Not Good News For Microfinance in India

Last month, I published a post talking about how microfinance was being questioned.  The post includes an article by my favorite international aid/global development hero, Nicholas Kristof discussing how important microfinance, done ethically, is to aid poverty and his support of Muhammad Yunus, Nobel Peace Prize winner and founder of Grameen Bank,
 On Wednesday Kristof published the following on his facebook page:

"Muhammad Yunus, the Nobel Peace Prize winner who helped found microfinance to alleviate poverty around the world, has been fired. Grameen Bank says that the Bangladesh Central Bank has removed Yunus as managing director. I'm disgusted. This is the work of the Bangladesh prime minister, Sheikh Hasina, who is jealous of... Yunus's success -- and she shames herself and her country. The losers are the world's poor."

Bangladesh News Online also strongly states, that while they are using a violation of the retirement law as reasons for his removal, that it is politically motivated.

 
As of Sunday, the Washington Post reports his removal is being protested and the government is deferring the ruling.  Keep an eye out for a final ruling and cross your fingers India does the right thing.