Abstract: Microcredit is an effective and accepted mechanism of alleviating poverty, improving the economic conditions of the peoples and country. Grameen bank is the pioneer in developing and establishing this microcredit system both in Bangladesh and in the world. This system has received worldwide recognition for its contributions. Critical evaluation of the microcredit operation of Grameen bank has revealed some major weaknesses. The consideration and treatment of those weaknesses for further creative and effective measures will help the microcredit operation very successful and value making. This research has revealed some important weaknesses and recommended some measures in this regard for future improvements.