Bangladesh forms panel on Grameen Bank

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IANS | 17 May, 2012
The Bangladeshi government Wednesday set up a commission to ensure a better fate for its famous Grameen Bank following its founder Mohammad Yunus's removal from the managing director's post last year.

The four-member commission has been asked to report to the Bank and Financial Institution Division under the country's finance ministry in three months, reported Xinhua citing an official circular.

The commission, led by a former finance secretary, will recommend ways to ensure good governance, transparency and accountability by finding out weaknesses and barriers in the organisation, according to the circular.

US Secretary of State Hillary Clinton, during her Dhaka visit May 5, said that her country did not endorse any action of the Bangladeshi government to "undermine" the achievements of the Grameen Bank.

Clinton also said she had followed the problems stemming from a change in the Grameen Bank's management.

Bangladesh Finance Minister A.M.A. Muhith later brushed aside Clinton's comments on the Grameen Bank by saying that the bank was performing well since Yunus's removal.

Yunus was relieved last March from his position by the Bangladesh bank that he founded in 1983 and won him the Nobel Peace Prize in 2006.

Last May, Yunus lost his final legal battle against a Dhaka High Court judgment which said the micro-credit pioneer's serving as the managing director of the Grameen Bank since 1999 was illegal as he was then beyond 60 years old.