Nobel laureate Muhammad Yunus on Thursday termed the amendment to Grameen Bank Ordinance ‘a black day’ for the nation and said it would mark the beginning of the end of the glorious history of Greameen Bank.’
The founder of Grameen Bank made the remarks in a press statement within hours of the government
notifying the amended ordinance in its official Gazette.
The amendment empowers Grameen Bank chairman to take decisions ignoring the majority opinion of the bank’s board of directors.
Since Grameen Bank was founded three decades ago, its chairman took decisions reflecting the majority opinion of the 12-member board of directors.
The chairman is one of the three government nominees to the 12-member board.
Muhammad Yunus was relieved as the managing director of Grameen Bank last year by the government saying he was well past the retirement age of 60.
He was 70 last year.
The future of the bank has been vested in the chairman through the amendment, said Yunus.
The amendment would also abrogate the powers of borrowers who are actual owners of the bank to the chairman, he said.
From now onwards, he said, Grameen Bank would be run under direct and indirect influence of the government.
Muhammad Yunus expressed the hope that someday a government would consider it to be its first task to restore the powers of Grameen Bank’s borrowers who are mostly poor women.
-With New Age input