Yunus fears government is taking over Grameen Bank

On Thursday, the cabinet approved a proposal to amend the Grameen Bank Ordinance 1983 to reduce the powers of the bank's board and give more authority to its chairman for picking the managing director of the Grameen Bank.

Last Updated: Aug 02, 2012, 19:38 PM IST

Dhaka: Nobel laureate Muhammad Yunus Thursday expressed shock at the Bangladesh government's attempt to cut the powers of the Grameen Bank's board and giving more authority to its chairman to choose the managing director of the microcredit organisation.

In a statement, the Grameen Bank founder said he had always expressed his apprehension about the possibility of the government taking over the bank, reported The Daily Star.

"Now my apprehension has started to become a reality. I am so disheartened that I am unable to express my feeling," the statement quoted Yunus as saying.

On Thursday, the cabinet approved a proposal to amend the Grameen Bank Ordinance 1983 to reduce the powers of the bank's board and give more authority to its chairman for picking the managing director of the Grameen Bank.

The cabinet also directed the finance ministry to inform it of the facilities that Yunus availed during his extended tenure as the Grameen Bank's managing director after reaching the age of 60, Cabinet Secretary M Musharraf Hossain told reporters after the meet.

The finance ministry will have to verify if the facilities availed by Yunus were in accordance with the bank's rules and regulations, Hossain said.

IANS