A Bangladeshi commission has proposed the government takeover or split the Nobel-award-winning Grameen Bank into 19 parts, sparking criticism with several analysts fearing it to be a systematic move to destroy the pioneering micro lending agency.
Yunus, 70, said he was relinquishing his post to prevent undue disruption of the bank's work.
"The MD of the Grameen Bank is an official who cannot hold the office for an unlimited period," said the High Court.
Nobel laureate Muhammad Yunus enjoys great respect in the US for all of his work to help the poor in Bangladesh.
Bangladesh Central Bank in an order on March 2 removed Dr Muhammad Yunus as head of the bank, which he founded, citing that he had violated country's retirement age.
Nobel peace prize winner Muhammad Yunus, who has been ousted as Grameen Bank managing director, tells Business Standard he hopes the bank continues to be run by the poor of Bangladesh.
Sporadic violence erupts across Bangladesh as the nation awaits a special tribunal verdict against former Prime Minister Sheikh Hasina in a case of alleged crimes against humanity. Security is heightened, and authorities are on high alert.
'There is no substantive basis for Bangladesh-Pakistan relations. The only real link they can have is mischief, with Pakistan's intelligence agency using Bangladesh to create trouble along our eastern borders.'
A day after he was sacked as the chief of the Grameen Bank, Nobel Laureate Professor Muhammad Yunus on Thursday challenged his removal in the High Court.
Muhammad Yunus proved that he was neither an armchair economist nor a slogan mongering political activist, but a doer destined to do what Mahatma Gandhi said -- to remove every tear from every eye, recalls Rup Narayan Das.
Life has come full circle for Nobel laureate Professor Mohammad Yunus, who faced persecution during Sheikh Hasina's regime for embezzlement, is now all set to head of the interim government in Bangladesh after she resigned and fled the country.
Yunus in his 26-minute speech did not give any deadline for the tenure of his interim government but acknowledged that "everyone is interested to know when our government will leave".
Bangladesh descended into chaos on Monday as Prime Minister Sheikh Hasina surreptitiously resigned and fled the country in a military aircraft while the Army stepped in to fill the power vacuum.
Muhammad Yunus on Thursday promised to deliver a government which assures safety to its citizens, as the Nobel laureate returned to the protest-torn Bangladesh from Paris to take oath as the head of the interim government following the ouster of Sheikh Hasina.
The other members of the interim government will be finalised after consultations with various political parties, the press secretary added.
Muhammad Yunus is the 66-year-old Bangladeshi behind the Grameen Movement micro-banking system.
Bangladesh is in turmoil, which is not good news for India, which shares a porous 4000 km border with it. There is a danger of fundamentalism growing there, and India has to move in to reset its ties with the new dispensation before China and Pakistan make capital out of it, alerts Ramesh Menon.
Yunus, 84, was administered the oath of office by President Mohammed Shahabuddin at a ceremony at the presidential palace 'Bangabhaban'.
Designing smart finance products for the underprivileged, could yield rich career dividends
Nobel Laureate and chief architect of Grameen Bank Muhammad Yunus of Bangladesh had 45-minute meeting with Congress MP Rahul Gandhi in New Delhi on Wednesday during which the two discussed micro-financing activity in Bangladesh and India.
Bangladesh's ousted Prime Minister Sheikh Hasina has launched a scathing attack on the interim administration, accusing Chief Adviser Muhammad Yunus of running a "fascist regime" that persecutes minorities and allows terrorists to operate freely. Hasina, who is currently in India, made the remarks in a virtual address to overseas Awami League supporters, vowing to bring Yunus and his allies to justice for alleged atrocities. Her comments come ahead of a visit by India's Foreign Secretary to Dhaka, where he is expected to raise concerns about the safety of minorities in Bangladesh.
The appellate division of the Supreme Court adjourned for two weeks the hearing on two appeals filed against a high court judgement that upheld a Bangladesh Bank order removing Yunus from the office of managing director of Grameen Bank.
The company has started a pilot project on micro-finance in partnership with Grameen Bank of Bangladesh.
Nobel Laureate Muhammad Yunus, founder of the micro-credit pioneer Grameen Bank in Bangladesh, hit out at banks on Friday for not providing loans to the poor and disadvantaged.
Race for Asia's No. 1 MFI spot: Bandhan now closes in on Grameen Bank
Moreover, the process to release those arrested between July 1 to August has started, and many have already been released, it added.
The Nobel laureate filed an application before the High Court.
US Secretary of State Hillary Clinton ruffled a couple of sensitive feathers while on her otherwise successful South Asian tour.
Nobel Laureate Muhammad Yunus, whose experiment of poor men's banking in Bangladesh helped establish micro-credit movement across the developing world, will address the Indian Parliament in December this year.
Yunus, however, rejected reports that a committee was constituted for the negotiation.
Nobel peace laureate Muhammad Yunus today filed an appeal against the Bangladesh High Court verdict upholding his dismissal from the Grameen Bank, in a final bid to retain his position as head of the pioneering micro-finance agency he founded nearly three decades ago.
Nobel Laureate Muhammad Yunus asked the Indian industry on Tuesday to get into micro-finance activities and the government to enable a legal framework for promotion of 'social business' in the country.
Most studies suggest that microcredit is beneficial but only to a limited extent and the reality is less attractive than the promise.
'I will be researching the successful business models that have emerged from the rapid industrialisation of India's economy and its effects within Indian society. In addition, I will be examining the entrepreneurship process within India and future opportunities for entrepreneurs in India.'
Professor Yunus is the first Sakal Person of the Year.
ISRO has been selected for the Gandhi Peace Prize for 2014 for its contribution to the country's development through space technology and satellite-based services.
The event, which was slated to have been held at Rajghat to commemorate the Buddhist monk's 60th year in exile in India, was later moved to Dharamshala in Himachal Pradesh, and will now be held at the end of the month.
The poor and unbanked can take their rightful place as consumers of financial services only if the Modi government encourages different entities to advance the financial inclusion agenda, say Vikram Gandhi & Chandni Ohri.
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