Grameen Bank (GB) provided microcredit facility to the rural poor women to improve their living standard. The objective of this study was to assess the effectiveness of GB’s microcredit program on the household income of the borrowers. Primary data were collected from one thousand female borrowers of GB using Simple Random Sampling (SRS) technique. The finding of this study shows that GB’s credit program had failed to contribute significantly in improving the household income. Small size of the loan, inadequate training facilities and the lack of rural infrastructural facilities were thought of as the major reasons for not observing the significant changes on the household income of the poor borrowers.