• Wednesday, October 22, 2014

BB won't oversee GB directors' polls: Muhith

Star Online Report
This undated file photo shows Finance Minister AMA Muhith addressing a programme in Dhaka.
This undated file photo shows Finance Minister AMA Muhith addressing a programme in Dhaka.

The government is planning to bring changes in the existing rules to scrap Bangladesh Bank’s authority to oversee the election of nine borrower-directors of Grameen Bank, Finance Minister AMA Muhith said today.

A new body will be formed to oversee the electoral process, Muhith said while talking to reporters at his Secretariat office in Dhaka.

Details about the changes will be revealed soon, the minister said.

Earlier, the government issued a rule that transfers the power to appoint members of Grameen Bank board from the microlender itself to the BB.

As per the Grameen Bank (Election of Directors) Rules 2014, the central bank will form a three-member commission to elect nine members of the 12-member board. 

The three-member body comprises a BB executive director, who serves as the chief election commissioner. The other two posts would be filled by one of the general managers of Grameen Bank and a director of Microcredit Regulatory Authority.

As per the previous rule, the Grameen Bank board picked an official of the bank to conduct the elections.

The chief election commissioner appoints one official of the central bank to work as returning officer in each of the nine constituencies.

The constituency is the third and final stage of the three-tier election where members of Grameen Bank are elected as board members. Officials of the scheduled banks near the regional centres are appointed as assistant returning officers to pick winners for the constituency level.

The returning officer appoints one official from the scheduled banks under his or her own area as the presiding officer or assistant presiding officer.

The election of Grameen Bank is held in three stages: constituency, regional and branch.

Published: 4:12 pm Tuesday, September 02, 2014

Last modified: 9:34 pm Tuesday, September 02, 2014

TAGS: Bangladesh Bank AMA Muhith Finance Minister

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