The Grameen Bank has handed over Tk4.32 crore to the Finance Ministry as the profit of the government’s stake for 2013 which, officials say, shows that the micro-credit bank is running smoothly.
The government had 20.55% stake at the Grameen Bank at the end of 2013. The share rose to 25% this year after the government had injected Tk3.25 crore.
The Grameen Bank’s total profit last year was Tk139 crore.
Tahsina Khatun, one of the bank’s directors, yesterday told the Dhaka Tribune that the government had been wrong about the micro-credit lender; it was operating smoothly and it was paying off dividends against the government’s share.
She said the new rules for the election of the Grameen Bank governing body might destroy the organisation and its implementation should be stopped.
“Before the Eid-ul-Fitr vacation, a meeting of the board of directors approved the proposal of paying the government’s profit to the finance division,” Tahsina said.
In April, the government issued the gazette notification on the Grameen Bank (Election of Director) Rules 2014 replacing the Grameen Bank (Election of Directors) Rules 1987.
Tahsina also said the new provisions gave the governing body election a political shape.
Grameen Bank General Manager Md Shajahal Ali sent a letter to banking division Secretary M Aslam Alam yesterday, informing him about the the government’s profit.
Earlier in April, Finance Minister AMA Muhith termed the Grameen Bank non-functional because of Muhammad Yunus’ “strong influence.”
The bank’s loan recovery rate was 97.37% this March 2014 while it was 97.11% in March last year, according to its data. The number of its members has also increased from 8.4 million to 8.6 million in the past one year.
