Yunus quits as GB MD

Dr Muhammad Yunus Thursday relinquished the post of Managing Director (MD) of Grameen Bank (GB) on the basis that the Deputy Managing Director Nurjahan Begum would hold charge until an MD is appointed in accordance with the procedures under Section 14 of the Grameen Bank ordinance. "Since the board of GB is my appointing authority, it may take appropriate steps," Yunus said in his resignation letter, according to a GB press release. "I have still not received the Appellate Division's full order. I am taking this step without prejudice to the legal issues raised before the Supreme Court, and in order to prevent undue disruption of the activities of Grameen Bank and to ensure my colleagues and our 8 million members, and owners of the bank, are not subjected to any difficulty in discharging their responsibilities," the letter said. - FE Report