9 women directors vow to protect GB

Nine women borrower directors of Grameen Bank on Monday urged the government to back off from its plan to establish control over the microcredit organisation and vowed to go any length to resist any takeover bid.

“We have come here to warn you. Do not push our backs against the wall. If you do so, we will have no other door open. We will never allow our beloved organisation being snatched away from us,” they said in a statement at a press conference at National Press Club in Dhaka.

Their outrage follows revelation of a set of proposals the Grameen Bank Inquiry Commission is planning to place to the government for restructuring the future of the microcredit organisation.

The three-member commission, set up in September last year, plans to present its recommendations at a workshop in Dhaka on July 2.

The commission is planning to recommend splitting Grameen Bank into 19 pieces. It is also to recommend 51 percent government shares in the bank.

“This scheme is absolutely unacceptable to us,” said GB director Tahsina Khatun, who has become the spokesperson for the directors elected at grassroots, while reading out the statement.

Flanked by eight other women directors, Tahsina said the bank is running perfectly as a private organisation under the current laws that govern it, and the intention to turn it into a government bank is not at all clear to them.

“Efforts aimed at establishing government control over the Grameen Bank have caused worry among us with good reason.”

The director said Grameen Bank is not run by government money. The government has no stake in the bank except for a 3 percent share in its paid-up capital.

“Neither does the bank use donor money. The bank’s loan activities are financed by its borrowers’ savings,” she said.

The size of the deposit at the bank now stands at Tk 8,000 crore.

“It does not require much wisdom to understand that the purpose to bring this institution under government control is to rob the poor women borrowers of the bank of their hard-earned savings,” Tahsina said.

The director, who has been elected from Mymensingh zone for three years, said the deposits would not be safe at the government’s hands.

“The commission has asked the government to guarantee the savings of the bank. How can we feel that our money is safe with the government while the government itself is destroying the country’s banking system by borrowing billions of taka from different banks?”

The nine women borrower directors also expressed their anger at the commission’s recommendation to bring changes in the legal structure of the bank.

“We are not only surprised but also angry at these suggestions. We the poor women borrowers of the bank are its actual owners. But the commission is planning to split the bank without any consultation with us,” said Tahsina.

Tahsina said the government might change rules, but it has to have the consent from the elected directors. “If the government thinks it can benefit us more effectively by changing or amending laws, it can do it in consultation with us.”

“But why should the government change the law against the interest of the owners of the bank? Everything that the commission is proposing goes against our interest.”

“Increasing government share and control in the bank – all go against our interest. It will amount to snatching our bank from us. We will never agree to such an initiative.”

Tahsina said the elected directors, the 84 lakh members of the bank and their families and friends would not sit idle if the government tries to snatch the bank from them.

“The money of Grameen Bank is created out of our savings. We will never allow our savings to be looted by government’s people.”

The directors urged the government to back off from its plan to change the structure of the bank and turn it into a state-run organisation.

“If you do not come to senses and retreat from your evil motive of robbing us of our money, we will come forward to confront you. To protect our wealth, we will come in thousands, in millions to protest against your injustice.”

“Perhaps you are not aware that Grameen Bank has awakened the poor women of Bangladesh. You have not seen the power of the awakened women of Bangladesh. If you dare to snatch away our wealth, you will see our power.”

The directors said they would resist plans to split the bank.

“Our bank will run by our rules – the rules under which the bank is governed now. We will not allow any changes to it. We will never allow the government to grab our bank in the name of changing laws.”

“Do not put your hand into the hornet’s nest. It will not bring you any good. That’s for sure.”

Tahsina said the bank would not be the same as it now if the government goes ahead with its plan.

During the question-answer session, she also said the government is out to bring in changes in the bank although the elected board members do not see any problem in it.

“There is corruption scandal in the Grameen Bank. The central bank has not been able to unearth any financial scandal or any other irregularity in the bank’s system.”

“So, the government should employ more energy to sort out problems with the state-run Sonali, Janata, Agrani and other banks who are struggling with their own problems,” she said.

The directors accused the government of double standard.

“The government repeatedly says that the bank is running efficiently without Prof Muhammad Yunus. At the same time, the government is planning to bring in changes to it and grab it.”

“Of course, the bank is running efficiently, thanks to the strong foundation Prof Yunus has built up over the years. The bank has always been profitable,” said Tahsina.

The government formed the commission to review the activities of Grameen Bank and 48 other legally independent organisations founded by Nobel Laureate Prof Muhammad Yunus in his lifelong efforts to eradicate poverty.

Source: The Daily Star