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LATEST NEWS UPDATES | Yunus quits as Grameen Bank managing director

Yunus quits as Grameen Bank managing director

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published Published on May 13, 2011   modified Modified on May 13, 2011
Nobel Laureate Muhammad Yunus resigned as managing director of Grameen Bank, the micro-credit network he pioneered, expressing the hope that it would retain its "independence and character".

The government has rejected the demand by the bank's directors that Yunus be made the bank's chairman and has also turned down the argument of the bank being "independent", saying it is subject to the laws governing the banking sector.

In his resignation letter made public late Thursday, Yunus said he was quitting to prevent disruption in the bank's activities and to "protect entire GB (Grameen Bank) family from being subjected to difficulty".

"I am taking this step without prejudice to the legal issues raised before the Supreme Court, and in order to prevent undue disruption in the activities of Grameen Bank and to ensure that my colleagues and our 80 lakh members, and owners of the bank, are not subjected to any difficulty in discharging their responsibilities.

"Since the board of Grameen Bank is my appointing authority, it may take appropriate steps," he said.

"I hope Grameen Bank will continue to operate maintaining its independence and character under the Grameen Bank ordinance and move towards even greater success," he added.

This brought to an end a battle with the government that had removed Yunus March 2.

Yunus had moved court and lost three appeals before the high court and the supreme court. He complained in his resignation letter that he was yet to receive the copy of the apex court's order dismissing his pleas.

Yunus, who won the 2006 Nobel Peace prize along with the bank, acted hours after Finance Minister A.M.A. Muhith announced that deputy managing director Nurjahan Begum would officiate as the managing director in place of Yunus and that a new managing director would be decided within the next three months.

Muhith said he and the government had great respect for Yunus and had sought to treat him "honourably".

He said they would look for other arrangements if the deputy managing director refuses to take over the charge. He said finding another managing director could take three months.

Muhith claimed they want a respectable transition of leadership to the new managing director. Measures will be taken for a dignified transition of the bank's helmsmanship from the nation's only nobel laureate.

"We will determine the way of transition after discussing it with him (Yunus)," the finance minister told journalists.

He said after the Supreme Court's rejection of Yunus's petition, future steps regarding Grameen Bank would be taken after consulting legal experts.

The bank has 22,000 employees across the country and serves 40 million people, mostly the poor.

Replying to a query, the minister said Yunus is the founder of the bank and the government never exerted any control over him.

Referring to Yunus' statement that Grameen Bank is not like other state-run banks, Muith said, "I differ with him on this point."

He said Grameen Bank "s completely a government bank, as it was established through a government ordinance."

The Economic Times, 13 May, 2011, http://economictimes.indiatimes.com/news/international-business/yunus-quits-as-grameen-bank-managing-director/articleshow/8289912.cms


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