Founder and ex-managing director of Grameen Bank Dr Muhammad Yunus has condemned the passage a new law to govern the microcredit agency, saying ‘a great global iconic institution, created by this nation, has been brutally harmed by a group of irresponsible and thoughtless people.’
“With these amendments, the government has opened the door for its ultimate destruction. What a shame for the nation, and the whole world,” he said in a statement on Wednesday.
“The immediate task before the country is to repair the enormous damage done to the Grameen Bank law at the earliest opportunity, before it is too late,” said the Nobel laureate, hoping that the whole nation, particularly all women, along with the women of Grameen Bank, their family members, as well as the staff of the bank will rise to the occasion and make it happen.
He said the Grameen Bank was created as a bank owned by poor women, and managed by poor women.
“Its legal structure didn’t allow any government interference of any kind, except for regulatory oversight. The amendments to the law have created the opportunity for the government to take 100 percent control of the bank if they wish to.”
These amendments fundamentally change the character of the bank, the statement said.
On Tuesday, parliament passed the much-talked-about Grameen Bank Act, 2013, one that elevated the government roles in the running of the microcredit organisation without any increment of its ownership stakes.
“As the Grameen Bank has been running under an ordinance, it was necessary to enact a law,” Finance Minister AMA Muhith said in parliament before passing the bill.
Jatiya Party MP Mujibul Haque Chunnu questioned why such an important bill was being passed when the national election is knocking the door.
He suggested taking public opinion before the passage of the bill as ‘interests of many people have been featured in it’.
