The government’s ownership in Grameen Bank has been reduced from 25% to 10% following policy-level approval of the Grameen Bank (Amendment) Ordinance at an Advisory Council meeting on Thursday.
Under the amendment, 90% ownership is now allocated to the bank’s beneficiaries.
The update was shared at a press briefing held at the Foreign Service Academy in the capital on Thursday by Environment Adviser Syeda Rizwana Hasan. Earlier in the morning, the Advisory Council meeting took place at the office of Chief Adviser Professor Muhammad Yunus, with him in the chair.
"The Grameen Bank, when it worked earlier, used to operate with a certain value system. That value was that the beneficiaries of the Grameen Bank would participate in the bank’s management," said the environment adviser.
“But our chief adviser, the Nobel-winning economist, was politically targeted, and the philosophy he believed in — that those who take loans should hold the benefits — was pushed aside in favour of increased government control," she added.
She added: "Today’s amendment restores that vision. The bank, which used to work for the landless, now includes a definition of the destitute. Its scope has also been expanded from union parishads to include city corporations and municipalities."
The adviser further said: "According to the ordinance, nine board members will be elected from among the bank’s beneficiaries. From these nine, three will be nominated, and one of them will be appointed as the chairperson."
"Another matter is — the paid-up capital earlier was 25% by the government and 75% by the beneficiaries. Now it has become 10% and 90%," she said.
It was also said that under the Financial Reporting Act 2015, a provision has been added to recognize Grameen Bank as a public interest entity.
