Interim govt allows Grameen Bank to operate in urban areas
The interim government of Bangladesh allowed the Grameen Bank to operate in urban areas alongside the villages.
By PTI |
DHAKA: The interim government of Bangladesh on Saturday allowed the Grameen Bank, for which Prof Muhammad Yunus won the Nobel peace prize, to operate in urban areas alongside the villages.
"The council of advisers (effectively the cabinet) today approved a proposal for an amendment to the Grameen Bank Ordinance 1983, allowing its spread and micro credit operations across the country," a cabinet division official said.
The council, he said, also approved a proposal to bring down 25 per cent government stake in the specialized bank to 15 per cent and the number of government-nominated board members has been reduced to two from three in line with the amendment to the ordinance.
Under the amendment, the board of directors, instead of the government, will appoint a chairman from among the directors, the government said in a statement.
Established in 1983 through a special ordinance, Grameen Bank was allowed so far only for micro-credit banking in rural areas. The share of the government in the inception was 60 per cent.
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Yunus, whose experiment of poor men's banking earned Bangladesh the home of micro credit, earned him the Nobel Peace prize along with his organisation last year. Download
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