On Sunday, the Bangladesh Government announced that it will form a commission to look into the activities of 54 organisations associated with Grameen Bank. The Finance Minister Abul Maal Abdul Muhith stated, that out of those 54 organisations associated with the micro-finance institution, only 4 or 5 are actually authorised by the Board of Directors of the bank. As reported by the Daily Star, this means that over 90% of Grameen Bank’s associated organisations and companies are running without approval of the Board of Directors, which is why a recently established commission will probe into the Bank’s affairs and discuss how they could be regulated.
Muhammad Yunus himself, founder of Grameen Bank, was dismissed from the role of Managing Director of the bank last March as he exceeded retirement age. He recently expressed concern that the Government might be trying to take control over Grameen Bank as they are increasingly using the word “Grameen” for their organisations, such as Grameenphone, the country’s largest telecom company. None of these governmental organisations have any relation to microcredit which is why Yunus believes they should remain independent.