viable. How would you respond to this defense of micro finance practices?