Nobel laureate Muhammad Yunus has been removed as the managing director of Grameen Bank, the organisation he founded in Bangladesh in 1983 to help the poor. The central bank has cited a rule that requires retirement at 60 to order the ouster of the 70-year-old “banker to the poor” who has been embroiled in a Norwegian funds scandal. Yunus had also fallen out with the political establishment after, fresh from the Nobel...

Bangladeshi Nobel laureate Muhammad Yunus has launched a legal battle, one day after he was sacked from the Grameen microfinance bank he founded. Prof Yunus lodged a case in Bangladesh's High Court challenging his dismissal from the post, lawyers said. The central bank sacked him saying he was past retirement age and had been improperly installed in his post. Grameen Bank disputes the accusations. He has been under pressure from the government to...

Barely a month after Sonia Gandhi flagged concerns over shortcomings in the implementation of UPA’s flagship MNREGA scheme and sought strengthening of social audit done by the gram sabha, as mandated under the Act, the government is looking at the scope of amending the Act to allow for better accounting scrutiny by the Central agencies. A meeting convened by Law Minister Veerappa Moily with Rural Development Ministry officials Monday examined...

The government wants to make its rural jobs guarantee programme more open to scrutiny and empower its beneficiaries by getting panchayats (village councils) to periodically disclose information about the scheme’s functioning in that area. To this end, the ministry of rural development has issued an advisory to village panchayats, making it mandatory for them to convene regular gram sabhas (village general bodies). The initiative is also aimed at making the scheme...

It appears there are few rural poor left in Maharashtra. How else would one explain that while the Central Government’s flagship rural employment initiative, Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), is a big hit across the country with states utilising more than 80% of funds allocated by the Centre, state spent only 50% of its share last year. The Union ministry of rural development is headed by a...