Govt. to take over Grameen Bank?

FOR the love of God, tell us why a functioning and enormously beneficial institution like the Grameen Bank would need restructuring or any reform? When there are so many losing and dysfunctional state-owned enterprises in dire need of reform, toying with the Grameen Bank is supremely ironical as well as outrageous. The plan to divide Grameen Bank into 19 separate entities and then, appoint 100 Directors to run those is plain monopolisation and politicisation of the highest order. According to this paper's news item on June 18, Grameen Bank Inquiry Commission's recommendations are set to do just that.

This is a bid to break up a thoroughly functional and workable financial institution owned by some 8.4million poor women, of whom 5million own shares in the bank. Were this transformation to go through and 19 totally independent enterprises to emerge, none of which would have any links to one another – precisely how would the shareholders benefit? The Grameen Bank is a tested and proven model, one that is being emulated across the globe for spreading microfinance in both developing and developed economies. We strongly urge the government to pull back from what is clearly a vindictive attempt to hound and harass a man who has brought honour and dignity to Bangladesh. Such blatant attempts at politicisation will only end in hurting the poor women shareholders, whose lot has definitely changed for the better since their association with Grameen Bank.